Las Vegas Strip Gambling Revenue Rises 29% on Baccarat Surge
Stock Chart for Las Vegas Sands Corp (LVS)
Las Vegas Strip gambling revenue increased 29 percent to $623.5 million in January on a surge in baccarat play, adding momentum to the recovery for the largest U.S. casino market.
A surge in baccarat linked to the Chinese New Year drove the gain, according to Mark Lipparelli, board chairman. January also benefited from the Consumer Electronics Show, the Shooting, Hunting & Outdoor Trade show and better-than-expected attendance at the World of Concrete convention, Union Gaming Group LLC said today in a note. The Chinese New Year fell on Jan. 23 this year.
Excluding baccarat, statewide revenue for the month increased 4 percent, Lipparelli said in an interview. That is about in line with the 3.7 percent gain so far for the fiscal year that began July 1. January revenue, at $1.04 billion, was the highest monthly total since September 2008, he said.
Casino stocks rose. MGM Resorts International (MGM) gained 2.9 percent to $13.80 at the close in New York trading. Las Vegas Sands Corp. (LVS) rose 2.3 percent to $55.29 and Wynn Resorts Ltd. (WYNN) added 0.9 percent to $123.39.
Strip revenue increased 5.7 percent to $3.65 billion through seven months of the fiscal year, the state said.
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