Nevada’s gaming revenue edged 3.4% higher in September despite a third consecutive monthly decline on the Strip.
The Nevada Gaming Control Board Tuesday reported that casinos made $1.31 billion in gaming revenue in September, up from $1.27 billion in September 2023. The state gained despite the Strip falling 1.8% year over year, from $741.2 million to $727.6 million. For the third quarter, Strip revenue is down 7.2%.
The last time the Strip decreased in three consecutive months was March through May 2019. For the year, Strip revenue is down 0.2%.
By contrast, downtown Las Vegas recorded $91 million in revenue, a 33% increase over the $68.3 million a year ago. And locals casinos increased by 15.2% in September, from $225.3 million to $259.6 million. Those properties saw a 7% increase for the third quarter. For the year, the Las Vegas locals market is up 6.2% or $138.3 million.
The Boulder Strip had a 19.3% increase to $80.4 million, up from $67.4 million, the Gaming Control Board reported. North Las Vegas was essentially flat with $23.1 million in revenue, down from $23.4 million.
Downtown Las Vegas and the Boulder Strip benefited from the timing of slot revenue; drop rolled into September from August due to August ending on a Saturday, according to Michael Lawton, a senior economic analyst for the Gaming Control Board.
“In order to get a more accurate sense of the totals, combining August and September presents a clearer picture,” Lawton said. “The Strip was down due to baccarat and the increases recorded in downtown, Boulder Strip, the balance of Clark, and Washoe County (in northern Nevada) more than offset the Strip’s decrease.”
Statewide revenue fell 3.8% in August compared to August 2023.
Statewide baccarat win of $93.7 million decreased 37% or $55.1 million and baccarat drop of $547.5 million decreased 19.7% or $134.6 million. The comparison for September 2023 was difficult, as baccarat win totaled $148.8 million, an increase of 85.8%, on volumes of $662.5 million and a hold of 21.8%, Lawton said.
Statewide baccarat win has decreased in three consecutive months and four of the last five. Baccarat’s hold percentage was 17.1% versus 21.8% last year. Statewide total gaming win excluding baccarat increased 8.7% or $97.6 million.
Strip baccarat totaled $88.8 million and was down $58.9 million or 39.9%. Volume was $517.7 million, down 21.9% or $144.8 million, while hold was 17.1% versus 22.2%. Total win excluding baccarat increased by 7.6% or $45.3 million.
The Strip’s games win decreased 16% or $57.3 million and drop decreased 6.7% or $138.7 million. Games hold percentage was 15.6% versus 17.3% last year.
The Strip’s slot win increased 11.4% or $43.8 million, with a 2.6% or $124.4 million increase in coin-in. Slot hold was 8.8% versus 8.1% last year.
With a busy calendar of conventions and events including the Canelo Alvarez/Edgar Berlanga boxing match, the USC and LSU college football game, the P!nk Summer Carnival concert, iHeartRadio music festival, two Raiders home games, the UFC 306 first-ever sporting event held at the MSG Sphere, September hosted nearly 3.4 million visitors, up 1.6% over last year, according to the Las Vegas Convention and Visitors Authority. There were 3.3 million visitors a year ago.
Convention attendance reached 527,000 for the month, up 29% and supported in part by show rotations, including the Workday Rising convention with 20,000 attendees and the quadrennial MINExpo trade show with 50,000 attendees.
Hotel occupancy reached 83.9%, beating last September by 1.3 points, as both weekend occupancy (90.4%) and midweek occupancy (81.1%) saw year-over-year gains. Strip occupancy was 87% in September, up from 84.7% a year ago.
September saw year-over-year decreases in average daily room rates ($196.34) and revenue per room ($164.73) of 2.6% and 1%, respectively, reflecting in part the effect of the Labor Day weekend falling largely in August this year, according to the LVCVA.
Statewide, slot win of $896.9 million increased 10.1% or $82.5 million and coin-in of $11.7 billion was up $72.4 million or 0.6%. Slot hold percentage was 7.67% versus 7% last year.
Statewide table, counter and card games win of $416 million decreased 8.8% or $40.0 million and games drop of $2.8 billion, decreased 4% or $115.8 million from September 2023. Games hold percentage was 15.05% versus 15.84%.
Nevada sportsbooks won $80.9 million, up 29.8% compared to September 2023, on a hold percentage of 10.6% versus 7.7% last year. This represents a new all-time record, beating the previous high of $72 million set in November 2021.
Sportsbook wagers totaled $764.6 million, down 5.7% compared to last September when $811.3 million was wagered statewide. Mobile wagers totaled $484.9 million, down 10% ($53.8 million) and accounted for 63.4% of all wagers.
Downtown, sports revenue increased 48.3% or $5.5 million, volumes down 2.9% or $6.2 million. The hold was 8.17% versus 5.35%.
Elsewhere in southern Nevada, Laughlin had $38.3 million in revenue, down 7.8% from $41.6 million. Mesquite had $14.1 million in revenue, up 2.2% from $13.8 million.
In northern Nevada, Reno had $71.8 million in revenue, up 7.2% from $63.9 million. Sparks fell 6% to $15.8 million, down from $16.8 million. South Lake Tahoe fell 18.8% to $21.3 million, down from $26.3 million.
