(Bloomberg) -- Gambling revenue on the Las Vegas Strip slumped 1.8% in September, the third straight monthly decline for the biggest US casino market and a sign of potentially tough quarterly comparisons for big resort operators.
The decline to $727.7 million was related to a steep drop in baccarat play, the Nevada Gaming Control Board said Tuesday in an email. Betting on baccarat was down 22%. And the casinos were less lucky, with the amount they kept shrinking by 40%. The last time, outside of the Covid-19 pandemic, that revenue on the Strip fell for three straight months was May 2019.
Baccarat is especially prone to swings because it has better odds for players than most casino games, and a few large bettors’ wins or losses can add up to a lot of money. Excluding that game, gambling revenue on the Strip increased by 7.6%, with slot machine winnings up even more. The casinos in Las Vegas were confronting tough comparisons from a year ago, the board said
After markets closed Tuesday, Caesars Entertainment Inc. reported that sales fell 2.6% in the third quarter, with declines in both Las Vegas and its regional casinos. Earnings before interest, taxes, depreciation and amortization also fell. The shares were down about 3% in extended trading.
While Las Vegas is the biggest US gambling market, major casino companies have diversified geographically. Caesars generates more than half of its business outside of the city.
MGM Resorts International, which reports Wednesday, gets about half of its revenue from Las Vegas, while Wynn Resorts Ltd., set to report on Nov. 4, gets a little over a third.
(Updates with Caesars results in fourth paragraph.)
©2024 Bloomberg L.P.
