Nevada casinos face 2% revenue decline in October despite record slot performance

Nevada’s gaming industry recorded $1.28 billion in gross gaming revenue (GGR) for October 2024, a 2% decline compared to the same month in 2023, according to data from the Nevada Gaming Control Board (NGCB). While slot machines set a state record with over $932.3 million in earnings, weak table game results and a sharp drop in sports betting revenue offset these gains.  

Slot machine revenue, which grew by 4.2% year-over-year, marked the highest monthly win in state history. However, revenue from table games fell nearly 16%, highlighting underperformance across various games. While blackjack revenue increased by 2% to $116.3 million and craps rose 3% to $41.5 million, baccarat, a key driver among high rollers, declined by 23% to $69.1 million. Roulette revenue also fell sharply, down 30% to $24.2 million.  

"The level of play was there. Unfortunately, the games didn’t hold compared to last October, especially baccarat, football wagering, and roulette,” said Michael Lawton, senior economic analyst at the NGCB.  

October proved particularly challenging for sports betting, with GGR plummeting 58% year-over-year to $28.9 million. Mobile sports betting revenue, which accounted for $18.7 million of the total, was down 46%. Football betting results were especially poor, with statewide football GGR dropping nearly 80% to $9.6 million.  

The Las Vegas Strip, the state’s largest contributor, recorded $692 million in revenue for October, a 3% decrease from the previous year. This marks the Strip’s fourth consecutive month of year-over-year declines and a 6.3% drop in fiscal year-to-date revenue.  

Despite these setbacks, slot revenue on the Strip increased by 5.5% to $428.3 million. However, table game revenue on the Strip dropped 14.5%, with baccarat revenue falling 23.4% to $68.7 million. 

Downtown Las Vegas also saw an 11% decline in GGR to $86.8 million, while nearby markets like North Las Vegas and Laughlin reported decreases of 3.7% and 6.8%, respectively.  

Amid the challenges, the Las Vegas locals market reported growth, with GGR increasing by 10% year-over-year to $164.5 million. This segment is up 11.5% for the fiscal year, outperforming other areas of the state.  

Northern Nevada presented a mixed picture. South Lake Tahoe led with an 18.7% increase in GGR to $20.8 million, while Reno, the largest contributor in the region, experienced a 3% decline to $68.1 million. Despite this, Reno’s year-to-date performance remains flat.  

Through the first ten months of 2024, Nevada’s total GGR reached $12.82 billion. To surpass the record $15.5 billion set in 2023, the industry would need to generate over $2.7 billion in November and December, a challenging prospect given the recent downward trends.  

Lawton expressed optimism about the industry’s resilience, noting the performance of slot machines. However, table games and sports betting continue to face headwinds, especially amid a decline in visitor traffic and convention attendance in Las Vegas.