Uh oh, the Vegas Strip is about to look for new ways to get money out of you…gaming was down 4% in September
Back in August, the conference calls for both Caesars Entertainment and MGM Resorts International were muted, with predictions of difficulties ahead. Those fears turned out to be justified, as the Nevada Gaming Control Board’s September revenue report, issued earlier today, demonstrated. The state as a whole showed a revenue gain, which it hadn’t done since July, but the Las Vegas Strip continued to sputter, as gaming win fell nearly four percent.
The September disappointment caps a challenging quarter during which net gaming win decreased by over seven percent. Considering that, in their second quarter conference calls, casino executives were apologetic over a quarter that actually saw a nearly six percent net increase in gaming win on the Strip, one can only imagine the tenor of the third quarter calls when a net decline is on the books.