Vegas is back baby!

Well, not completely, and not even definitively, but Nevada gaming revenues did jump 18.4 percent in January from a year earlier, to $1.038 billion - the first month casinos collected $1 billion since September 2008. The month was helped out by Chinese New Year, which was celebrated in January. But still, business does appear to be improving. From the LV Review-Journal:

So, are we back? [Michael Lawton, senior research analyst for the Gaming Control Board], said the second half of 2011 was better than the first six months for most of the reporting markets, including Las Vegas locals, based on slot machine wagering figures. Macquarie Securities gaming analyst Chad Beynon said slot numbers are a good indication that customer spending on nongaming items and hotel rooms is growing. Other analysts agreed the state and the Strip are moving in the right direction. "Looking ahead, we believe our gradual recovery thesis for the Las Vegas Strip remains intact, with solid group and convention booking trends continuing into 2012, combined with strengthening results in the free and independent travel and leisure segment," JP Morgan gaming analyst Joe Greff told investors.

Here's another good sign: More people are buying homes in Vegas. From AP:

The Greater Las Vegas Association of Realtors said Thursday that nearly 3,800 single-family homes were sold in February. Fewer than 3,400 homes were sold during the same month last year. The median price was $121,000, down 5.5 percent from $128,000 a year ago.

Note the drop in prices, which is likely the result of an increase in short selling (selling a home for less than what is owed on the property), and the market's general downward drift..