Nevada’s July gaming win fell 7% from the previous year, while the Las Vegas Strip’s gaming win was down 15%. [Image: Shutterstock.com]

Table games did not help

Statista reports that in the fiscal year of 2023, Nevada casinos generated $10.92b in gambing revenue, an increase of over $200m from the previous year. That’s a shy drop from the peak in 2018 of $11.6b.

decline was primarily driven by a significant drop in revenue from table games, which fell by 23.5%”

Comparing amounts from one month in 2023 to the same month in 2024 helps track the ongoing fluctuations in the gambling market for Nevada. Statewide gambling revenue for July 2024 amounted to $1.31b, a 6.9% decrease from last year’s number for the same month. Gambling Insider reports that the “decline was primarily driven by a significant drop in revenue from table games, which fell by 23.5%.”

Baccarat suffers steep drop

Table game winnings in July totaled $392.7m. Baccarat, a major contributor to table game revenue, saw a sharp 61.9% decline in win, totaling $73.6m. Worse, the win rate for baccarat dropped to 9.7%. Other table games, however, saw a sharp increase: blackjack and craps increased to 7.6% ($117m) and 7.2% ($43.2m), respectively.

slot machine revenue also increased by 2.6%, reaching $914.1m

In addition, slot machine revenue also increased by 2.6%, reaching $914.1m. Gambling Insider reports that “[m]ultidenominational slots, which represent a substantial portion of the market, saw a revenue increase of 22.7%, amounting to $630m.” The news, however, is not all good for slots. Other categories like penny slots and dollar slots experienced declines, with penny slot revenue decreasing 26.6%, and the number of penny slot machines in operation dropping by 16.7%.

Further, taxable revenue for Nevada amounted to just $95.9m in percentage fees, indicating a slight decrease of 0.2%. 

Casinos may have allowed criminals to bolster business

The decline in statewide revenue owes a significant debt to the Las Vegas Strip, a significant driver of Nevada’s gaming industry. The Strip reported a 15% decline in revenue. Downtown Las Vegas, however, reported a 10% increase in gaming revenue, totaling $71.8m.

Casinos and resorts are eager to reverse the diminishing revenues, with a report from the Nevada Gaming Control Board alleging that Resorts World Last Vegas and its parent company, Genting Berhad, allowed individuals with ties to illegal activities to cross their doors. With the pressure on Nevada to hold its position as the premiere gambling destination for the world, the NGCB’s ongoing investigation will continue to deliver reports analyzing the ongoing economic uncertainty for Nevada’s gambling economy.