The Las Vegas Strip generated $692 million in GGR, marking a 3% drop year-over-year and the fourth consecutive month of declines. For the fiscal year-to-date, the Strip is down over 6%.
The Nevada Gaming Control Board (NGCB) reported $1.28 billion (£1 billion/€1.2 billion) in gross gaming revenue (GGR) for October 2024, reflecting a year-over-year decline of just over 2%.
Las Vegas Strip Leads Decline
The Las Vegas Strip generated $692 million in GGR, marking a 3% drop year-over-year and the fourth consecutive month of declines. For the fiscal year-to-date, the Strip is down over 6%.
While slot revenue on the Strip grew 5.5% to $428.3 million, table games struggled, declining 14.5%. Baccarat revenue, which was a major driver of 2023’s record performance, fell sharply by 23.4% to $68.7 million. Over the past three months, baccarat revenue is down 33%.
Mixed Results in Southern Nevada
Downtown Las Vegas reported the steepest decline among southern Nevada markets, with GGR down 11% year-over-year to $86.8 million, though it remains up 4% for the fiscal year. Other markets also posted declines:
- North Las Vegas: -3.7%
- Laughlin: -6.8%
- Boulder Strip: -2.6%
In contrast, the Las Vegas locals market showed resilience, with GGR up 10% year-over-year to $164.5 million and 11.5% growth fiscal year-to-date, making it the top-performing segment in the state.
Northern Nevada Also Sluggish
Northern Nevada markets also struggled, with South Lake Tahoe as the sole standout. Its GGR rose 18.7% to $20.8 million, the largest increase of any market tracked by the NGCB. Other notable results:
- Reno: $68.1 million, down 3%, but flat year-to-date.
- Carson Valley: +1.8% for the month, +1.1% fiscal year-to-date.
- Elko County: $31.7 million, down 6.4% year-over-year.
Sports Betting Suffers
Statewide sports betting revenue experienced a sharp decline, with GGR dropping 57.5% year-over-year to $28.9 million. Mobile betting accounted for $18.7 million, a 46.4% decrease.
The Las Vegas Strip mirrored the trend, with sports betting GGR down 50% year-over-year to $13.3 million. Mobile betting GGR on the Strip fell 40% to $6.2 million. Football betting was particularly weak, with statewide GGR plummeting nearly 80% to $9.6 million. The Strip reported $4.5 million in football betting revenue, a 76.8% decline, reflecting poor results for October NFL games.
Outlook
While segments like the Las Vegas locals market and South Lake Tahoe provided bright spots, October 2024 proved challenging for Nevada’s gaming and sports betting industries, highlighting the volatility of key revenue drivers.