Vegas Strip revenues were up 2 percent year-on-year to $505 million in September, in line with Wells Fargo expectations of low-single-digit growth.
WF said the results benefited from an easy comparison with September last year and a strong event calendar that included the Life is Beautiful Festival in Downtown Las Vegas, the iHeartRadio Music Festival, a UFC Event and Floyd Mayweather's fight. Baccarat win was up 24 percent to $101 million, reflecting an easy comp and the calendar.
Wells Fargo estimates normalized revenues were up 4 percent YoY in September, excluding the impact of baccarat and slot hold.
August baccarat volumes were up 17 percent YoY, while slot volumes, a key indicator of the mass market, were down 1 percent.
“The high-end baccarat comparison was very soft -30%. In our view, the weakness in Strip baccarat play this year is related to the anti-corruption initiative in China and the monitoring of Chinese visitors in Las Vegas.”
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