LAS VEGAS-Las Vegas Strip gaming revenue declined nearly 1% to$437 million and dropped 5% statewide to $810 million in April, thelatest month reported by the Nevada Gaming Control Board. Ananalysis of the April figures by CB Richard Ellis gaming industryspecialists Jacob Oberman and Brent Pirosch shows that the industryis “no closer to seeing sustained same-store gaming revenueincreases (excluding baccarat) than we were a month ago.”

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On a same-store basis, the CBRE analysts estimate Strip gamingrevenue decreased 7.5% year-over-year in April and decreased 0.5%April year-to-date. Excluding baccarat and mini baccarat, theyestimate same-store gaming revenue declined by 8.3% on ayear-to-year basis n April and declined 9.1% in April year-to-date.The gaming revenue decline, except for baccarat and mini baccarat,“as reflected in the earnings for virtually every non-luxuryproperty on the Strip in the first quarter,” Oberman and Piroschsaid in their report.

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The Gaming Control Board figures showed that revenue declined inClark, Washoe and Elko counties, as well as in the Downtown, NorthLas Vegas, Laughlin and Boulder Strip markets, with Mesquiteshowing a 1.69% increase to $10.9 million.

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Year-to-date, the take is down statewide and in Clark County,and up by slightly more than half a percentage point on the LasVegas Strip, according to the board’s report. “The main reasons forthis are that the easy year-over-year comparables for baccarat/minibaccarat will end in the second quarter and a pick-up in conventionbusiness will benefit middle-market properties disproportionately,”they state. This will be a change from the first quarter, when netrevenue of luxury properties grew by 1.6% while revenue atnon-luxury properties declined by 8.7%.

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