BYD - Nevada casinos win big as Super Bowl traffic in Vegas offsets snowy month in Reno-Tahoe

2023-03-28 13:02:01 ET

Nevada gaming win was up 11% year-over-year in February to $1.2B. The monthly tally might have been higher if not for the heavy snowfall around Reno and Tahoe that limited some regional traffic. Washoe County as a whole showed a gaming win drop of 8.1% for the month. "The timing of the storms impacted nearly every weekend during February," noted Nevada Gaming Control Board analyst Michael Lawton. Meanwhile, the Las Vegas Strip was a bright spot again with gaming win up 18.9% to $712M as Super Bowl festivities and buzz helped generate strong action. The convention business in Las Vegas was also solid again during the month.

State-wide slot machine win was up 7.6% to $822.8M, while table, counter, and card game win rose 18.8% to $414.5M. Sports books saw 33.5% gaming win growth for the month to $41.3M. Baccarat was strong again with a 62% year-over-year jump to $102.5M.

Looking ahead, Wells Fargo analyst Daniel Politzer said Las Vegas Strip bookings strength is highly visible through at least May.

Sector watch: Caesars Entertainment ( CZR ) +0.7% , MGM Resorts ( MGM ) +0.4% , Boyd Gaming ( BYD ) +1.0% , Wynn Resorts ( WYNN ) +0.5% , Las Vegas Sands ( NYSE: LVS ) +0.1% , Full House Resorts ( FLL ) -2.8% , Bally's Corporation ( BALY ) +0.8% and Red Rock Resorts ( RRR ) +0.9% .

Read a breakdown on the recent trends for Caesars Entertainment.

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