Gaming revs on the Strip fell 3%, better than our estimate of a 6% drop, owing to higher slot hold percentage. With CityCenter open and -15% comp, the Strip should be doing better.
Aside from a little higher than expected slot hold, there is not a lot unusual about the January Strip gaming revenues. Due to the timing of Chinese New Year, Baccarat volume actually fell 6% y-o-y but a higher hold percentage drove Baccarat revenues up 13%. Overall table hold percentage was normal at 11.8%.
January of 2009 was a horrible month with total gaming revenues down 15%. The January 2010 2-year comp was down 17%. The good news, at least for appearances, is that February faces the easiest comp of the year. February 2009 Strip revenues fell 23%.