My model projects a 12% Strip revenue decline for November assuming normal hold percentages. The decline should be better than the airport data would otherwise suggest for two reasons. First, Strip slot machines held abnormally low in November of 2007. Second, low gas prices probably enticed a higher percentage of drive-in visitors than in recent months, which are obviously not captured by the McCarran data. Nevada gaming revenues should be released in a couple of weeks.
Less bad is hardly a long-term investment thesis and we remain very negative on Las Vegas.