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%.
