Analysts cite February hotel gains as Las Vegas Strip gaming revenue falls 11%
Analysts Barry Jonas of Truist Securities and Daniel Politzer of J.P. Morgan assessed Las Vegas Strip gaming and hotel indicators after Nevada’s January figures showed gaming revenue down 11% year on year. Jonas said February surveys showed room revenue per available room and average daily rates rising 23% and 8%, respectively, while occupancy was up 13%; he said most operators still did not expect first-quarter adjusted earnings growth.
The analysis informs investors’ expectations for Strip operators’ first- and second-quarter performance.