Nevada Gaming Revenue Drops For Second Straight MonthDeclines Come After Disappointing Formula1 Race Attendance |
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The Nevada Gaming Control Board released financial figures for the state’s casino industry last week and reported total gaming revenue of $1.32 billion for November 2024, a 4.2% decrease compared to the same month in 2023 when revenue reached $1.37 billion.
This marked the second-straight month of declining revenue. For the fiscal year (July 1, 2024 through Nov. 30, 2024), gaming win has decreased 2.85%.
A sagging Clark County, home to Las Vegas, played a major role in the state’s overall revenue decline. The county saw revenue of $1.16 billion, a drop of 4.2% from November 2023. The Las Vegas Strip saw a revenue decrease of 3.9% to $787.7 million, down from $820.9 million in 2023.
Both slots and table games suffered declines. Slot machine revenue stood at $399.7 million, down 2.7%. Table games dropped 5.1% to $389 million. Downtown Las Vegas didn’t suffer quite the same loss as the Strip, dropping just 2.7% to $79 million compared to $81.2 million in November 2023.
Other parts of Clark County suffered even higher losses. Laughlin fell 15.5% to $34.1 million. The Boulder Strip saw a 20.1% revenue decline to $66.2 million. There were also a couple of bright spots. Mesquite saw revenue climb 8.8% to $16.5 million and North Las Vegas was up 6.1% to $34.1 million.
The rest of the state was a mixed bag. Reno declined 10.5% to $52 million from $58 million in 2023. North Lake Tahoe saw revenue increase of 8.9% to $1.8 million. Reno saw revenue slide 10.5% to $52 million from $58 million in November 2023. South Lake Tahoe also saw a sizable drop of 20.3% to $14.4 million.
Control Board senior economic analyst Michael Lawton reported that while the 2023 F1 Las Vegas Grand Prix brought many visitors to town, the 2024 event didn’t attract as many people this year. The month ending on a Saturday also meant totals from Nov. 30 were reported for December instead.
“It seems our numbers in Southern Nevada were lower as expected, considering attendance at Formula 1 wasn’t as large as the previous year,” he said. “We were facing a difficult comparison, as last November was the third-highest win total in state history. However, if we were not negatively impacted by slot revenue timing, the state would have recorded an increase year-over-year.”
The Las Vegas Convention and Visitors Authority (LVCVA) also reported that convention attendance was off by 8%. The state collected $87.2 million in gaming fees based upon taxable revenues from November 2024, a 1.5% increase.
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