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Vegas May Revenues Up 1.4 percent

Las Vegas Strip gaming revenues in May rose 1.4 percent year-on-year, weighted down by baccarat which faced tough year-on-year comps and was down 36 percent YoY, UBS said.

Excluding baccarat, underlying gaming revenues were up 16.6 percent for the month, above UBS’ low single digit expectations for Vegas for the year, albeit helped by better traffic due to Mayweather fight.

Baccarat drop was down 7 percent YOY in May, after double digit rate of growth in March and April.

Analyst Robin Farley said that, helped by the Mayweather fight in May, 15Q2 is now tracking up at 4.2 percent, within the 4 to 5 percent growth expectations for Vegas and for MGM in 15Q2.

“May brings [year-to-date] Vegas revenues up +1.6%, and up +5.5% ex-baccarat, so trending below our +3-4% expectation for the market for FY'15, including May boost from Mayweather traffic, so while April trends were encouraging, perhaps one positive market data point after months of softness is too soon to call a trend.”

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