Las Vegas Gaming Revenue Dips Despite Increase in Visitation

According to the latest monthly report from the Nevada Gaming Control Board (NGCB), gaming revenue in the Silver State was lower for the second month in a row. In August, Nevada casinos won $1.16 billion. This was a 3.8% decrease compared to the same period in 2023. It’s also lower than July gaming revenue when Nevada casinos won $1.3 billion.

There weren’t many bright spots for gaming revenue throughout the state. Casinos from Las Vegas to Reno saw lower revenue than a year ago.

One reason for the drop was that the month ended on a Sunday, which means not all revenue collected from slot machines in August was accounted for. The uncounted revenue will go towards September’s numbers.

Once again, the biggest culprit for the dip is baccarat. 

So far for the fiscal year, which started in July, gaming revenue has decreased by 5.47% year-over-year.

The drop revenue wasn’t due to a lack of tourists in Las Vegas. Visitation was up in August and hotels were packed during the weekends throughout the month. Demand for hotel rooms was so high that rates soared for the month.

August by the Numbers

The statewide drop in gaming revenue hit all parts of Clark County, except the Las Vegas suburbs and Mesquite. The county-wide decrease was larger than the state as a whole.

Gaming revenue for Clark County in August was down 4.39% year over year to $980 million. The main tourist areas of Las Vegas both saw lower gaming revenue than August last year.

Vegas Strip gaming revenue in August was down 4.39% to $981 million. Downtown Las Vegas saw a larger 8.78% dip in gaming revenue to $58.3 million.

The “Balance of County” segment now includes Durango Casino. This segment saw a small 1.47% revenue increase to $143.7 million.

The one big bright spot for Clark County was Mesquite, which is about an hour and twenty minutes from the Vegas Strip. This small casino market saw a huge 10.2% revenue increase for the month to $14.4 million.

Baccarat, Slots Down; Blackjack, Roulette and Pai Gow Up 

Vegas Strip gaming revenue is often up or down because of one game. While there are nearly three times more blackjack tables in Vegas Strip casinos, baccarat draws the high rollers who can shape gaming revenue for the month.

August was the second consecutive month that Vegas Strip casinos saw a drastic decrease in baccarat revenue. However, the casinos won more in August than July from baccarat.

Vegas Strip casinos won more than $75 million from Baccarat. This was 33.77% lower than last August but greater than the $63 million collected from the game in July.

Blackjack revenue was up 9.24% from a year ago to $79 million. Pai Gow Poker and Roulette saw the biggest percentage increases compared to a year ago. Pai Gow Poker revenue was up 44% while Roulette was up 25.66% year over year.

All slot machine denominations under $25 per spin were down compared to last August. Vegas Strip casinos saw 40% less revenue from penny slots in August compared to a year ago.

Visitation, Hotel Prices Jump 

3.4 million people visited Las Vegas in August, according to the Las Vegas Convention And Visitors Authority (LVCVA). This was a 2.4% increase from a year ago despite nearly 10,000 fewer visitors in Las Vegas for conventions.

The bump in visitation could be partially attributed to the beginning of Labor Day Weekend on Aug. 31 and 31. Two packed concerts at Allegiant Stadium for Morgan Wallen were also major draws for Las Vegas in August.

Similar to last August, more than 90% of hotel rooms in Las Vegas were full during the weekends. Downtown Las Vegas hotels saw the largest spike in occupancy in August. Occupancy was up 3.1% to 65.3% for the month.

Due to high demand, hotel room rates jumped double digits on the Vegas Strip and downtown Las Vegas. The average daily room rate for the Vegas Strip was up 12.1% from last year to $186.06. Downtown Las Vegas hotel room prices were up 12.9% to $99.01.