Nevada closed out the first half of 2024 with gains in gaming revenue in Las Vegas, though the northern part of the state struggled.
Nevada generated $1.28 billion in gaming revenue in June, up 3.2% from $1.24 billion in June 2023, according to the Nevada Gaming Control Board.
Casinos that cater to local residents paved the way with a 6.2% increase over June 2023 and for the second quarter rose 9%, according to Deutsche Bank.
The Las Vegas Strip showed no signs of slowing with $758.5 million in revenue, up 4.2% from $727.3 million in June 2023. It rose 4.8% for the second quarter compared to the second quarter of 2023.
Downtown had an ever higher gain, a 5.8% increase to $66.2 million, up from $62.5 million.
The Boulder Strip rose 2.2% to $73.2 million, up from $71.6 million in June 2023.
Mesquite rose 3.5% to $13.8 million, up from $13.3 million. Laughlin posted $37.5 million, a decline of about 1% from $37.8 million.
In northern Nevada, Reno fell 7% from $69 million to $64.1 million. Sparks fell 12.8% from $15.3 million to $13.4 million. South Lake Tahoe fell 12.5% from $22 million to $19.2 million.
Michael Lawton, a senior economic analyst for the Control Board, said there was a favorable calendar compared to June 2023 with one additional weekend day.
Las Vegas hosted nearly 3.5 million visitors in June, beating June 2023 by 1.8%. For the year, visitor volume is up 3.8%, according to the Las Vegas Convention and Visitors Authority.
Overall hotel occupancy in June reached 85.2%, down 0.3 points year over year. Weekend occupancy was up 91.3%, while midweek occupancy at 82.6% was down 0.9 points, with convention business down 7.9% for the month.
Estimated convention attendance neared 420,000 and the decrease was tied to some show-rotation cycles and scheduling differences. One show with 25,000 attendees occurred in May this year instead of June last year.
The average daily room rate of $176 exceeded last year’s by 6.4% and revenue per available room approached $150, up 6% year over year.
The Strip’s gaming win of $758.6 million increased 4.3% or $31.2 million and accounted for 76.8% of the statewide increase this month. Statewide win excluding the Strip increased $9.4 million or 1.8%, Lawton said.
The Strip benefited from a robust event calendar in June. Special events of note include Bruno Mars and Lady Gaga returning to Dolby Live at the Park MGM for several performances in June. The MGM Grand Garden Arena featured the WBA Lightweight title fight between Tank Davis and Frank Martin on June 15. The Copa America Tournament was held at Allegiant Stadium for two soccer matches on June 26 and 28. The Upper Deck NHL Draft was hosted by the MSG Sphere Arena June 28-29. T- Mobile Arena was the venue for UFC 303, with the main event featuring a Light Heavyweight title rematch between Alex Pereira and Jiri Prochazka on June 29. Garth Brooks and Adele were both in town for their residencies at the Colosseum at Caesars Palace for multiple dates during the month of June.
The Strip’s slot win in June decreased 3.3% or $13.1 million with a 1.8% or $88.7 million increase in coin-in. Slot hold was 7.52% versus 7.92% last year, Lawton said.
The Strip’s games win in June increased 13.4% or $44.4 million and drop increased 8.2% or $169.0 million. Games hold percentage was 16.9% versus 16.1% last year.
Baccarat win in June totaled $135.8 million and was up $35.9 million or 35.9%; volume totaled $721.9 million up 9.8 or $64.2 million. The hold was 18.8% versus 15.2%. Total win excluding baccarat in June decreased by 0.7% or $4.7 million.
June 30 also marked the end of the state’s fiscal year, in which gaming win totaled $15.8 billion and represents an all-time record total, beating the previous record of $15.1 billion set last fiscal year.
Gaming win has set all-time records in three consecutive fiscal years. This year’s total was an increase of 4.4% or $659.1 million over fiscal year 2023, which increased 3.3% over fiscal year 2022.
In addition to Nevada overall, seven of the state’s 18 major sub markets set all-time records for fiscal-year gaming win: Clark County, downtown Las Vegas, Strip, Mesquite, balance of Clark County, Elko County and Wendover.
The Strip’s gaming win of $9.1 billion increased 6.1% or $519.8 million in fiscal-year 2024, after increasing 4.8% in fiscal-year 2023. This year’s total also represents an all-time record for the Strip, beating the previous record of $8.5 billion set last year. The Strip accounted for 57.4% of total statewide win, up from 56.5% last year. Excluding the Las Vegas Strip, statewide gaming win increased $139.3 million or 2.1%. The Strip accounted for 78.9% of the statewide increase this fiscal year.
Only six of the 18 major sub markets recorded decreases this fiscal year compared to fiscal-year 2023 (North Las Vegas, Laughlin, Boulder Strip, Sparks, South Lake Tahoe, and the balance of Elko County). South Lake Tahoe recorded the largest percentage decrease during the fiscal year at 2.2%. Additionally, every market with the exception of North Las Vegas, Laughlin, and North Lake Tahoe recorded gaming win amounts in excess of the pre-pandemic fiscal year 2019, Lawton said.
Slot win of $10.3 billion set an all-time record, beating the previous record of $10.2 billion set last fiscal year. Slot win increased 1.1% after increasing 4% last year. Slot coin-in of $144.5 billion set a new all-time record for a fiscal year, beating the previous record of $142.6 billion last year. This year’s total increased 1.3%, after increasing 4.4% last year. Fiscal-year 2024 slot hold percentage was 7.16% versus 7.17% in fiscal year 2023. Slot win generated 65.6% of total gaming win, down from 67.7% last year.
Table, counter, and card games’ win of $5.4 billion set an all-time record, beating the previous record of $4.9 billion set last fiscal year. This year’s total increased 11.1%, after increasing 1.7% last year. Games drop of $36 billion increased 3%, after decreasing 1.4% last year. This year’s total represented a new all-time record, beating the previous record of $35.4 billion established in fiscal-year 2022. Games hold percentage was 15.09% versus 13.98% in fiscal year 2023.
During fiscal year 2024, baccarat win totaled $1.685 billion, which increased 51% after decreasing 6.4% last year. This year’s win amount represents the second highest total recorded all-time. The highest baccarat win total of $1.691 billion was recorded in fiscal year 2014.
Baccarat volume totaled $9.2 billion, and increased 10.5% after increasing 4.1% last year. Baccarat’s hold percentage was 18.3% versus 13.4% last year. This year’s hold percentage was the highest hold percentage recorded since fiscal year 2003. Gaming win excluding baccarat increased 0.6% in fiscal year 2024 and baccarat’s increase of $569.5 million accounted for 86.4% of the $659.1 million increase in total gaming win this fiscal year.
The state recorded $512.8 million in sports pool win, which was an increase of 11.4% compared to last year’s 6.5% increase and represents a new all-time record, beating the previous record established last year. Nevada recorded $8.1 billion in sports pool write, a decrease of 3.3% from fiscal year 2023. The sports pool hold percentage was 6.6% versus 5.5% last year. Wagers made with mobile applications totaled $5.3 billion, a decrease of 3.0% compared to last year and accounted for 66.1% of all sports wagers placed statewide.
The combined Las Vegas locals market’s total win of $3.1 billion increased 4% or $116.7 million in fiscal-year 2024 after increasing 0.7% last year. This is the largest fiscal-year win total recorded by these combined markets in state history, beating the previous record set last year. Additionally, the Las Vegas locals markets accounted for 19.5% of the state’s total gaming win in fiscal year 2024 unchanged from fiscal year 2023.
The Strip’s gaming win of $9.1 billion increased 6.1% in fiscal year 2024 after increasing 4.8% in fiscal year 2023. This year’s total also represents an all-time record for the Strip, beating the previous record of $8.5 billion set last year. The Strip accounted for 57.4% of total statewide win, up from 56.5% last year.
Strip slot win of $4.8 billion increased 0.4% versus a 7.5% increase a year ago.
Strip slot coin-in increased 1.7% in fiscal year 2024 after increasing 10% last year.
Strip table, counter, and card games win of $4.2 billion increased 13.3% in fiscal year 2024 after increasing 1.6% in fiscal year 2023. Strip game and table drop of $26.7 billion increased 3.4% versus a decrease of 1.6% a year ago.
During fiscal-year 2024, baccarat win totaled $1.662 billion, which increased 52.5% after decreasing 6.3% last year. Baccarat volume totaled $9.0 billion and increased 10.4% after increasing 4.4% last year. Baccarat’s hold percentage was 18.6% versus 13.4% last year. Gaming win excluding baccarat decreased 0.7% in fiscal year 2024 and baccarat’s increase of $572.4 million accounted for 110.1% of the $519.8 million increase in total gaming win this fiscal year for the Las Vegas Strip.
