Nevada’s gaming revenue saw a 3.8% year-over-year decline in August, dropping to $1.16 billion, according to data released by the Nevada Gaming Control Board on Thursday. The state’s gaming industry faced its second consecutive month of declining win, largely impacted by unfavorable timing of slot collections and lower-than-expected holds on table games.
Clark County, home to the Las Vegas Strip, experienced a 4.4% drop in total gaming win, bringing in $980.9 million. The Strip, Nevada’s most prominent gaming market, saw its revenue fall by 3.5% to $643.7 million, while downtown Las Vegas registered an 8.8% decline to $58.4 million. The sharpest drop occurred on the Boulder Strip, which plunged 21.8% to $64.8 million.
“A lot of the volatility… is the result of the month of August ending on a Saturday,” said Michael Lawton, senior economic analyst for the Nevada Gaming Control Board. Lawton noted that some slot collections, which would have normally been counted in August, will instead be recognized in September’s figures.
The Strip was also hit by a notably low baccarat hold, though gaming win excluding baccarat increased by 2.8%, or $15.5 million, Lawton added.
While most of Southern Nevada’s submarkets reported declines, the Mesquite market bucked the trend, rising 10.2% to $14.4 million. The region benefited from extra weekend days in August and stronger promotions compared to the previous year.
Gaming analysts pointed to the lower hold percentage on table games, particularly baccarat, as a contributing factor to the overall revenue decline. “For the Las Vegas Strip, table game hold was 14.1 percent, versus 16.5 percent the prior year,” said Joe Greff, a gaming analyst at J.P. Morgan. The baccarat hold fell to 10.5%, significantly lower than the 17.8% recorded in August 2023.
Despite the gaming revenue dip, Las Vegas saw a 2.4% rise in visitation in August, welcoming 3.4 million people. Occupancy rates increased by 0.9 percentage points to 81.2%, while the average daily room rate surged 11.7% to $175.44.
The Las Vegas Convention and Visitors Authority (LVCVA) attributed the rise in visitation to the Labor Day weekend and events such as the Def Con convention. “Weekend occupancy reached 90.2 percent, up 0.4 points,” said Kevin Bagger, head of the LVCVA’s research team.
Original article: https://www.yogonet.com/international/noticias/2024/09/27/80070-nevada-gaming-revenue-drops-38-in-august-las-vegas-strip-hit-by-low-table-game-holds
