Key points:
- Nevada’s total gaming revenue for October 2024 was $1.28bn, down 2.2% year-on-year
- The Las Vegas Strip’s revenue fell 3% to $692m, marking its fourth straight month of decline
- Local markets like Las Vegas Locals posted a 10% revenue increase, while South Lake Tahoe rose 18.7%
Nevada’s gaming industry reported $1.28bn in gross gaming revenue (GGR) for October 2024, a 2.2% year-on-year decline, according to figures released by the Nevada Gaming Control Board.
This performance underscores ongoing challenges in key markets, particularly on the Las Vegas Strip, alongside growth in local and northern regions.
Las Vegas Strip struggles (relatively) with fourth consecutive decline
The Las Vegas Strip, historically the state’s largest contributor, posted $692m in GGR for October, a 3% decrease. This marks the fourth consecutive month of year-on-year declines and a 6.3% drop in fiscal year-to-date revenue.
Slot machines, however, provided a bright spot, with Strip revenue increasing 5.5% to $428.3m. In contrast, table game revenue, particularly baccarat, saw steep losses, falling 23.4% to $68.7m.
Downtown Las Vegas reported an 11% decrease in GGR to $86.8m. Nearby markets like North Las Vegas (-3.7%) and Laughlin (-6.8%) also experienced declines, continuing a challenging fiscal year for southern Nevada.
Local markets and South Lake Tahoe show resilience
The Las Vegas locals market reported a 10% increase in GGR, totalling $164.5m in October. This segment is up 11.5% for the fiscal year, driven by consistent growth in community-focused casinos.
In northern Nevada, South Lake Tahoe outperformed other markets, reporting an 18.7% increase in GGR to $20.8m.
Reno, the region’s largest contributor, recorded $68.1m, a 3% decline, though its year-to-date performance remains flat.
Sports betting takes a hit
Statewide sports betting revenue dropped 57.5% to $28.9m in October, reflecting significant challenges in the sector. Mobile sports betting accounted for $18.7m, down 46.4%.
Football betting proved especially problematic, with statewide GGR plunging nearly 80%. The Strip’s sports betting revenue also fell 50%, with mobile wagering declining by over 40%. Operators attributed the poor performance to unfavourable NFL results during October.
Broader trends and outlook
October’s report aligns with ongoing shifts in Nevada’s gaming landscape. Slot machine revenue remains a strong performer, growing 5.5% statewide, while table games continue to underperform.
September 2024 saw similar trends, with total gaming revenue increasing 3.3%, driven by slot machine gains and sports betting growth from basketball and football.
The mixed October results highlight the industry’s volatility, with growth in local markets and northern Nevada offsetting declines in major hubs like the Strip. Analysts will monitor upcoming months for signs of recovery in key areas and stabilization in sports betting.
Nevada’s gaming industry enters the holiday season facing both opportunities for rebound and challenges from underperforming segments, particularly in high-profile markets like the Las Vegas Strip.
