May probably won’t come close to April’s decent showing on the Strip.
“For love that smiled in April
Is false to me in May."
- Sara Teasdale, May
Based on taxi data and McCarran Airport figures, we project that May gross gaming revenues (GGR) fell 2-6% YoY assuming normal slot and table hold percentages. The number of enplaned/deplaned airport passengers increased only 0.3% while the number of taxi trips increased 2.1% YoY in May. In April, strong baccarat volume and high slot hold drove an 8% increase in GGR.
May will likely look a lot different than April. Here are the May hurdles:
- Tough slot hold comparison – 40bps above normal in May 2011
- Baccarat drop increased 58% in May 2011 to an all-time May record
- May 2012 contained one less Sunday than 2011
Nevada should release May gaming revenues some time this week and they could disappoint expectations.
Here are our projections: