Nevada’s gaming revenue took a hit in November, marking the fourth decline in five months. The Las Vegas Strip, the state’s primary gaming hub, also experienced its fifth consecutive monthly decrease, raising concerns for the industry. Analysts pointed to a combination of calendar quirks, baccarat performance, and shifting slot revenues as key factors.
November’s Numbers Tell the Story
November 2024’s gaming revenue in Nevada totaled $1.31 billion, a 4.2% drop from November 2023’s $1.37 billion. The Las Vegas Strip contributed $788.7 million, down 3.9% from the $820.8 million recorded in the same month last year. While the state’s overall gaming revenue has grown 0.4% year-to-date, November’s performance lagged due to two fewer weekend days compared to 2023.
Michael Lawton, a top economic analyst, noted that the year-over-year comparison was challenging. “November 2023 was the third-highest win total in state history,” he explained. “The timing of slot revenue collections also skewed the numbers.”
Despite these challenges, November marked the 45th consecutive month Nevada exceeded $1 billion in gaming revenue.
Baccarat and Slots Weigh Down the Strip
The Strip’s decline highlighted the role of baccarat and slot revenue fluctuations. Baccarat win fell $32.1 million to $145.7 million, an 18.3% drop compared to November 2023. Volume was also down, with a 17% hold compared to 19% last year. Strip-wide, revenue excluding baccarat saw a marginal increase of 0.1%.
Slot performance on the Strip added to the woes:
- Slot win: Down 2.7% ($11.1 million) to $401.6 million.
- Coin-in (amount wagered): Up 5.6% to $279.8 million.
- Hold percentage: Dropped from 8.3% to 7.6%.
Lawton stated, “If you apply a normalized slot hold to Strip slot win, the Strip would have been down by just 1.4% year-over-year.”
Statewide Trends and Local Performance
Statewide, baccarat has been underperforming, with November marking the fifth straight month of declines. The year-to-date baccarat win is down 5.7%, totaling $72.2 million less than last year. Slot revenues also saw a notable dip statewide:
- Total slot win: $810.6 million, down 6.7%.
- Coin-in: Up 5.2%, but hold percentage fell to 6.6%.
Nevada sportsbooks provided a bright spot, generating $67.5 million in revenue, a 64.7% increase. Mobile betting accounted for nearly 70% of all wagers but saw a 6.3% decline in volumes. Football betting led the charge, earning $40.7 million, a staggering 127.6% increase.
Regional Performance Highlights
Several areas outside the Strip showed mixed results:
- Downtown Las Vegas: $79 million, down 2.6%.
- North Las Vegas: $24.4 million, up 6%.
- Laughlin: $34 million, down 15.5%.
- Reno: $51.9 million, down 10.4%.
- Sparks: $14.9 million, up 8%.
Major Events Dominate the Strip
The Las Vegas Strip hosted an array of headline events in November, from Adele’s final residency shows to the return of the Formula 1 Grand Prix. Other highlights included Billy Joel and Sting performing at Allegiant Stadium and the Raiders’ home game against the Broncos.
Despite the boost in visitors, the Strip’s gaming revenue faced headwinds. The economic impact of events like F1 often benefits non-gaming sectors, including hospitality and retail, more than gaming directly. This trend is reflected in baccarat’s declining hold percentage, which dropped from 19% in 2023 to 17% this year.
