McCarran Airport volume increased 2% YoY in October.
The calendar was similar to last year and while the hold last year was normal, weak table drop last year provides an easy revenue comparison on the Strip. Last October, a 9% decline in table drop per visitor contributed to a 10% Strip revenue decline.
We are estimating Strip revenues increased a solid 2-5% in October 2010. Our growth estimate would’ve been even higher but October 31st fell on a Sunday which means weekend slot revenues won’t be counted. Slot handle will be counted so the hold percentage will appear low. This will reverse in November.
Here are our estimates broken down by metric: