What seemed like a positive sign — a 6.39 percent increase in Strip gaming revenues during May — was downplayed by Wall Street Thursday.

After delving deep into the results, several analysts termed the month a disappointment.

“This is a decent headline number for the Strip, in our view, but driven by a mostly favorable table game hold results versus a year ago, and not volumes,” JP Morgan gaming analyst Joe Greff told investors.

Nevada gaming revenues grew 1.37 percent in May, to $897.2 million, the Gaming Control Board said Thursday. The increase followed a flat revenue month in April and two straight monthly increases in February and March.

On the Strip, gaming revenues hit $505.4 million.

More…