Gaming revenue at Nevada casinos increased 7.75 per cent statewide in January, while Las Vegas Strip casino take grew by 15.4 per cent.

The Strip

The January results ended five straight declining months of gaming revenue on the Strip. Statewide, gaming revenue fell in four out of the five previous months.

Nevada casinos as a whole collected $952.7m in revenue during January, compared with $884.2m a year ago. Strip casinos reported gaming revenue of $576.8m compared to $499.8m a year ago.

Analysts said the month was a good start to the year for the Strip following the market’s 2014 overall gaming revenue decline of 2.1 per cent.

“With these gross gaming revenue results, we maintain our positive outlook for the Las Vegas Strip and believe the overall room rate and visitation driven recovery will continue throughout 2015,” JP Morgan gaming analyst Joe Greff said.

Wells Fargo Securities gaming analyst Cameron McKnight said the Strip has a “healthy” non-gaming outlook, due in part to a six per cent increase in the market’s fourth-quarter revenue per available room figures, increases in airline capacity and a stronger mix of corporate meetings and conventions.

Union Gaming Group analyst Chris Jones said improving trends in the housing market, employment and lower gasoline prices are boosting a Las Vegas recovery. “Overall, we are encouraged by January’s results across the board and maintain our favourable outlook for Las Vegas,” Jones said.