The Nevada Gaming Control Board’s (NGCB) July revenue report showed that the US state took in $1.3 billion in gross gaming revenue (GGR). This represents a 7% drop compared to the previous year.
According to the NGCB, July’s $97 million decline from the previous year statewide was the largest since November 2022. That month was a $100 million decrease from November 2021.
Of all the totals published last Wednesday (28), perhaps the most notable was that of the Las Vegas Strip. The main gaming street in the United States recorded US$709 million in GGR, a 15% reduction compared to last year.
That is, nearly every table gaming metric was down year over year for Strip, led by a 66% drop in baccarat wins ($64 million), which has been a boom-or-bust category in recent years. Overall, the sector recorded a 30% decline.
Slot metrics weren’t much more relevant, as the multiple bet category was the only one of the nine tracked by the NGCB to see an increase over last year. This category recorded US$297.5 million in GGR, an increase of 23.5% and enough to push the sector to break-even.
Off-Strip Markets Win the Month
The summer drop is notable when you consider Atlantic City, the other US casino hub. Atlantic City saw a sharp drop in GGR in July (-6.1%).
New Jersey’s gaming revenue of $195 million was a 26% jump from last July. But online gambling is not legal in Nevada, in part due to fears of cannibalization of the industry.
Outside of the Strip, other Southern Nevada markets saw big increases. The local sector continued its winning streak in July with US$171 million, a 19% increase over last year.
So, so far in 2024, the market has recorded annual gains of at least 6% for each month. The NGCB reported in June that its performance in 2024 was 7.4% higher than in 2023.
Elsewhere, Downtown Las Vegas ($71.8 million) and Boulder Strip ($85.6 million) saw gains of 10% and 8%, respectively. Mesquite was the other southern market in the black, reporting revenue of $13.7 million (+4%).
July was less profitable for the northern half of the state. All northern markets except North Lake Tahoe remained flat or saw declines, but at $3.6 million, North Lake is by far the smallest location counted by the NGCB. Reno ($69.2 million) and Sparks ($15.2 million) saw decreases of 4% and 11%, respectively.
Therefore, state sportsbooks earned $25.8 million, a 2% increase from last year. Of this total, US$19 million came from mobile betting, which was a 38% growth from 2023 to 2024.
