Vegas Gaming Revenues on the Decline as Macau Gains

SOURCE: The Bedford Report

The Bedford Report Provides Analyst Research on Las Vegas Sands and Boyd Gaming

NEW YORK, NY–(Marketwire – December 3, 2010) – Several gaming stocks have posted impressive gains this year as surreal revenue growth in Macau boosted investor confidence in the industry. Confidence in the Las Vegas market remains mixed at best, however. While casino operators sound confident that the market in Vegas has finally reached its bottom, Las Vegas’ unemployment rate tells a different story. In fact, a recent study from the London School of Economics ranked Las Vegas’ economy fifth from the bottom in a ranking of 150 metropolitan areas, citing a limited economy that relies heavily on tourism and construction. Over the last three years, much of the local economic downturn can be tied to the gambling industry, which has seen sharply declining revenues. The question must arise: just how much more can these gaming stocks rise without Las Vegas — or the United States for that matter — showing significant improvement in employment rates? The Bedford Report examines the outlook for companies in the Resorts and Casinos Industry and provides research reports on Las Vegas Sands Corp. (NYSE: LVS) and Boyd Gaming Corp. (NYSE: BYD). Access to the full company reports can be found at:

Boyd Gaming owns and operates casinos in Nevada, Mississippi, Illinois, Louisiana, Indiana, and New Jersey, and has certainly felt its top line pinched during the US employment crisis. For the third quarter, American Gaming Association head Frank Fahrenkopf said gambling revenue in state-licensed casinos rose 1.3 percent sequentially, but was down close to $100 million year-on-year. According to the states’ department of revenue, revenues in Mississippi are down over 3 percent this year, while revenues in Louisiana are down over 4%.

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Las Vegas accounts for only a small piece of Sands’ revenue as the company generates over 75% of its earnings from holdings outside of the United States with operations in Macau and Singapore garnering most of the attention. According to the Macau Gaming Inspection and Coordination Bureau, Macau’s casino revenues rose nearly 42 percent year-on-year to a staggering $2.13 billion in November. 

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