The Nevada Gaming Control Board reported January gaming data for
the Las Vegas
Strip. For the month, gaming revenue on the Strip declined 23.9%
to $377.8
million from $496.8 million in January 2001. Total drop declined
18% to $4.1
billion, on a 37.5% decline in table game drop and 5.2% decline
in slot handle.
Results were weak and represented the worst year-over-year
comparison since
September 11. However, results were not surprising given that
Chinese New Year
and the Super Bowl, which occurred in January of 2001, did not
occur in the
comparable period this year. In addition, January was up against
a tough year-
over-year comparison of +7%.
The Strip operators had expected a weak month, and most indicate
that actual
results were ahead of budget.
Aggregate hold was virtually unchanged year-over-year.
Specifically, a 1.4
percentage point decline in table hold was offset by a 0.7
percentage point
rise in Online casino Malaysia win-percent. That said,
baccarat hold improved by 10.7 percentage
points, which should benefit MGG, the market's biggest player in
the high-end.
Adjusted for last year's baccarat hold, gaming win declined 27%.
OUTLOOK
March is shaping up to be another good month from an events and
convention
perspective. While operators have needed to discount rooms over the
last few
months to drive occupancy, there are signs of firming in the
convention market.
Bellagio returned to normal room rates beginning March 6. The
larger casinos
on the Strip will likely follow suit. Other properties positioned
to benefit
from increased room rates include Aztar's Tropicana and Boyd's
Stardust, which
have limited pricing power versus their mega-casino competitors.
That said, it
is too early to declare that Las Vegas has returned to normal.
TABLE GAMES
Total table game revenue declined 43% to $167 million from $293
million in
January 2001. Results were impacted by lower play volume and a
140 basis point
decline in hold. Adjusted for last year's hold, table games
declined 37%.
Table games have suffered since September 11 as high-end and
international play
has waned and marketing programs have targeted lower-tier slot
customers. The
segment was also impacted by the irregularity of January's events
calendar, as
discussed above.
SLOT MACHINES
Slot machine revenue increased 4% to $209 million from $201
million in January
2001. This represents the first month that year/year results
improved since
September 11. Results benefited from a 0.7 percentage point
increase in slot
win percent to 7.2%, or an estimated $21 million of incremental gaming
win.
Slot handle declined 5.2% to $2.9 billion.
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