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.
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Any predictions of a slowdown in Macau’s gaming market are long forgotten.
The Chinese gaming enclave shattered the region’s monthly gaming revenue record in March, with casinos collecting more than $3.92 billion from gamblers during the month.
The figure eclipsed the previous one-month record of $3.5 billion in gaming revenues, which was set in December. The March total accounted for a 25.4 percent increase over the amount casinos collected in March 2012.
The monthly results were released Tuesday by the Macau Gaming Inspection and Coordination Bureau. The March total is the best year-over-year growth rate since January 2012, when gaming revenues increased by 35 percent.
Las Vegas Sands Corp., MGM Resorts International and Wynn Resorts Ltd. are the three American casino companies operating in Macau.
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Macau casinos collected $3.4 billion in gaming revenues during February, a 12 percent increase compared with a year ago, according to figures released Friday by the Macau Gaming Inspection and Coordination Bureau.
For the first two months of 2013, Macau gaming revenues are up 9.4 percent over the same period in 2012.
Last year, Macau collected a record-setting $38 billion in gaming revenues.
RBC Capital Markets gaming analyst John Kempf told investors the February results “were encouraging” after the start of the Chinese New Year celebration during the month was slower than anticipated.
“It is likely that VIP volumes increased post Chinese New Year as the players avoided the crowds and extended their holiday past the typical seven to 10 days,” Kempf said.
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