By james art Mixed results in Nevada
While revenues on the Las Vegas Strip fell, other parts of the city and state saw significant gains. For example, Downtown Las Vegas posted $91 million in revenue, a 33 percent jump from $68.3 million. Domestic casinos also reported a 15.2% increase in revenue from $225.3 million to $259.6 million. The region saw an overall revenue increase of 7% in Q3.
The Boulder Strip was another Nevada region with a significant revenue increase of 19.3% from $67.4 million to $80.4 million. While North Las Vegas didn’t post positive revenue gains, it remained relatively flat, falling slightly from $23.4 million to $23.1 million.
Analysis of regional income variations
The spikes in Nevada revenue are attributed to slot revenue timing. Michael Lawton, senior economic analyst for the NGCB, said the end of August on Saturday caused some revenue to shift to September, skewing the numbers. He stated “To get a more accurate picture of the totals, combining August and September presents a clearer picture.”
Lawton also explained that the drop in baccarat revenue mainly caused the drop in Las Vegas Strip revenue. Across Nevada, classic table game winnings are down 37%. In comparison, total winnings in games excluding baccarat increased by 8.7%.
The drop in baccarat winnings was particularly stark on the Strip, with winnings down almost 40%. Total game winnings also fell 16% and were insufficient to offset the decline in table play. With such poor results, casinos are likely to reconfigure their gaming spaces to accommodate more revenue-generating games like slots and eliminate baccarat. The same is happening with poker, with Sahara Las Vegas being the latest casino to close its poker room.
Positive performance in visitor metrics
Despite low gaming revenue figures, the Las Vegas Strip enjoyed a busy month of events that drew nearly 3.4 million visitors, up 1.6 percent from 2023. The increase in visitors led to a jump in hotel occupancy , which reached 83.9%, more than last year. Convention attendance also saw a 29% increase, boosted by the MINExpo trade shows, Workday Rising and other major events.