July 2024 witnessed a 15% decrease in gaming win on the Las Vegas Strip, marking the first state-wide decline in gaming revenue in four months, as reported by the Nevada Gaming Control Board on Wednesday, August 28. Despite this downturn, the total win of $1.3 billion in July was set against a particularly strong July 2023, which had recorded one of the highest monthly win totals at $1.4 billion.
Contextual analysis of the gaming revenue decline:
Senior economic analyst Michael Lawton from the Gaming Control Board clarified that the drop should not be seen as the onset of a downtrend. “This was a very difficult comparison as July of ’23 was the second highest win total in state and Strip history due to a very difficult baccarat comp related to hold,” he explained. The percentage of money retained by casinos from table games, known as table hold, was reported at 14.39% this year compared to 17.62% last year, the highest in nearly 37 years. Notably, baccarat, known for its volatility, had a hold of 23.52%, the highest since June 2003.
While the Strip experienced a downturn, other regions painted a different picture. Downtown Las Vegas casinos saw a 9.9% increase in win, reporting $71.8 million. Similarly, Clark County’s outlying areas, including the newly entered Durango casino in southwest Las Vegas, marked a 19% increase at $171.2 million. Meanwhile, Sparks saw a decline of 11.4%, and North Lake Tahoe reported a rise of 14.1%, with South Lake Tahoe remaining stable.
As the Las Vegas Review-Journal reports, Carlo Santarelli, a gaming industry analyst from Deutsche Bank, highlighted the impact of calendar variations on the data. “June ended on a Sunday, and, as such, slot revenue flowed into the July report from the last weekend in June,” he noted, adding, “As such, LV locals slot hold in July was 7.9 percent driving 11 percent slot revenue growth.”
Despite these fluctuations, Nevada’s gaming performance year-to-date remains 1.6% above 2023, with July marking the 41st consecutive month of at least $1 billion in gaming wins.
Entertainment and tourism contributions:
Events and performances continued to drive visitation and gaming activity. Notable entertainments included performances by Garth Brooks, Lady Gaga, Kevin Hart, and Mariah Carey, alongside the Copa America quarterfinal match at Allegiant Stadium. However, the Las Vegas Convention and Visitors Authority (LVCVA) reported a slight 0.4% dip in visitation and a 6.9% decrease in convention attendance, attributed partly to the rotation of the Association of Woodworking and Furnishing Suppliers Fair to a different location.
Most key tourism indicators experienced slight decreases; occupancy rates fell to 83.7%, average daily room rates dropped to $160.15, and total room nights occupied decreased to 3.9 million. Traffic on highways into Las Vegas also saw a 1.5% decline. In contrast, passenger boardings at Harry Reid International Airport increased by 2.3% to 5.1 million, marking it as the fourth highest in the airport’s history.
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