The Nevada Gaming Control Board released strong May gaming data this morning,
affecting stocks including MGM Resorts International (MGM $14.24 -0.72), Wynn
Resorts Limited (WYNN $157.96 -3.19), Las Vegas Sands (LVS $44.41 -1.60)
and Boyd Gaming Corp (BYD $9.07 -0.24). Gaming Win in Nevada was +16.2% YoY to
$984 mln (highest level since Sept 2008) while Las Vegas Strip revenue was
+28.9% YoY (highest level since Jan 2008). Casino stocks displayed relative
strength at the open but succumbed to broader market pressure within minutes.
MGM (-5.0%) derived 74% of net rev from The Strip in FY10; while WYNN (-2.2%)
and LVS (-3.5%) saw 31% and 18% of rev come from The Strip. BYD (-2.3%), which
saw 28% of net rev come the Las Vegas Locals Market saw rev increase 5.3% in
May. The Las Vegas market has been able to post some strong months over the last
few years only to disappoint the Street in subsequent months.






