Wall Street Bets is a roundup of recent notes from analysts covering the gambling industry.
Las Vegas Strip
Macquarie’s Chad Beynon looked at the Las Vegas Strip in a March 27 note:
“The Vegas Strip generated monthly revenue of $696 million in February (+1% year-over-year), owing mostly to strong volumes (slots +6% year-over-year; baccarat +17% year-over-year. We estimate February Strip GGR would have risen 4% year-over-year if not for low slot hold of 7.6% (vs long-term average of ~8%). Overall, slot revenue was flat year-over-year in February (+2% quarterly-to-date), while table revenues grew 2% year-over-year (-14% quarterly-to-date). Given the softer-than-expected monthly GGR results driven by lower hold, we lower our 1Q26E Strip GGR forecast to -2.5% year-over-year (from -0.5% prior).”
Las Vegas visitation
Dan Politzer of J.P. Morgan looked at Las Vegas visitation rates March 26:
“Las Vegas Convention & Visitors Authority reported February 2026 metrics, with Las Vegas visitation of 3.04 million, +2% year-over-year, the first month of growth since December 2024. Convention attendance was -0.4% year-over-year at 613k; non-convention visitation was +3% year-over-year (first month of growth since November 2024). Las Vegas Strip revenue per available room of $176 was +6.2% year-over-year, reflecting occupancy +150 basis points year-over-year and average daily rate +4.3% year-over-year, a step above January’s revenue per available room of 4.5% year-over-year, and the second month in a row of growth (prior to January, April 2025 was the last month where Las Vegas Strip revenue per available room was up year-over-year).”
Bally’s
Barry Jonas of Truist Securities on March 26 looked at Bally’s:
“This quarter marked the acquisition of Intralot (completed in October) which skewed comparisons to us/Street. Construction continues in Chicago and Vegas (A’s Stadium, at least), with management working on plans/financing for a $4 billion facility in New York. We remain Hold-rated and lower our price target to $13, as we continue to see limited liquidity, elevated leverage and international risks. We modestly lower our legacy estimates and introduce new Bally’s Intralot estimates at the low end.”
