Las Vegas Visitation and Gaming Revenue Fall in October

_{Despite October's revenue slump, Circa Sportsbook remains a Downtown Las Vegas hotspot. (Image: Nolan Dalla)}

Nevada gaming revenue and visitation to Las Vegas both fell in October. Statewide gaming revenue in October fell 2.19% to $1.28 billion compared to 2023.

Just about every region in Nevada saw a decrease. Every segment in Clark County saw less revenue than last year except the “balance of county,” where Durango Casino is still a new casino on the books. 

Gaming revenue on the Vegas Strip was off slightly while Downtown Las Vegas saw a double-digit decrease. It was a rare month where hotel room rates and occupancy in both touristy parts of Las Vegas also fell.

Gaming Revenue in Most Parts of Las Vegas Fell in October

Clark County typically drives Nevada gaming revenue. Las Vegas anchors this region, and the decrease in gaming revenue was similar to the entire state.

October gaming revenue in Clark County was down 2.15% to $1.11 billion. The drop in gaming revenue was broad-based throughout the county.

Downtown Las Vegas saw a huge drop in gaming revenue compared to last year. October gaming revenue was down 11.01% to $86.8 million. This is also down from $91 million in September.

Gaming revenue on the Vegas Strip decreased 3.12% to $692 million in October, marking the fourth consecutive month of decline.

There was one bright spot for the Las Vegas Valley. The “balance of county” saw a 10.03% increase in gaming revenue to $164 million. The addition of Durango Casino continues to boost comparable revenue in this part of Las Vegas. The popular Station Casinos property opened in early December last year, so this segment should continue to see increased revenue for a couple more months.

Sports Betting, Slots, and Table Game Revenues Take a Beating on Vegas Strip

Every denomination of slots saw a decrease at Vegas Strip casinos except for multi-denom games, which are typically bartop machines. While penny slots were down 35.29% compared to last October, the revenue from $25 slots decreased by 40.49%.

Once again, baccarat revenue was lower than last year. In October, baccarat revenue fell by 23.44% at these casinos. This continues a downward trend for the game.

Baccarat revenue for the past three months is 33.72% lower than a year ago. On the bright side, Vegas Strip baccarat revenue is up 11.55% for the past 12 months.

Ultimate Texas Hold’Em saw the largest table game increase for Vegas Strip casinos. Revenue from UTH was up 41.72% compared to last year. Blackjack, Craps, and Let It Ride also saw increases.

While sports betting makes up a small portion of gaming revenue, it was down by more than 50% compared to last October. Vegas Strip casinos only won 3.73% of the money wagered on sports. Basketball betting was the lone bright spot for the sportsbooks, with casinos winning more than 3 times than last year.

Could Dana White Be Behind the Vegas Strip Decrease in Baccarat Revenue?

Las Vegas casinos love to share details about guests who win big side bets and slot machines because those games have a large house edge. Promoting the games with the worst returns to players in the casino is a marketing tool to help increase revenue. These games and bets can have a house edge from 10% to 20%.

It’s probably not a coincidence that they don’t do the same with low-house edge games like baccarat. The house edge in Baccarat is about 1%. Then again, high rollers often prefer privacy when wagering as much as $400,000 per hand.

There have been numerous rumors about a baccarat hot streak by UFC’s CEO Dana White. White was a big blackjack player before this year. It appears as though he’s switched some or most of his play to baccarat.

I'm hearing @danawhite is killing it @VenetianVegas @PalazzoVegas.
Rumors are Dana is up about $8-9 MILLION playing Baccarat in the last month or so.
He's allowed to bet up to $400K per hand.
Great limits!
Biggest I've heard.
No wonder he's smiling!
Go get em Dana!@VitalVegas pic.twitter.com/2dEMBIfRi1

— Robin Hood 702 (@robinhood702) December 1, 2024

According to a video last month, White won $2 million playing baccarat at The Venetian. As of this month, it appears he’s up between $8 and $9 million from playing baccarat on the Vegas Strip.

Las Vegas Visitation Falls Almost 2%

According to the Las Vegas Convention & Visitors Authority (LVCVA), 3.56 million people visited Sin City in October. This was down 1.8% from a year ago.

A change to the convention calendar hurt this segment of visitors. The LVCVA says there were about 30,000 fewer visitors due to the absence of TwitchCon in October. Conventions typically take place midweek, and this could be seen in hotel room occupancy. 

Weeknight occupancy was down 2.8% to 82.6%, while weekend occupancy was up slightly to 94.6%.

The decrease in visitors led to lower hotel room rates for Las Vegas hotels. While occupancy was only down 2% to 85.7%, the average daily room rate was down 7% to $216.99.

Both the Vegas Strip and downtown Las Vegas saw lower room rates by 7.6% and 4%, respectively.