Mixed Results Across Nevada
While the Las Vegas Strip’s revenue dropped, other parts of the city and the State witnessed significant gains. For instance, Downtown Las Vegas recorded $91 million in revenue, a 33% surge from $68.3 million. Local casinos also reported a 15.2% revenue boost from $225.3 million to $259.6 million. The region saw an overall 7% revenue increase in Q3.
The Boulder Strip is another Nevada region with a notable increase in revenue of 19.3% from $67.4 million to $80.4 million. While North Las Vegas did not report positive revenue gains, it remained relatively stable, dropping slightly from $23.4 million to $23.1 million.
Regional Revenue Variation Analysis
Revenue spikes across Nevada are being attributed to slot revenue timing. Michael Lawton, a senior economic analyst for the NGCB, argued that August ending on a Saturday resulted in some revenue rolling into September, altering the figures. He stated, “In order to get a more accurate sense of the totals, combining August and September presents a clearer picture.”
Lawton also explained that a downturn in baccarat revenue mainly caused the drop in Las Vegas Strip revenues. Across Nevada, winnings in the classic table game dipped by 37%. In comparison, total gaming wins, excluding those of baccarat, rose by 8.7%.
The decline in baccarat wins was especially stark on the Strip, with wins down almost 40%. The total game winnings also dropped by 16% and were insufficient to offset the table game’s downturn. With such lackluster results, casinos will likely reconfigure their gaming spaces to accommodate more revenue-churning 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 the low gaming revenue figures, the Las Vegas Strip has enjoyed a month of bustling events that have attracted almost 3.4 million visitors, a 1.6% upturn over 2023. The increase in visitors has resulted in a spike in hotel occupancy, which reached 83.9%, up from last year. Convention attendance has also seen a 29% rise, boosted by MINExpo trade shows, Workday Rising, and other major events.