Nevada Sees Boost In Casino Revenue For SeptemberLas Vegas Strip Sees Another Decline |
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After two straight revenue slides in July and August, state casino revenue bounced back in September, according to figures from the Nevada Gaming Control Board.
Nevada’s casino industry reported revenue of $1.3 billion in September, a 3.34% increase compared to
$1.27 billion for the same month in 2023. However, for the fiscal year (July 1, 2024, through
September 30, 2024), revenue has decreased almost 2.6%.
The numbers in Clark County, home to Las Vegas, also had some key drops that affected the totals. The Las Vegas Strip saw revenue fall 1.8% to $727.7 million from $741.2 million in September 2023. While slot revenue rose 8.8% to $426.9 million, table game revenue dropped 16% to $300.8 million.
A key component of the table games decrease was almost a 40% drop in baccarat revenue. Gaming Control Board officials noted that high-end baccarat players could significantly affect the overall revenue totals and that is what has led to the revenue decreases on the Strip.
“The wild card is the baccarat hold percentage and that will determine the Strip’s ability to beat 2023,” Gaming Control Board senior economic analyst Michael Lawton told the Nevada Independent.
Along with the revenue declines, average daily room rates fell almost 3% on the Strip to $209.58. Prices were also down 11% to $107.25 in downtown Las Vegas.
Downtown Vegas fared better than the Strip in September, seeing a jump of 33.1% in revenue to $91 million.
In northern Nevada, Reno led the pack with a 12.4% bump to $71.9 million while other nearby areas saw declines. Sparks fell 6.1% to $15.8 million and North Lake Tahoe saw a 14.8% decrease to $2.2 million. South Lake Tahoe also saw a steep decline, falling 18.8% to $21.4 million.
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