Nevada gaming revenue drops 4.2% in November amid challenging comparisons

Nevada casinos reported a 4.2% year-over-year decline in gaming revenue for November, earning $1.31 billion, according to figures released Thursday by the Nevada Gaming Control Board (NGCB). The dip marked the fifth consecutive month of declines, a streak not seen since before the COVID-19 pandemic.  

Michael Lawton, senior analyst at the NGCB, attributed the drop to difficult comparisons with November 2023, which recorded the third-highest gaming win in state history.

Revenue on the Las Vegas Strip fell 3.9% to $788.7 million, the seventh-highest monthly total on record. Baccarat revenue was a key factor, down 18.3% as volume declined 8.7% and the casino hold dropped to 17% from 19% the previous year.  

Excluding baccarat, however, gaming win on the Strip showed a marginal increase of 0.1%, or $532,000.  

Several other regions also experienced significant declines:  

• South Shore Lake Tahoe: Down 20.6% to $14.4 million, affected by a late-October fire and the off-season for skiing.  
• Boulder Strip: Revenue dropped 20.6% to $66.2 million.  
• Laughlin: Down 15.5% to $34.1 million.  
• Reno: Declined 10.5% to $51.9 million.  

The November Formula 1 Las Vegas Grand Prix, while still a major event, did not match the attendance or revenue of its inaugural race in 2023, contributing to lower visitation and reduced hotel room rates.  

Despite this, several other high-profile events drew crowds to Las Vegas, including Adele’s final performances at Caesars Palace, the Eagles’ residency at the Sphere, concerts by Usher and Billy Joel with Sting, and a Las Vegas Raiders home game at Allegiant Stadium.

The gaming win on the Strip is 0.8% behind the pace of 2023 for the calendar year, with one month remaining. Statewide, fiscal year-to-date gaming revenue is down 2.9% year-over-year, totaling $6.38 billion.  

Anomalies in reporting also played a role in November. Slot machine revenue was understated due to the month ending on a Saturday, shifting revenue from November 30 into December. Slot win for that day will be reported in the December results.

While the strip and other major markets were down, not all areas struggled. North Las Vegas and Mesquite reported revenue increases of 6.05% and 8.78%, respectively.  

Despite the monthly drop, Nevada’s gaming revenue remains robust compared to pre-pandemic levels, up 40.4% from November 2019. November also marked the 45th consecutive month of statewide gaming win exceeding $1 billion.  

The state collected $87.2 million in gaming taxes for December, up 1.5% from the same period last year.