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In our 6/21/09 post "MAY STRIP REVS SHOULD LOOK BETTER THAN THE AIRPORT #S" we predicted a 5% decline.  As announced yesterday, Strip revenues actually fell 6%.  We could've done better.

The takeway here is that May wasn't bad but did benefit from an easy comp.  In May 2008 gaming revenues fell 16% driven in part by low hold % on both slots and tables.

Despite the excitement following the release of May numbers, Las Vegas is not getting better.  The June comp is difficult, down 3% in 2008, and anecdotally we are hearing a theme of softness.  Here is the trend:

 

STRIP PERFORMS AS (WE) EXPECTED - strip may