Facing a sharp drop in baccarat hold compared to July 2023, which was the second highest month for gaming win of all time, the Las Vegas Strip recorded a 15% decline in gaming revenue in July and dropped the statewide total by nearly 7%.
The Nevada Gaming Control Board Wednesday reported the state’s casinos generated $1.3 billion in revenue, down from $1.4 billion. On the Strip, casinos generated $709.3 million, down from $834.8 million a year ago.
The bright spots were off the Strip.
Downtown Las Vegas recorded $71.8 million in revenue, a nearly 10% increase from $65.4 million a year ago. Downtown gaming revenue is up 2.1% for the year.
Casinos that mainly serve local residents had $279.7 million in revenue, a 13.1% increase from $247.3 million a year ago.
Michael Lawton, senior economic analyst with the Gaming Control Board, said the $97 million year-over-year statewide decline ends a streak of four statewide monthly increases going back to March and is the largest decrease since November 2022. That November declined by $100.8 million compared to November 2021.
For the year, Nevada gaming revenue is up 1.6%.
The Strip’s gaming win of $709.3 million decreased by $125.6 million. This is the Strip’s largest decrease in 41 months when the billion-dollar streak began in March 2021, Lawton said.
Statewide win excluding the Strip increased $28.5 million or 5%, led by the balance of Clark County’s 19% or $27.4 million increase.
Lawton said July was a difficult comparison. When compared to July 2022, Nevada’s July 2023 gaming win increased 6.7%, with the Las Vegas Strip’s gaming win increasing by 8% to make it the second highest total all-time.
Lawton cited an unfavorable calendar compared to July 2023 with two less weekend days, but baccarat was the main culprit. Strip baccarat win totaled $64 million and was down $126.2 million or 66.4%. Volume totaled $727.4 million, down 8.5% or $67.4 million, and hold was 8.8% versus 23.9%. Statewide win, excluding baccarat, increased 1.9% or $22.7 million and Strip win excluding baccarat increased by 0.1% or $653,000.
On the Strip in July, Garth Brooks played at the Colosseum at Caesars Palace and Lady Gaga performed at Dolby Live at Park MGM. The Copa America Men’s Soccer Tournament Quarterfinal was played at Allegiant Stadium with a match between Jamaica and Ecuador. Kevin Hart headlined at Resorts World. The final day of operation for the Mirage was July 17. Mariah Carey’s residency at Dolby Live at the Park MGM began on July 27.
Statewide games hold percentage was 14.4% versus 17.6% last year. The state’s games hold last July was the highest since October 1987 and the baccarat hold of 23.5% was the highest since June 2003, Lawton said.
The Strip’s slot win decreased 0.4% or $1.6 million with a 3.8% or $198.5 million decrease in coin-in. Slot hold was 8.3% versus 8% last year.
Statewide slot win of $914.1 million increased 2.6% or $23.3 million and coin-in of $12.1 billion was down $415.9 million or 3.3%. Slot hold percentage was 7.6% versus 7.1% last year.
The Strip’s games win decreased 29.9% or $123.9 million and drop decreased 8.7% or $195.1 million. Games hold percentage was 14.1% versus 18.4% last year.
Nevada sportsbooks won $25.8 million, up 2.1% compared to July 2023 on a hold percentage of 6.9% versus 6.2% last year. Sportsbook wagers totaled $375.7 million, down 8% compared to last July when $408.1 million was wagered statewide. Mobile wagers totaled $254.2 million, down 5.2% ($13.9 million) and accounted for 67.7% of all wagers.
In downtown Las Vegas, slot win totaled $51.4 million and increased 12.9% ($5.9 million). Slot coin-in was up 0.4% ($2.2 million). Slot win percentage was 9.4% versus 8.4% last year, Lawton said.
Game and table win totaled $20.5 million, up 3% ($595,000). Games drop decreased 8.9% or $16.9 million on a hold of 11.7% versus 10.4% last year.
Sports revenue increased 19.3% or $1.2 million with volumes down 10.2% or $11.6 million. The hold was 7.5% versus. 5.6%.
North Las Vegas reported $22.8 million in revenue in July, a 4.9% decrease.
The Boulder Strip had $85.6 million in revenue, a 7.8% increase.
Mesquite had $13.7 million in revenue, a 4.1% increase.
Laughlin had $44.1 million in revenue, a 5.9% decline.
Reno had $69.2 million in revenue, a 4.1% decline.
Sparks had $15.2 million in revenue, a 11.4% decline.
South Lake Tahoe had $31 million in revenue, a .44% increase.
