Nevada Gaming Revenue Slips 11.6% in March and Wynn Posts $33.8 Million Q1 Loss

12.05.2009, Numbers from the Nevada Gaming Control Board released on Thursday show that the recession's hold on Las Vegas could be loosening.

Although gaming win on the Strip fell 12 percent year over year, there was an uptick in revenue when compared to February 2009.

For Las Vegas, March revenue came in at $456.1 million -- up 6.7 percent from $427.4 million in February. In February, year-over-year Las Vegas casino win dipped 23 percent.

According to the Las Vegas Journal-Review, statewide numbers were down for the 15th straight month.

Overall non-restricted gaming licensees in the state won $918.2 million in March -- an 11.6 percent decrease compared to last March. For the fiscal year, July 1, 2008 through March 31, gaming win decreased 14.2 percent, according to the board.

====== Wynn Posts $33.8 Million Q1 Loss

Wynn Resorts Ltd. slid into the red during its first quarter, reporting a $33.8 million loss -- down from last year's first quarter profit of $46.7 million -- in its financial results, which were announced on Tuesday.

For the quarter, net revenues fell to $740 million from $778.7 million just a year ago. The casino operator blamed the decline on lower revenues from Wynn Macau as well as on a litany of expenses.

Consolidated adjusted property earnings before interest, taxes, depreciation and amortization fell 19.9 percent when compared to the same period last year to $158.5 million.

"By uttering the words, 'Maturities. Maturities. It doesn't matter what happens week to week ... You have to be able to contemplate and to visualize 2012.' Steve Wynn hit the nail on the head," Andrew Zarnett, an analyst with Deutsche Bank, wrote in a research note.

Additionally, Mr. Zarnett believes the Wynn Las Vegas "is comfortably positioned to endure lower business volumes and competitive pressure in Las Vegas until market conditions improve."

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