Nevada experienced another robust month of gaming revenue in October, despite a decline in visitor numbers, highlighting a growing disparity between luxury expenditure and general tourist activity.

The state’s total gaming win hit $1.35 billion, a 5% increase compared to the previous year, marking the 56th consecutive month surpassing the $1 billion mark, according to the Nevada Gaming Control Board. On the Las Vegas Strip, gaming revenue saw a remarkable recovery after a sluggish September, increasing by 8% to approximately $748 million.

Over the first four months of the fiscal year, Strip revenue is 3.3% higher than last year, positioning the market for its fourth annual increase in five years.

Analysts attributed this strong performance to a favorable calendar—October included an extra Friday—and increased betting activity across slot machines, table games, and baccarat. Deutsche Bank analyst Steven Pizzella noted that baccarat specifically benefited from “a better hold percentage.”

In contrast, Las Vegas visitation declined by 4.4% to 3.4 million, extending a 13-month period without a year-over-year increase exceeding 1%. The Las Vegas Convention and Visitors Authority (LVCVA) reported that this marks the 10th consecutive month of declining visitor numbers.

Hotel performance also softened, with a 2% drop in occupancy, average daily room rates falling by 5.5% to $203.88, and revenue per available room decreasing by 7% to 8.2%, based on various datasets. Traffic on highways remained stable at about 134,190 vehicles per day, while Harry Reid International Airport has not yet released its monthly passenger data.

Conventions provided some balance, with attendance increasing by 7.9–8% to 603,600, supported by schedule adjustments and significant events like Oracle CloudWorld, which attracted 30,000 visitors, as reported by LVCVA research director Kevin Bagger.

Performance was mixed across the region. Clark County gaming win rose by 5% to $1.17 billion, but Downtown Las Vegas slipped by 0.2% and the Boulder Strip saw an 8.9% decline, making it the weakest submarket in October.

On the Strip, baccarat continued to play a significant role. Casinos earned $116 million from the game, a staggering 69% increase from the prior year, eclipsing the total revenue of numerous regional markets.

Analysts suggest that the data underscores a trend of fewer visitors with higher spending habits, as affluent travelers continue to indulge while budget-conscious tourists remain cautious about their spending or choose not to visit.

The third annual F1 Las Vegas Grand Prix took place as tourism declined. The race generated an estimated $1.5 billion during its inaugural year and just under $1 billion the following year. LVCVA CEO Steve Hill remarked to the Las Vegas Review-Journal that this year’s event is projected to deliver “at least” $1 billion in economic impact.

MGM CEO Bill Hornbuckle acknowledged the construction challenges associated with the race, but emphasized that the international event is essential for Las Vegas’ attractiveness. “For our high-end clients and corporate partners, it pays off,” he told the Review-Journal. He acknowledged that the setup “might seem chaotic for three days, and it is, but it’s all worth it, I assure you.”