Nevada Hits $15.6B Casino Revenue in 2024, Despite Challenges
Nevada laid down a Full House in its December revenue report, earning more than $1.46 billion from gamblers.
Nevada sets new casino revenue record in 2024. © David Vives, unsplash
Key Facts:
- The Las Vegas strip was down slightly both month over month and year over year.
- Slots led the way, up $123.3 million on a November Saturday included in the tally.
- Full Year 2024 revenue was $15.6 billion, a new record.
- That makes the fourth straight year that Nevada has posted record revenue.
Revenue numbers out of Nevada finally ticked back into the green after five months of declining numbers, but it was Downtown and the local market that made it happen.
The Strip was down 2.7% on a considerable drop-off of more than 16% in table games. But slots saved the day, generating almost $500 million and up 11% year over year.
Slot strength was seen not only on the Strip but across the state, where slot revenue was up 14%. Some of this increase was due to Nevada’s counting of slot revenue, as wagers from November 30 (a Saturday) were recorded in December’s totals.
The Strip’s decline was partly due to new competition—Durango’s February 2024 opening pulled some players away, while Fontainebleau’s December 2023 debut made for tough year-over-year comparisons.
The 2.7% drop did mark the sixth straight month of revenue decline on the Strip, but most of that is being explained away as very hard-to-beat hold numbers in Baccarat for those months in 2023 when the Strip had massive wins from high-limit foreign nationals at several major properties.
While Strip properties did win $197 million in the month at baccarat, that number was down 10% for the month and 7% for the year. While this was some of the 16% decline in table games, it wasn’t all of it, as other tables like craps and roulette also saw reduced play and revenue.
For the entire state in 2024, table game numbers slipped 2.3%, continuing a long-term trend of continued consumer preferences for slots and electronic table games for more than a decade.
Off the Beaten Path
Locations around the state, from Downtown to Mesquite to the Carson Valley, all had record 2024 numbers. The biggest takeaway from the Nevada Gaming Control Board’s report is the continued strength away from the hottest tourist spots.
Downtown Las Vegas was up 8% in December, as was Clark County, which excludes the Strip and Downtown but features many local favorites like Durango and Red Rocks.
Laughlin was up 9%. For the calendar year, Downtown Las Vegas put up a very respectable 10% increase from 2023, and while Reno only saw 3% gains for the calendar year, they had a 20% increase in their December play, probably helped by good weather.
Despite the Strip seeing six months of declines, there was a lot to like in the numbers. Overall, they weren’t totally unexpected, given the rough 2023 comparables. The rest of the state had a banner year, with many markets setting new records and all showing continued strong growth despite a somewhat lackluster overall economy and the inflation burden on many household budgets.
