Nevada Gambling Revenues Pop in July (MGM, LVS, WYNN, CZR)
Sep 10th 2012 11:43AM
Updated Sep 10th 2012 4:10PM
In its latest report on gambling revenues in the state, the Nevada Gaming Commission said that total revenue for July 2012 came in at $1 billion, up 17% compared with July 2011. The Las Vegas Strip accounted for more than half of the state's revenue, with a July total of $597.5 million, up 21% from June 2011.
Here are a few interesting numbers for the Nevada report:
- Total slot machine revenue represented about 59% of the state's win at all the state's casinos.
- Penny slots provide more than 5x the revenue of dollar machines at all casinos.
- On the Las Vegas Strip, table games revenues jumped 45%, while slot machine revenue was up 11%.
- Slot machines account for about 42% of revenues on the Strip.
MGM Resorts International (NYSE: MGM), Ceasars Entertainment Corp. (NASDAQ: CZR), Wynn Resorts Ltd. (NASDAQ: WYNN), and Las Vegas Sands Corp. (NYSE: LVS) have all posted gains in the past week, with MGM up nearly 11%. The story for the past year is far different, however, as only MGM has managed to put up a gain over the past 12 months. Ceasar's is down 53% since its IPO in February and Wynn is down more than 30% over the last year.
The Gaming Control Board's full report is available here.
Filed under: 24/7 Wall St. Wire, Casinos & Hotels Tagged: CZR, LVS, MGM, WYNN