LAS VEGAS (KLAS) — If final 12 months was exceptionally good for casinos, gamblers have been on a little bit of a run this 12 months.
Nevada casinos received $1.28 billion in October — a 2.19% lower in comparison with October 2023, in line with the Nevada Gaming Management Board (NGCB). The Las Vegas Strip, the powerhouse for the state’s financial system, continues to endure by these comparisons to final 12 months’s fortunate streak.
“The Strip has decreased six times this year through 10 months and has decreased in four consecutive months. The last time the Strip decreased in four consecutive months (pre-pandemic) was February through May 2019,” in line with Michael Lawton, NGCB senior analyst.
Strip casinos received $692.1 million in October — greater than $200 million under the report $905 million reported in December 2023 and $22 million decrease than October 2023.
LAST MONTH: Nevada casinos win $1.3 billion in September, baccarat gamers minimize into Las Vegas Strip winnings
Lawton described 4 consecutive declines on the Strip as “difficult baccarat comparisons due to elevated hold percentages during the same period last year.” And it does not seem like a bigger pattern.
“Gaming win excluding baccarat has increased in three of the last four months,” Lawton stated. “This month was the exception as sports wagering specifically football experienced a very bad month (hold-related) in addition to roulette which was hold-related as well.”
Statewide, sports activities books misplaced $320,000 on parlay playing cards alone throughout October. Books on the Strip did higher, bringing in $105,000 on parlays. General, Strip sports activities betting produced a win of $1.5 million — 327% decrease than general sports activities guess wins in October 2023.
He stated different gaming metrics on the Strip stay wholesome, forward of final 12 months’s tempo. Take baccarat out of the image, and the Strip is $13.9 million (0.2%) forward of final 12 months’s tempo. However with baccarat included, the entire win is 0.5% under 2023’s tempo.
The win complete for the stability of Clark County — a class that features locals casinos within the Las Vegas valley — reached $164.4 million. That is up from $149.5 million final October, earlier than the opening of Durango On line casino & Resort within the southwest valley. That is a ten.0% enchancment.
The Strip has seen some massive shifts over the 12 months with the closing and implosion of the Tropicana in preparation for a Main League Baseball stadium on the web site, the closing of The Mirage because it rebrands to the Exhausting Rock, and the opening of Fontainebleau Las Vegas in December 2023.
Totals present how gaming wins have shifted in different areas in comparison with October 2023:
Clark County general: $1.1 billion (-2.15%)
The Strip: $692.1 million (-3.12%)
Steadiness of Clark County: $164.4 million (+10.03%)
Downtown Las Vegas: $86.8 million (-11.01%)
Boulder Strip: $86.3 million (-2.65%)
Laughlin: $44.3 million (-6.80%)
Elsewhere within the state, Reno casinos posted a $68.2 million win, down 4.87% in comparison with a 12 months in the past. South Lake Tahoe casinos received $20.8 million, up 18.72% in comparison with October 2023.
Nevada collected $79.6 million in proportion charges throughout the month of November 2024 (by Nov. 30), based mostly on the taxable revenues generated in October 2024. That is a 4.24% (or $3.5 million) lower in comparison with November 2023, when proportion payment collections have been $83.1 million.
