Slots Steady, But Las Vegas Casinos Still Lag Behind in 2024 Revenue
Nevada’s gambling revenue for October totaled $1.28 billion in gross gaming revenue, according to the Nevada Gaming Control Board.
Las Vegas Gaming revenue was down again in Oct 2024.
Key Facts:
- Gross gaming revenue for Oct 2024 was $692 million for Las Vegas casinos
- Las Vegas casinos experience 4th straight month with year-over-year decline in gaming revenue
- 2024 declines come after record-setting month for Sin City casinos in 2023
The Las Vegas Strip, considered the centerpiece of Nevada’s gaming industry, experienced another challenging month to begin the fourth quarter. GGR for the Strip from gaming activity in Oct 2024 was $692 million, marking a 3% decrease year-over-year.
This marks the fourth consecutive month of declining GGR for the Las Vegas casinos, which achieved record-breaking revenues in 2023. For the fiscal year-to-date, the Vegas Strip casinos are down more than 6%.
While slot revenues on the Strip showed a 5.5% increase, reaching $428.3 million, table games revenue fell sharply, dropping 14.5% overall. Baccarat, a game known for its volatility, saw a dramatic 23.4% decline, generating only $68.7 million. Over the past three months, the Strip’s baccarat revenue has plummeted by 33%.
Downtown Las Vegas faced an even tougher month. Its GGR fell by 11%, landing at $86.8 million. Despite this setback, the downtown market remains up 4% for the fiscal year.
Other southern Nevada markets also struggled in October, with declines recorded in North Las Vegas (-3.7%), Laughlin (-6.8%), and the Boulder Strip (-2.6%). With the exception of downtown Las Vegas, all these markets are down for the fiscal year so far.
Contrasting these declines, the Las Vegas locals market, according to NGCB, performed exceptionally well. October GGR for this segment hit $164.5 million, a 10% increase compared to the previous year. Year-to-date, this market boasts an 11.5% growth rate, outpacing all other segments in the state.
Northern Nevada’s performance in October mirrored the struggles of gaming venues in the southern parts of the state, with most markets experiencing year-over-year decreases. South Lake Tahoe emerged as the sole bright spot, with its $20.8 million GGR reflecting an 18.7% increase, the largest growth of any market tracked by the NGCB.
Elsewhere in the region, Washoe County reported declines, including a 3% drop in Reno’s GGR ($68.1 million). Despite these challenges, Reno remains steady for the fiscal year. The Carson Valley market showed slight improvements, growing 1.8% for October and 1.1% year-to-date. Elko County, however, reported a 6.4% year-over-year decline, with GGR totaling $31.7 million.
Sports Betting Declines as Well
Sports betting in Nevada recorded significant declines. Statewide sports betting in Nevada measured by GGR for October was $28.9 million, a steep 57.5% drop year-over-year. Mobile betting fared similarly poorly, with GGR of $18.7 million, down 46.4%.
On the Las Vegas Strip, sports betting revenues fell 50%, reaching $13.3 million, while mobile GGR dropped more than 40%. Football betting proved especially troublesome, as statewide GGR from the sport plunged nearly 80% to $9.6 million. Operators across the industry attributed the poor performance to challenging NFL results.
