Vegas Casinos Report Slight Revenue Decline in July – Blame Baccarat!?

Nevada casinos saw $1.3 billion in July gaming revenue, according to the Nevada Gaming Control Board (NGCB). This was the first decrease in year-over-year gaming revenue since March.

However, July 2023’s $1.4 billion in gaming revenue was the second highest monthly win in state history, so armchair analysts may want to hold off on any panic.

Despite the year-over-year dip, month-to-month Nevada gaming revenues grew slightly in July, up from $1.28 billion in June.

According to the Las Vegas Convention And Visitors Authority (LVCVA), which released monthly visitation numbers also on Wednesday, just over 3.5 million people visited Las Vegas in July. This was a negligible 0.4% decrease from last July.

Gaming officials say an unfavorable calendar, with two fewer weekend days this July, and a notable decline in baccarat win were the main factors holding back last month’s revenues. 

Strip Casinos Revenue Lull

As usual, Clark County and the Vegas Strip led gaming revenue in July. Clark County collected $1.11 billion in gaming revenue.

Vegas Strip casinos accounted for $709 million of that – a 15% drop compared to last year.

The highlight for southern Nevada in this latest report was the “Balance of County.” This includes the Las Vegas suburbs where Durango casino is now included in gaming revenue reports from the NGCB. Thanks to the additional casino, this sector saw 19% more revenue for a total of $171 million in July.

Gaming revenue wasn’t bad elsewhere around Las Vegas. Downtown casinos saw a revenue increase of 9.9% to $71 million.

Dog Days of Baccarat?

July was a rare month for table games revenue. While baccarat usually holds the top spot as the table game that wins the most money for the house, Strip casinos won more this month from blackjack.

The casinos won just under $64 million from baccarat in July – 66.3% lower than July 2023’s take of $138.6 million from baccarat on the Vegas Strip.

Baccarat wasn’t the only year-over-year underperformer in July. Roulette, Pai Gow, Let It Ride, and 3 Card Poker generated at least 16% less revenue than a year ago for Vegas Strip casinos.

A few table games saw revenue growth, however. Vegas Strip casinos won more in July from Blackjack, Craps, Ultimate Texas Hold ‘Em than a year ago.

Sports betting was down in July as was every denomination of slot machines. The only slot games that saw an increase were the multi-denomination games often found at bars that include video poker and keno.

Still, slot machines were the big winner for casinos on the Vegas Strip. Slots brought in $418 million in revenue, while table games accounted for $290 million.

Las Vegas Visitation Flat in July

Visitation to Las Vegas was essentially flat compared to last year. According to the LVCVA, 3.5 million people visited Las Vegas in July. Overall, this was just 0.4% lower than last July.

The 252,000 visitors for Las Vegas conventions was noticeably 6.9% lower than a year ago. The LVCVA noted the absence of the Association of Woodworking and Furnishing Suppliers Fair led to 16,000 fewer convention attendees. But the biennial AWFS Fair returns to Las Vegas in July 2025.

The flat visitation numbers could be seen in hotel occupancy. Weekday occupancy was 79.8% in July – 2.4% lower than last year..

Meanwhile, weekend occupancy, when most tourists visit Las Vegas, was up slightly from last July to 93.2%.

(Image: Linda Sikes / Alamy)