Wealth Metrics Drive Spending on Vegas’ Strip
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Gaming industry rides up-and-
down streaks, but lately, it’s up.
LAS VEGAS-According to CBRE’s Las Vegas Strip Gaming Revenue Analysis, despite the volatility of the stock market in recent months, the Vegas Strip is showing year-to-date gains in mass market table games and slots. Wealth metrics—from the stock and housing markets—will continue to drive spending on the Strip, says Brent Pirosch, director of gaming consulting services.
Barring any surprises, he says, Strip gaming revenue should easily reach $6 billion by year end. The analysis estimates that same-store Strip gaming revenue increased approximately 11.3% year-over-year in October 2011. Excluding baccarat, Pirosch estimates same-store Strip gaming revenue decreased approximately 2.2% in the month. “Normalizing for slot, sports book and non-baccarat table games hold, we estimate Strip same-store gaming revenue excluding baccarat would have been down low single digits y/y in October 2011.”
The Nevada Gaming Control Board statistics for October further show that: Las Vegas Strip gaming revenue was up 13.3% in October 2011 and up 4.8% year-to-date; Table games revenue, excluding baccarat/mini baccarat, was down 7.5% in October 2011 and up 8.0% year-to-date; Baccarat/mini baccarat revenue was up 68.7% in October 2011 and up 6.6% year-to-date; and slot revenue was up 5.4% in October 2011 and up 3.4% year-to-date.
As GlobeSt.com previously reported, the gaming industry here rides up-and-down streaks, depending on the geographic market and the game being played, according to previous figures from the Nevada Gaming Control Board and an analysis by CB Richard Ellis gaming industry analysts. Last year’s figures showed that Nevada's take from gambling rose 11% to nearly $888.6 million in October of 2010, when compared with October 2009, with all but four of the submarkets in the state posting gains. On a fisca-year basis (beginning July 1), the take was up 4.35% for the state.
Categories: West, Capital Markets, Las Vegas
Natalie Dolce Natalie Dolce, editor of the West Coast region for GlobeSt.com and Real Estate Forum, is responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, Natalie was Northeast bureau chief, covering New York City for GlobeSt.com. Dolce’s background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats Arthur Frommer’s Budget Travel magazine, FashionLedge.com, Co-Ed magazine, and has also freelanced for a number of publications including MSNBC.com and Museums New York magazine. Contact Natalie Dolce.
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