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Las Vegas Strip reports third consecutive monthly decline

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Regulation

2024-10-29

Las Vegas Strip reports third consecutive monthly decline

Nevada’s gaming revenue edged 3.4% higher in September despite a third consecutive monthly decline on the Strip.

The Nevada Gaming Control Board Tuesday reported that casinos made $1.31 billion in gaming revenue in September, up from $1.27 billion in September 2023. The state gained despite the Strip falling 1.8% year over year, from $741.2 million to $727.6 million. For the third quarter, Strip revenue is down 7.2%.

The last time the Strip decreased in three consecutive months was March through May 2019. For the year, Strip revenue is down 0.2%.

By contrast, downtown Las Vegas recorded $91 million in revenue, a 33% increase over the $68.3 million a year ago. And locals casinos increased by 15.2% in September, from $225.3 million to $259.6 million. Those properties saw a 7% increase for the third quarter. For the year, the Las Vegas locals market is up 6.2% or $138.3 million.

The Boulder Strip had a 19.3% increase to $80.4 million, up from $67.4 million, the Gaming Control Board reported. North Las Vegas was essentially flat with $23.1 million in revenue, down from $23.4 million.

Downtown Las Vegas and the Boulder Strip benefited from the timing of slot revenue; drop rolled into September from August due to August ending on a Saturday, according to Michael Lawton, a senior economic analyst for the Gaming Control Board.

“In order to get a more accurate sense of the totals, combining August and September presents a clearer picture,” Lawton said. “The Strip was down due to baccarat and the increases recorded in downtown, Boulder Strip, the balance of Clark, and Washoe County (in northern Nevada) more than offset the Strip’s decrease.”

Statewide revenue fell 3.8% in August compared to August 2023.

Statewide baccarat win of $93.7 million decreased 37% or $55.1 million and baccarat drop of $547.5 million decreased 19.7% or $134.6 million. The comparison for September 2023 was difficult, as baccarat win totaled $148.8 million, an increase of 85.8%, on volumes of $662.5 million and a hold of 21.8%, Lawton said.

Statewide baccarat win has decreased in three consecutive months and four of the last five. Baccarat’s hold percentage was 17.1% versus 21.8% last year. Statewide total gaming win excluding baccarat increased 8.7% or $97.6 million.

Strip baccarat totaled $88.8 million and was down $58.9 million or 39.9%. Volume was $517.7 million, down 21.9% or $144.8 million, while hold was 17.1% versus 22.2%. Total win excluding baccarat increased by 7.6% or $45.3 million.

The Strip’s games win decreased 16% or $57.3 million and drop decreased 6.7% or $138.7 million. Games hold percentage was 15.6% versus 17.3% last year.

The Strip’s slot win increased 11.4% or $43.8 million, with a 2.6% or $124.4 million increase in coin-in. Slot hold was 8.8% versus 8.1% last year.

In September, the Strip hosted the Vegas Kick Off Classic featuring a college football game between LSU and USC. Pink brought her Summer Carnival tour to Allegiant Stadium. Canelo Alvarez defended his Super Middleweight titles against Edgar Berlanga at T-Mobile Arena. UFC 306 was the first-ever sporting event held at the MSG Sphere. The Eagles performed four dates at the MSG Sphere starting.

The Las Vegas Raiders played two home games at Allegiant Stadium against the Carolina Panthers and Cleveland Browns. Garth Brooks returned to the Colosseum at Caesars Palace for several dates. Maroon 5 played two nights at Dolby Live at the Park MGM on

Statewide, slot win of $896.9 million increased 10.1% or $82.5 million and coin-in of $11.7 billion was up $72.4 million or 0.6%. Slot hold percentage was 7.67% versus 7% last year.

Statewide table, counter and card games win of $416 million decreased 8.8% or $40.0 million and games drop of $2.8 billion, decreased 4% or $115.8 million from September 2023. Games hold percentage was 15.05% versus 15.84%.

Nevada sportsbooks won $80.9 million, up 29.8% compared to September 2023, on a hold percentage of 10.6% versus 7.7% last year. This represents a new all-time record, beating the previous high of $72 million set in November 2021.

Sportsbook wagers totaled $764.6 million, down 5.7% compared to last September when $811.3 million was wagered statewide. Mobile wagers totaled $484.9 million, down 10% ($53.8 million) and accounted for 63.4% of all wagers.

Downtown, sports revenue increased 48.3% or $5.5 million, volumes down 2.9% or $6.2 million. The hold was 8.17% versus 5.35%.

Elsewhere in southern Nevada, Laughlin had $38.3 million in revenue, down 7.8% from $41.6 million. Mesquite had $14.1 million in revenue, up 2.2% from $13.8 million.

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