Nevada casinos won over $1.3 billion in September 2024, according to state regulators, an increase of 3.34% from the previous year. However, several important points in the report show casino revenue is struggling in key markets.
Key Highlights
- Nevada casinos won $1.3 billion in September 2024, a 3% increase from the same month the previous year.
- Las Vegas Strip revenue was down almost 2%, thanks in large part to a 40% drop in baccarat revenue.
- Downtown Las Vegas sportsbooks won more than all of downtown’s table games combined.
- In-person sports betting makes up a higher percentage of sports betting revenue in Nevada than in other states.
Las Vegas Strip
The Las Vegas Strip is the largest gaming market in Nevada. Its revenue was down 1.83% from September 2023. Baccarat, the Strip’s most profitable table game, was down 40% from the previous year.
This was almost entirely offset by an increase of over 11% at slots and craps. Sports betting revenue increased by over 16%, but that only equals about $5 million of the $728 million in total Las Vegas Strip September 2024 gaming win.
Baccarat can make or break Las Vegas Strip revenues. The Strip’s 443 baccarat tables won $93 million. That is about 13% of all September revenue and 29% of table win for that market.
If baccarat had been flat from the year before, it would have swung Strip revenue positive for the reporting period.
Downtown Las Vegas
Downtown Las Vegas saw a huge surge in sports betting win for a second straight month. Sportsbooks located on and around Fremont Street, plus The Strat and Wildfire on Fremont, won nearly $17 million in September.
That was up 48% from the previous year. Downtown sportsbooks won more than all of the market’s table games combined.
Ultimate Texas Hold’em tables were up 466%, making casinos over $800,000.
Sports betting made up almost 17% of the entire gaming win in the downtown Las Vegas market. Circa Las Vegas, home of the world’s largest sportsbook, is the likely beneficiary of much of this action.
Retail betting action was higher than mobile betting, which is an unusual outcome. In most state markets, mobile betting is over 90% of bets. In Nevada, it is often around 70%.
The three major downtown table games were flat or dropped when compared to the previous year. Blackjack was down over 5%. Craps dropped nearly 11%. Roulette was flat. Downtown’s 10 baccarat tables were down 37% from the year before.
Ultimate Texas Hold’em tables were up 466%, making casinos over $800,000. Pai Gow Poker was the only other table game that posted an increase of more than 10%.
Downtown’s overall gaming results were up 33%. This is largely attributed to the big sports win and a 40% increase in slot revenue.
Clark County and Other Nevada Casino Markets
North Las Vegas casinos were essentially flat year-over-year. Laughlin dropped nearly 8%. Boulder Highway area casinos posted a 19% increase in revenues thanks to increased slot action. That market includes downtown Henderson, Green Valley Ranch, and M Resort.
The balance of Clark County increased nearly 16%. The late 2023 opening of Durango Casino likely played a part in that, as its closest competitor is seven miles away. This casino drew traffic from nearby taverns and put the resulting revenue into the monthly gaming numbers.
Elsewhere in Nevada, Reno casinos posted a 12% gain in gaming revenue. South Tahoe casinos dropped 19%, while those on the north side of the lake were 15% lower.
Sources
https://gaming.nv.gov/uploadedFiles/gamingnvgov/content/about/gaming-revenue/2024Sep-gri.pdf
