Nevada casinos record second-best month ever in January, driven by Baccarat surge

Nevada’s gaming industry continued its strong performance in January, posting the second-highest monthly casino win in state history. The Nevada Gaming Control Board (NGCB) reported that casinos statewide generated $1.46 billion in winnings, a 12.5% increase from January 2024. The Las Vegas Strip played a key role in the gains, with its casinos recording $840 million in revenue, their third-best month ever.

Baccarat was a key driver of this success, with nearly all of the state’s $215 million in baccarat winnings coming from the Las Vegas Strip. The game, which typically attracts high rollers, is played at 31 locations. There are only 441 baccarat tables in the state, and it is frequently described as an extremely volatile game.

NGCB senior analyst Michael Lawton highlighted the game’s unpredictability: “With that limited footprint, the game is not played by masses at every casino in the state. Instead, it is played by a limited number of customers who are allowed to wager six-figure amounts per hand."

"This creates the volatility in year-over-year comparisons due to the fact that it is impossible to determine which players will arrive in a given month and how lucky or unlucky the game will play.”

Excluding baccarat, Nevada’s gaming win still rose 3.7% compared to the previous year. Slot machines, which remain the largest contributor to casino earnings, brought in $915 million statewide, up 3.4%.

A series of major events in Las Vegas may have contributed to the strong gaming figures. High-profile concerts, including performances by Janet Jackson, The Killers, the Eagles, and Mariah Carey, drew large crowds. The city also hosted a Las Vegas Raiders home game at Allegiant Stadium.

Convention attendance increased 12.8% from the previous year, reaching 628,800 visitors in January. The Las Vegas Convention and Visitors Authority (LVCVA) credited trade shows such as CES, the World of Concrete, and the Total Product Expo for the rise in attendance.

While overall visitor numbers in Las Vegas dipped slightly by 1.1% to 3.3 million, hotel occupancy rates increased due to a reduction in available room inventory. The average daily room rate rose to $195.35, a 2.2% increase from January 2024.

Nevada collected $108.7 million in gaming percentage fees in February, an 8.9% increase over the previous year. This improvement also helped boost fiscal year gaming revenue. Since July 1, Nevada’s total gaming win has reached $9.28 billion, now up 0.03% from the same period last year.

For the first time this fiscal year, gaming tax collections surpassed the previous year’s total. As of Wednesday, the state had collected $688.6 million in percentage-based fees for its general fund, a 0.58% increase.

While the Strip led the state in revenue growth, South Lake Tahoe casinos saw a 22.4% increase, and Wendover gaming revenue climbed 14.3%. However, downtown Las Vegas casino winnings declined by 2.3%.

January marked the 47th consecutive month that Nevada casinos recorded more than $1 billion in gaming revenue.