Las Vegas’ casino revenues decline for FOURTH straight month

Gamblers play video slots beside recently opened Fremont Food Court at the Fremont Hotel-Casino on Thursday, Jan. 12, 2023. (Jeff Scheid/The Nevada Independent)

Article by : Charles Perrin Dec 5, 2024

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Nevada is feeling the brunt of some dismal revenue results, and it seems that Las Vegas should be taking a significant proportion of the blame for the fall.

According to the latest GGR (gross gaming revenue) figures released by the Nevada Gaming Control Board (NGCB), the state hauled in $1.28 billion, but this represented a year-on-year decline of just over 2%.

However, it seems that the Vegas Strip had a poor October as their GGR total stood at $692 million, a 3% drop year-on-year and a 6.3% slide in the fiscal year-to-date revenue.

More worryingly, this was the fourth consecutive month where revenues declined.

Although Strip slot revenue climbed to $428.3 million, reflecting a 5.5% increase, revenues for table games crashed by 14.5%, and baccarat revenues also plummeted.

Downtown Vegas continued to lag, and October marked an 11% decrease in GGR to $86.8 million.

The picture was broadly similar across the board, where nearby markets such as North Las Vegas (-3.7%) and Laughlin (-6.8%) also saw drop-offs in gaming revenues reported.

Traditionally, Vegas has been reliable for being the state’s biggest contributor for casino revenues.

The only region that performed well was in Northern Nevada. Specifically, South Lake Tahoe shone, and GGR shot up by 18.7% to $20.8 million.

But it wasn’t just in the casino sphere where Nevada struggled. Sports betting also nosedived in October, and the statewide GGR was at $28.9 million, down by 57.5% last year.

Nevertheless, the industry’s volatility could go some way to explaining the disconcerting results.

Perhaps the figures may rebound, and there will have been plenty of visitors in Vegas for the Grand Prix held last month.

With the holiday season around the corner, Nevada will be hoping that it can finish the year on a high.