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Las Vegas reports 5.1% April visitation decline as gaming revenue falls

Regulation

Las Vegas visitation fell 5.1% in April year over year to 3.33 million, according to the Las Vegas Convention and Visitors Authority. The authority cited consumer uncertainty alongside a strong convention and events segment; Nevada Gaming Control Board senior economic analyst Shelley Newell said renovations at several Strip properties may have affected foot traffic and room occupancy.

Lower visitation and occupancy may affect Strip operators’ casino and hotel performance.

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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.

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