Las Vegas Strip revenues were $525 million in July, down 2 percent year-on-year and in-line with expectations, Wells Fargo said in a note.
Analyst Cameron McKnight said, “encouragingly, slot volumes were up 2% in the month, and have now increased in 9 of the last 12 months.”
Wells Fargo estimates normalized revenues were down 7.5 percent YoY in July, excluding the impact of baccarat and slot hold. July baccarat volumes were down 35 percent YoY, while core mass table, excluding baccarat, was up 2 percent. Slot volumes, a key indicator of the mass market, were up 2 percent.
“The high-end baccarat comparison was rather challenging in July, with baccarat win comping against last year’s +15%. We note that baccarat comps get easier in the fall. In our view, the weakness in Strip baccarat play is partly related to the anti-corruption initiative in China and the monitoring of Chinese visitors in Las Vegas.”