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As we wrote about in  “LV STRIP: AN UGLY PRINT COMING” (1/8/2013), the November Las Vegas Strip print of a 12.8% decline in gaming revenues was indeed “ugly”.  Adjusting for normal slot and table hold, Strip gaming revenues were down 7%.  Baccarat volume declined for the 1st time since May 2012 on a not so difficult comp of +16% last year.  That doesn’t sound like a recovery to us.

 

Gaming details:

  • Slot handle rose 4% and is flat on a rolling 3-month average
  • Slot win fell 10% as hold was 7.3% (compared with 8.4% in November 2011).  On a trailing twelve month average, slot hold was 7.6%.
  • Table volume excluding baccarat rose 5% YoY and +2% on a rolling 3-month average.  Table hold excluding baccarat was 10.0%, compared with 12% on a trailing twelve month average.
  • Baccarat volume fell 16% (compared with 16% growth in November 2011); this is the 1st decline since May 2012.
    • Baccarat win fell 25% on hold of 12.2% vs 13.6% in November 2011.  On a trailing twelve month average, baccarat hold was 12.0%.