LAS VEGAS-Las Vegas Strip gaming revenue was up 2.4% to $467 million, according to the latest monthly figures from the Nevada Gaming Control Board, but it dipped sharply in a number of other markets in what could be described as an up-and-down month for the state's gaming business. And an analysis of those figures by CB Richard Ellis gaming industry specialists Jacob Oberman and Brent Pirosch shows that same-store year-over-year declines are now moderating.

The Strip gaming revenue represented more than half of the $912 million statewide take during the month, according to the Gaming Control Board figures. Some of the ups and downs included increases of 7.58% in North Lake Tahoe, 7.15% in South Lake Tahoe, 4.59% in Reno and 2.27% in Laughlin, along with decreases of 11.75% in North Las Vegas, 10.62% Downtown, 9.21% in Sparks and 4.95% on the Boulder Strip.

The ups and downs show that Strip gaming revenue, although it increased for the latest month, was down 2.7% in the trailing 12-month period compared to the 12 months that preceded it, according to Oberman and Pirosch. Oberman and Pirosch estimate that, on a same-store basis, strip gaming revenue decreased 4.2% year-over-year in March and increased 2.1% year-to-date. Excluding baccarat and mini baccarat, the CBRE analysts estimate that same-store gaming revenue declined by 8% year-over-year in March and declined 9.4% year-to-date.

The analysis by Oberman and Pirosch also comments on their outlook both long-term and short-term for the market. "In the long run, we believe that international visitation will be the primary driver of economic growth for the Las Vegas Strip. In the short term, however, Las Vegas could be facing some headwinds in this regard," the analysts say.

The CBRE analysts note that the proportion of visitation and revenue from international visitors has been increasing over the past few years." The increase has been a function of rapidly rising Asian and emerging market economies, which have grown at a much faster rate than the US economy, and the Euro and Canadian Dollar that have steadily strengthened against the US Dollar―increasing the spending power of those visitors," their report notes.

Nevada's statewide take was down by .66% in March and is down by 3.87% year-to-date for the fiscal year, which runs from July to July. Las Vegas Strip revenue, however, is up .71% for the fiscal year.