No easy hold comp to save the Strip in June. McCarran Airport traffic declined 11.4% this past month. Assuming normal hold, we project Strip revs fell 13%.
May Strip revenues fell right in line with our expectations of down 6%, surprising the Street on the upside. May actual revenues were not as bad as the 11.5% airport traffic decline had indicated. Barring unusually high hold in June, Strip revenues should look worse than the 11.4% McCarran June drop. Unlike May, June does not have the benefit of an easy hold comparison.
Here are our projections:
