Another Record Year For Nevada Gaming Despite Vegas Strip Slowdown, Shock Sports Betting Loss

According to the Nevada Gaming Control Board (NGCB), Nevada casinos won $15.6 billion in 2024. This was the fourth consecutive year of record-breaking gaming revenue for licensed operators in the Silver State.  

The record-breaking year came in spite of a rare miss from Vegas Strip casinos. Gaming revenue in and around the most tourist-heavy part of Las Vegas fell 1% for the year. Downtown Las Vegas and the areas surrounding the Strip all saw gaming revenue increase.

The full year of gaming revenue was revealed as the state released data for December 2024. During the final month of the year, Nevada's gaming revenue was up 2% to a record-breaking $1.46 billion. Clark County was up a modest 1.46% for the month with a strong performance from casinos away from the Strip.

The revenue changes were impacted by two casinos closing and two more operating for the full year. Las Vegas lost The Mirage and Tropicana during the year and gained the first full year of operations for Durango and Fontainebleau. 

Visitation in Las Vegas in December was in line with the previous year. Overall visitation to Las Vegas in 2024 was up by just 2% for the year to 41.6 million. 

Las Vegas hotel room rates jumped year over year in December but they were virtually flat for the full year. 

While calendar-year revenue was up for the state, the fiscal year, which runs from July through June, could show a different result. As of December 2024, statewide gaming revenue was down 1.98% to $7.8 billion. 

Strip Revenue Dips in December, Burbs Still Booming

Clark County gaming revenue was up a smidge in December thanks to the less touristy parts of town. In December, Clark County’s gaming outlets won $1.29 billion, an increase of 1.46% over last year.

While the bulk of the revenue, $881 million, came from casinos on and around the Vegas Strip, this segment was down 2.66% from the previous year. 

Other than Mesquite, every section of Clark County saw a revenue increase compared to last year. 

Downtown Las Vegas saw a solid 8.34% increase to $82 million while the Boulder Strip saw a massive 29.69% jump for the month. Yearly gaming revenue for the Boulder Strip casinos was less than 1% lower than the previous year. 

Green Valley Ranch, Sunset Station, and Sam’s Town are just some of the casinos considered as part of the Boulder Strip area. The latter has a gorgeous holiday attraction that draws many locals to the property. 

Excuse the shameless plug, but devoted readers are familiar with the Sam’s Town holiday extravaganza from our December monthly planner. 

The “balance of county” segment saw an increase of 8.94% to $161 million. This is the first comparable month for Durango Casino, which opened on Dec. 5, 2023. The January report will be the first full-month comparison.

Bettors Crush Las Vegas Sportsbooks In December

Vegas Strip casinos saw revenue drops across the board from the tables to the books. Even the (horse) race books saw a falloff from 2023. 

Overall sportsbook revenue was down on the Vegas Strip by 91% to just over $2 million in December. Players crushed the sportsbooks on football wagers and parlays with favorites taking home more wins than usual. 

This made December one of those rare months where the house didn’t win. For the 13th time in history and the first time in 12 years, Nevada sportsbooks lost money -- $2.1 million. 

Downtown Las Vegas casinos fared slightly better with a smaller 30.22% decrease in sports betting revenue. Unlike the Vegas Strip, hockey wagers dinged these sportsbooks with a revenue 78% dip in revenue. 

Back on the Vegas Strip, casinos won almost 20% more from Pai Gow Poker players than last December. The holidays were good for dice players as craps revenue was down 38% compared to a year ago.

Slot machines continue to bring in the lion’s share of gaming revenue on the Vegas Strip. However, total revenue in December was off 2.64% from 2023. Nickel slots were the only denomination to show an increase during the month.

Vegas Visitation, Hotel Room Prices Inch Up

Visitation to Las Vegas in December was a smidge higher (0.2%) in December thanks to a nearly 43% increase of those in Sin City for a convention. AWS Re:Invent is typically the busiest business trip of the month. 

Nearly 40.9 million people visited Las Vegas in 2024, according to the Convention and Visitors Authority (LVCVA), 2% more than the previous year. 

Hotel room rates on the Vegas Strip were up 3.9% to $206.58 in December. Hotel room rates  in downtown Las Vegas during the month were down 22 cents compared to 2023. 

For the year room rates in both areas were essentially flat with a 0.8% increase on the Strip and 0.5% dip downtown.

NGCB Names Replacement For Departed Member

This week, Gov. Joe Lombardo announced Chandeni Sendall will replace Brittnie Watkins on the NGCB.

“With her unique background in law and compliance, Chandeni will bring fresh insight and critical perspective to the Board,” Lombardo said in a press release. “I look forward to her leadership and contributions to gaming oversight in our state.”

Lombardo notes that among her jobs, Sendall has worked as a deputy city attorney in Reno and an in-house legal intern for Caesars Entertainment. 

Her term is already underway. 

(Image: courtesy of LVCVA)