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US – November boost to Las Vegas GGR

Las Vegas’ casino sector could yet end 2013 on a high if December’s revenues can maintain the trajectory set by November’s which were up nearly 12 per cent on the previous year’s results.

Boosted by improved baccarat play and record sportsbook results, the Las Vegas Strip saw particularly good results, with GGR increasing by 23 per cent to US$529.4m.

Strip casinos saw a 94 per cent increase in baccarat results and a 53.5 per cent surge in overall table game figures. Sports books meanwhile collected to US$ 14.3m in GGR compared to a loss of US$ 400,000 a year ago.

Macquarie Securities’ Chad Beynon commented: “November’s Strip strength was expected given commentary from companies but not to this degree.”

Wells Fargo Securities’s Cameron McKnight added: “We believe these results bode positively for larger Strip operators with significant baccarat volumes, but note the core Las Vegas mass market remains soft with non-baccarat mass volumes down 9.4 per cent.”

The first 11 months of 2013, saw Nevada’s GGR increase by 1.9 per cent with Strip GGR up 3.9 per cent.

November saw casinos statewide generate US$ 875.9m up 11.9 per cent from November 2012.

“Overall, the Las Vegas Strip numbers were above our expectations,” Union Gaming Group Managing Director Bill Lerner said.