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McCarran Airport reported a 1.2% decline in passenger traffic.  Here’s how it may have translated into revenues.

November Strip gaming revenues face a relatively difficult comparison as November 2009 grew over 8%.  Last year’s increase was derived on the tables – table volume up almost 20%.  Specifically, similar to much of 2009, Baccarat volume was the standout in November, up 84%.  Hold percentages were close to normal last November so with Airport volume down, our model projects only a small single digit decline in gaming revenues for November 2010.  Of course, our estimate assumes normal hold percentages.

Slot handle should continue to be the Strip laggard.  Following October’s surprising handle growth of 2%, we expect that metric to turn negative once again.  With Vegas still flat lining, it’s hard to get excited about the prospects for anything more than muddling growth next year. 

The following chart shows our projections for the Strip in November: