In November, gaming revenue in Nevada, in the United States, recorded its fourth monthly drop in the last five months. This decline was driven by the calendar and slot machines.
During the same month, the Las Vegas Strip also faced its fifth consecutive monthly decline from the previous year. This period coincided with the second Formula 1 race in the city.
Comparisons and economic analysis in Nevada
Strip revenue was $788.7 million, a 3.9% decrease compared to $820.8 million in November 2023. Overall, gaming revenue in Nevada fell 4.2%, totaling US$1.31 billion, compared to US$1.37 billion in the previous year. However, year-to-date revenue increased by 0.4%.
The month of November 2023 included two additional weekend days, which made comparisons difficult. Economic analyst Michael Lawton said: “Obviously, we face a tough comparison with November (2023), the third-highest win total in Nevada state history.
However, if we had not been negatively impacted by the timing of slot machine revenue, as November 2024 ended on a Saturday, the state would have seen a year-over-year increase.”
Baccarat performance and other modalities
Before the pandemic, the Strip’s last five-month streak of declines occurred from January to May 2019. For the year, the Strip’s win total decreased by 0.8%.
Lawton added: “If you applied a normalized withholding to the Strip’s slot machines, the Strip would have been down $11.1 million or 1.4% compared to last November. For the Strip, as is often the case, the story is baccarat.
The Strip win was down $32.1 million and the baccarat win was down $32.7 million. If you exclude baccarat, the Strip was relatively flat, up just 0.1% or $532,000.
Strip baccarat faced a tough volume and retention comparison from last November when baccarat retained 19% and volumes totaled $938.4 million, an increase of 90% or $444.5 million (relative to to November 2022, when there was no F1 event).”
Nevada State Overall Performance
November marked the 45th consecutive month the state recorded $1 billion in monthly gaming wins. Compared to November 2022, Nevada game winning in November 2023 is up 12.6%, with Strip game winning increasing 22.6%, according to Lawton.
Strip slot machines saw a drop of 2.7% or $11.1 million despite a 5.6% or $279.8 million increase in value entered. Machine retention was 7.6%, compared to 8.3% in the previous year.
Other regions and events on the Strip
Local Las Vegas casinos reported $245.2 million in revenue in November, a 4.7% drop. So overall, Clark County game wins totaled $1.163 billion, a decrease of 4.2% or $51.4 million.
Additionally, downtown Las Vegas recorded $79 million, down 2.6% from $81.1 million in November 2023.
In November, the Strip hosted Adele’s final eight shows at the Colosseum at Caesars’ Palace. The Eagles continued their residency at the MSG Sphere from November 1-9. Allegiant Stadium hosted a Billy Joel and Sting concert on November 9th.
Usher performed two nights at T-Mobile Arena on November 15 and 16. Additionally, the Las Vegas Formula 1 Grand Prix returned to the Las Vegas Strip from November 21-23. Finally, the Las Vegas Raiders played a home game at Allegiant Stadium on November 24 against the Denver Broncos.
