By james art Although it marks the third straight month of revenue decline at Las Vegas StripNevada’s total gaming revenue saw a slight increase in September. According to data from Nevada Gaming Control Boardcasino profits across the country have been reached $1.31 billioncompared to $1.27 billion in the same month last year. This increase comes on the back of a 1.8% decline in the line, where revenue fell from $741.2 million to $727.6 million.
Nevada Income Trends:
The decline on the Strip contrasts sharply with significant gains in other parts of Las Vegas and in Nevada. Downtown Las Vegas, for example, enjoyed a 33% jump in revenue, jumping from $68.3 million to 91 million dollars. Domestic casinos also reported solid growth, with revenue up 15.2%. $259.6 million.
Boulder Strip in particular saw a significant increase of 19.3%, reaching up to $80.4 million of $67.4 million. Meanwhile, North Las Vegas remained relatively flat, with revenue slightly down from $23.4 million to $23.1 millionas reported by the Board (pdf).
Michael Lawton, Gaming Control Board Senior Economic Analystattributes some of the regional revenue spikes to the timing of slot revenue. He explained that because the end of August falls on a Saturday, some of the revenue is pushed to September, which skews the numbers slightly. “To get a more accurate picture of the totals, combining August and September presents a clearer picture,” Lawton stated. He also noted that the streak’s decline was largely due to declines in the baccarat earningswhich were not enough to offset gains in other areas such as downtown and the Boulder Strip.
Nationwide baccarat winnings fell dramatically by 37%, with the baccarat retention rate also falling to 17.1% from 21.8% the previous year. Conversely, total non-baccarat winnings across the state rose 8.7%.
The diverse representation of The Strip:
On the strip, the decline in baccarat was particularly sharp, with winnings down almost 40%. Total gaming profits also fell by 16%, although slots profits bucked the trend, increasing by 11.4%. The increasing slot revenuealong with coin-in growth, suggests some resilience in this segment.
The diverse gaming revenue figures come in a month filled with big events that drew nearly 3.4 million visitors to Las Vegas, an increase of 1.6% over last year. Notable events include the Canelo Alvarez/Edgar Berlanga boxing match, major college football games, the P!nk Summer Carnival concert, the iHeartRadio Music Festival and two Raiders home games, not to mention the first-ever sporting event at the MSG Sphere with UFC 306 .
The jump in visitors was also expressed in improved metrics for hotels and conventions. Hotel occupancy reached 83.9% over last year, with notable increases on weekends and midweek. Convention attendance saw steady growth of 29%, supported by major events such as the Workday Rising and MINExpo trade shows.
While the Strip faces challenges, other regions in Nevada like it Renault and Mesquite showed positive revenue trends, indicating a diverse and sustainable state gaming industry. However, areas such as South Lake Tahoe and Sparks experienced declines reflecting the changing nature of the gaming economy in different markets.