Las Vegas Strip revenues drop in Oct., mass gains

Revenues on the Las Vegas strip fell 5 percent year-on-year in October, though mass volumes held up gaining one percent.

The revenue for the month was $494 million.

Revenue was hit by lower than normal hold on baccarat tables and the timing of collections weighing on slot win, analysts said

October baccarat volumes were down 9 percent while revenues were down 20 percent. Baccarat hold of 8.9 percent was 350 basis points below the LTM average.

“We estimate normalized revenues were down 3 percent yr/yr in October, excluding the impact of baccarat and slot hold,” Bernstein Research said.

October State revenues of $888 million were down 3 percent.

“October not as good as YTD trends, even adjusting for baccarat low hold rate,” UBS analyst Robin Farley said.