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Las Vegas casinos post big numbers in July as conventions, leisure travel play in

Nevada gaming win for July rose 6.7% from a year ago to $1.40B. The tally makes it the 29th month in a row that gaming win in the state has been over $1B. The solid demand in the Las Vegas region this year has taken some of the sting out of the argument that legalized online sports betting and brick-and-mortar gambling in new states would cut dramatically into Nevada casino traffic. The return of big conventions has also factored in.
Las Vegas Strip casinos saw an 8.0% year-over-year increase in gaming win during the month to a record tally of $835M. The Las Vegas Strip GGR number was up 15% on a sequential basis from June. Meanwhile, Las Vegas local casinos saw a 6.1% increase during July to $247M and Reno casinos saw a 4.3% increase to $72M. Casinos in Sparks saw the biggest jump in gaming win across the state, with a 20% pop to $17M.
Las Vegas slot machine win was up 7.6% to $420M, while table, counter, and card game win jumped 18% to $414M off a very strong baccarat table hold rate of 23.9%.
Sports betting GGR was $25.3M on a handle of $408M for the month. The sports betting handle in Nevada is expected to boom in September as college football and pro football return.
Sector watch: Caesars Entertainment (NASDAQ:CZR) +1.4%, MGM Resorts (NYSE:MGM) +0.7%, Boyd Gaming (BYD) +0.6%, Wynn Resorts (NASDAQ:WYNN) +0.4%, Las Vegas Sands (LVS) +0.2%, Full House Resorts (FLL) -2.0%, Bally’s Corporation (BALY) +0.8% and Red Rock Resorts (RRR) -0.5%.

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