Nevada casinos set for record-breaking year with $1.32 billion in May revenue

Nevada’s casino industry is on track for a fourth consecutive year of record-breaking revenue, with the first five months of 2024 showing strong results. The Nevada Gaming Control Board reported a statewide gaming revenue of $1.32 billion in May, a 2.5 percent increase from the previous year and a record for the month. This marks the state’s 39th consecutive month with over $1 billion in gaming revenue.

For the 12-month period ending May 2024, Nevada’s total gross gaming win was $15.72 billion, the highest on record.  

The Las Vegas Strip, accounting for more than half of the state’s total revenue, saw a 3.7 percent increase in May, reaching $742.5 million. This growth was driven by slot machines and table games, rather than high-end baccarat play, which saw a nearly 7 percent decline in revenue.

Visitation to Las Vegas in May was just under 3.66 million, slightly below March’s 3.67 million but 4.6 percent up from May 2023. The Electric Daisy Carnival music festival and a nearly 2 percent increase in convention attendance contributed to the high visitor numbers.

Year-to-date, Las Vegas visitation stands at almost 16.9 million, 4.2 percent higher than the same period in 2023. Hotel occupancy in May was 86.1 percent, with an average daily room rate of $200.01, up 9.1 percent from the previous year.

Harry Reid International Airport reported its second-highest monthly passenger total ever in May, with 5.2 million passengers. The Las Vegas locals market saw a 6 percent revenue increase, partly due to the December opening of the Durango Casino Resort.

Statewide revenue figures were mixed. Washoe County's overall revenue was down less than 1 percent, with Reno casinos seeing a 1 percent decline. South Lake Tahoe casinos experienced a 9.5 percent decrease. Laughlin casinos reported a 21.4 percent revenue drop due to a calendar anomaly in slot machine revenue collection.

Nevada sportsbooks collected $36 million in revenue in May, a 20 percent increase from the previous year, despite a 2.3 percent decline in total wagers. For the first five months of 2024, sports betting revenue is up 5.6 percent, while wagering is down 5.3 percent.

Clark County, including the Las Vegas Strip, contributed significantly to the monthly performance, with a 2.9 percent increase in May. Downtown Las Vegas saw a modest 1.6 percent increase. The fiscal year gaming win, which runs July through June, has increased by 4.5 percent statewide.