Casino operators were some of the biggest winners in Thursday’s market action thanks to a bullish report on gaming activity in Las Vegas. According to the Nevada Gaming Control Board, Las Vegas Strip casino revenue soared 33% in February thanks in part to the increased activity surrounding Chinese New Year, a big day for gaming. Revenue on the strip for the month advanced to $568 million from $427.4 million a year ago, an increase of over $140 million. Clearly, Las Vegas is the most important gaming center in Nevada and the rest of the state actually had lower revenue in February than a year ago. Statewide revenues increased 14% to $946.6 million, which calculates to a statewide improvement of just $116 million; obviously the Strip was a strength in an otherwise down month.
Vegas casinos have increased their promotions in order to lure visitors back to Sin City, and it appears to finally be taking hold as consumer confidence slowly improves. As we all know, the house has the mathematical advantage, so the trick is to find ways to attract new and bigger players. If a casino can manage to bring in more action, the odds will work in their favor.
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