Las Vegas Strip gaming revenue drops in February amid Super Bowl absence

Gaming revenue on the Las Vegas Strip declined sharply in February as the absence of last year’s Super Bowl and a shorter month weighed on earnings, according to new figures from state regulators.  

The Nevada Gaming Control Board reported that Strip casinos generated $690.3 million in gaming revenue, marking a 13.8% drop from February 2024, when the city hosted Super Bowl LVIII. The downturn follows a strong January, when Strip gaming revenue surged 22% year-on-year.  

Statewide, gaming revenue fell 9.3% to $1.22 billion, though the state maintained a 48-month streak of exceeding the $1 billion threshold.  

Industry analysts attributed the drop to a difficult comparison against February 2024, when the Super Bowl brought an influx of high-value players, and a leap year provided an extra day of revenue.  

Another key driver was a steep 52% decline in baccarat revenue, as fewer high rollers visited the Strip.  

“The softer GGR was driven by declines in baccarat (-52%), table games (-27%), and one less calendar day,” said Barry Jonas, gaming analyst at Truist Securities.  

Despite the downturn, Jonas suggested that Las Vegas’ overall trends remain stable.  
“While we expected a softer February, underlying Vegas trends remain mostly positive (for now), and we expect to see improvements in March,” he added.  

The Las Vegas Convention and Visitors Authority (LVCVA) also reported a 11.9% drop in visitor volume, bringing the total below 3 million for the month.  

Additional tourism indicators showed declines:  

• Convention attendance fell 19.5% to 615,400, affected by event rotations.  
• Hotel occupancy dipped to 80.5% (-3.4 percentage points), with weekend occupancy at 86.4% (-3.9 points).  
• Average daily room rates dropped 25% to $186.16, signaling softer demand.  
• Harry Reid International Airport saw a 7.5% decline in passenger traffic, handling 4 million travelers.  

“With the combined factors of a tough comparison to last year when Super Bowl 58 was held in the destination, a net decrease in the convention segment tied to rotation cycles, and one fewer day on the calendar, visitation fell below 3 million for the month,” said Kevin Bagger, Director of the LVCVA Research Center.  

Las Vegas Strip casinos are seeing strong bookings for March and April, but industry experts warn of potential challenges. Rising resort fees and increased costs may deter visitors, while less favorable gaming odds, like 6:5 blackjack, could impact gamblers. Additionally, a tightening economy might reduce discretionary travel spending.

Despite the February slump, some Southern Nevada gaming markets saw gains:  
• Mesquite gaming revenue rose 2.8% to $16.5 million.  
• Laughlin edged up 0.4% to $42.2 million.  
• Outlying Clark County, including Henderson, increased 1% to $144 million.