In November, Nevada casinos and other gaming facilities reported a combined win of $1.1316 billion from players. This marks a 4.2% decline compared to the previous year and represents the state’s second consecutive monthly revenue drop.
According to the Nevada Gaming Control Board, the state’s 315 licensed slot machine establishments and 255 table game, keno, bingo, race, and sports betting locations experienced a slowdown in play despite the Las Vegas Grand Prix’s presence in the city.
Statewide, slot machines won approximately $810.6 million, while table games, sports betting, keno, and bingo accounted for $505.9 million. The decline in overall gross gaming revenue (GGR) was primarily attributed to a nearly 7% drop in slot machine net wins. Revenue from table games, sports betting, keno, and bingo remained flat.
Tough Comparisons and Calendar Effects
The inaugural F1 Las Vegas Grand Prix in November 2023 attracted numerous high rollers from Europe, who filled the Strip’s most luxurious hotels and wagered extensively at upscale casinos like Wynn, The Venetian, Caesars Palace, Cosmopolitan, Bellagio, and Aria. However, the second installment of the event did not generate the same level of hype and interest.
Michael Lawton, the NGCB’s senior economic analyst, noted that November 2023 was a challenging comparison due to it being the third-highest win total in state history. He also mentioned that the timing of the revenue report was affected by November 2024 ending on a Saturday, causing weekend play from November 30 to be reported as December results.
GGR on the Strip in November was down 3.9% to $788.7 million. Table games, which are preferred by the affluent F1 demographic, saw a win drop of over 5%, with craps and baccarat being the main contributors.
Other Areas Perform Better
While the Strip and F1 setup faced declines, other areas fared better. North Las Vegas saw a 6% increase in gaming revenue to $24.5 million, and Mesquite experienced a 9% rise to $16.4 million. Outside of Clark County, Elko’s GGR climbed 5% to $33.7 million, and Sparks was up 8% to $15 million.
However, other major markets followed Las Vegas in seeing GGR declines. Douglas County, home to South Shore Lake Tahoe, was down 20% to $14.4 million due to a fire in late October. Washoe County, home to Reno, reported a 6% revenue drop to $76 million.
LVCVA Defends the Race
The Las Vegas Convention and Visitors Authority (LVCVA), a founding partner of the Las Vegas Grand Prix, stated that the 2023 race had a positive $1.5 billion economic impact and brought 145,000 unique visitors to the city.
Despite complaints from some local businesses, such as Jay’s Market, which reported a significant drop in fuel sales and profits, LVCVA officials declared the 2024 race a success. November visitation numbers showed 3.31 million people visited Las Vegas, a 0.6% increase from November 2023.
The LVCVA attributed the decline in convention attendance — down 8% — to what would have otherwise been a strong visitor volume report. The organization remains responsible for keeping Las Vegas meeting rooms and halls bustling throughout the year.
