Published on: December 4, 2024, 01:28h.
Last updated on: December 4, 2024, 01:28h.
In October, Nevada casinos experienced a record-breaking month in slot machine revenue. However, this was overshadowed by losses in table games and sports betting compared to the previous year.
The Nevada Gaming Control Board’s report for October revealed that slot machines in the state’s 315 licensed facilities generated over $932.3 million in revenue. This marked a 4.2% increase from October 2023 and set a new record for monthly slot revenue in Nevada.
Despite the remarkable slot performance, overall gross gaming revenue (GGR) from table games and sports betting declined by almost 16% compared to the previous year. The decrease was mainly driven by drops in revenue from games like roulette and baccarat.
Revenue from various other table games and sports betting also declined, contributing to an overall 2% decrease in statewide casino revenue compared to October 2023.
Gamblers’ Fortunes in October
October marked the third month out of four in 2024 where Nevada casino revenue was lower than the same month in 2023. The Las Vegas Strip also experienced a decline in revenue, continuing a trend of year-over-year decreases.
While there were enough gamblers in Nevada to potentially surpass the previous year’s revenue, the casinos faced challenges in games like baccarat, football betting, and roulette.
Despite the level of play remaining consistent, the games did not generate as much revenue compared to last October. Slot machines, however, set a new monthly revenue record, and table games continued to perform well despite facing tough comparisons.
Although premium players and high rollers may have helped boost casino revenue, overall visitation to Southern Nevada decreased in the past month.
Statistics from the Las Vegas Convention and Visitors Authority indicated a decrease in visitor volume and convention attendance, affecting overall casino revenue.
For Nevada’s gaming industry to achieve a fourth consecutive year of record revenue, a strong performance in November and December will be crucial.
Nevada is not the only state experiencing a slowdown in brick-and-mortar gaming revenue in 2024.
Several other states, including Iowa, Mississippi, Missouri, New Jersey, and Pennsylvania, have also reported lower revenue from traditional casino games during the year.