**Las Vegas Strip’s Gaming Revenue Faces Decline**
The recently published report highlights concerning figures for the Las Vegas Strip. October’s Gross Gaming Revenue (GGR) reached $692 million, marking a 3% dip compared to the previous year. This marks the fourth consecutive month of decline for what is often considered America’s gaming heartland, which experienced record success in 2023. The Strip’s GGR has decreased by over 6% for this fiscal year thus far.
Revenue from slot machines on the Strip rose by 5.5% to $428.3 million, but table games saw a steep 14.5% decline in October. Baccarat, which was volatile but lucrative last year, suffered notably with a 23.4% drop to $68.7 million, marking a 33% three-month decline.
**Southern Nevada Markets Struggle**
Downtown Las Vegas experienced the worst performance among southern Nevada markets, with its GGR falling 11% to $86.8 million compared to last year, despite being up 4% for the fiscal year. North Las Vegas, Laughlin, and the Boulder Strip also reported declines of 3.7%, 6.8%, and 2.6%, respectively. Despite these setbacks, the Las Vegas local market remained resilient, with its October GGR increasing by 10% to $164.5 million, and an impressive year-to-date growth of 11.5%, leading the state.
**Northern Nevada Faces Similar Challenges**
The northern Nevada markets mirrored the south’s challenges, with only South Lake Tahoe bucking the trend by posting an 18.7% increase in GGR to $20.8 million. Washoe County regions, including Reno, saw a 3% drop to $68.1 million, though they remain stable year-to-date. The Carson Valley’s GGR showed slight growth of 1.8% for the month and 1.1% for the fiscal year. Elko County also reported a 6.4% year-over-year decline, with earnings totaling $31.7 million.
**Decline in Nevada’s Sports Betting**
Sports betting across Nevada also faced significant downturns. The state’s sports betting GGR plummeted to $28.9 million, down 57.5% from the previous year. Mobile betting GGR experienced a 46.4% decline, amounting to $18.7 million. Specifically, the Las Vegas Strip reported a 50% reduction in sports betting GGR to $13.3 million, with mobile betting also dropping by over 40% to $6.2 million. Both Las Vegas and the state saw disappointing returns from football betting, which generated just $9.6 million, reflecting a near 80% year-over-year decrease. The Strip suffered similarly, with only $4.5 million, marking a 76.8% decline. These unfavorable results were a point of concern noted during operators’ third-quarter earnings calls.