Nevada Casino Gaming Revenue Drops Almost 7%Vegas Strip Numbers See Significant Decrease |
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Nevada’s casino industry saw a significant drop in revenue in July. The Nevada Gaming Control Board reported total revenue of $1.3 billion for the month, sliding more than 6.9% compared to $1.4 billion in July 2023.
The report comes as Americans continue to deal with inflation and many are worried about the economy. The Labor Department said last week that the economy created 800,000 fewer jobs over the last year than originally reported.
These scenarios could have something to do with the declining numbers as New Jersey has also experienced a slowdown at live casinos as well. The news comes after the American Gaming Association (AGA) recently reported this week that the country’s commercial gaming revenue reached $17.63 billion for the second quarter, the industry’s 14th consecutive quarter of annual revenue growth and the highest-grossing second quarter performance on record.
Inside The Numbers
Looking at Nevada, the major hotspots saw some downward trends. All of Clark County, home to Las Vegas, was down 7.4% compared to last July’s revenue of $1.1 billion. The Las Vegas Strip was off even more, falling more than 15% to $709.3 million.
On the Strip, the biggest drop came in table game revenue, falling 29.9% to $290.5 million. Slot revenue dropped only 0.4% to $418.8 million.
North Las Vegas saw a revenue drop of almost 5% to $22.9 million and Laughlin fell 5.9% to $44.1 million. There were a few bright spots in the county, however. Downtown Vegas saw growth of 9.9% to $71.9 million. The Boulder Strip also saw a revenue increase of 7.9% to $85.7 million and Mesquite was up 4.1% to $13.8 million.
The report indicates growth may have centered more on local’s casinos while the more traditional tourist destination, the Strip, dried up a bit in July.
Revenue numbers were mixed in other parts of the state. Reno revenue was off 4.1% to $69.3 million while North Lake Tahoe saw casino revenue increase 14.1% to $3.6 million. South Lake Tahoe was mostly unchanged, rising slightly 0.44% to $31 million. The state collected $95.9 million in taxes in July, a decrease of 0.2% compared to the same month in 2023.
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