Following four months of down Baccarat drop, August was a winner.
We estimate Las Vegas Strip revenues increased 2-5% YoY in August, assuming normal table hold. Since the month ended on a Saturday, slot hold will be below normal due to State accounting and that is factored into our estimates. Assuming consistent slot hold in both periods, we estimate YoY gaming revenues increased 5-8%. We still expect down slot and non-Baccarat table volume, but our research indicates that Baccarat volume was strong. Remember that Baccarat volumes have fallen 4 straight months – fueling fears of the end of the 5 year Baccarat bull market. Our Baccarat revenue projection of 30% YoY growth could actually prove conservative if our suspicions of high hold prove true.
State gaming figures should be released early next week. Here are our full projections.