Nevada’s gaming industry concluded the first half of 2024 with impressive gains, predominantly in Las Vegas, while northern areas faced hurdles. The state recorded $1.28 billion in gaming revenue for June, a 3.2% rise from June 2023, as reported by the Nevada Gaming Control Board.
Local casinos spark growth with strong performance
Casinos catering to local patrons fueled growth, witnessing a 6.2% rise in June and a 9% increase in the second quarter. The Las Vegas Strip demonstrated resilience, with revenues soaring to $758.5 million, a 4.2% year-over-year increase. However, northern Nevada casinos faced challenges, as Reno, Sparks, and South Lake Tahoe reported notable declines in revenue.
Las Vegas hotel occupancy trends: June sees a slight dip but weekends strong
Overall hotel occupancy in June slightly decreased to 85.2%, showing a mild decline in visitor numbers. However, weekend occupancy remained robust at an impressive 91.3%, highlighting strong weekend demand.
As The Mirage and Tropicana hotels are set to close, room availability on the Las Vegas Strip is expected to reduce by nearly 5%. This reduction is anticipated to drive up hotel rates.
Impact on Las Vegas hotel rates
| Month | Occupancy Rate | Weekend Occupancy | Expected Impact on Rates |
|---|---|---|---|
| June | 85.2% | 91.3% | Higher |
| July | 83.0% | 89.5% | Higher |
| August | 84.0% | 90.0% | Higher |
The impending closure of these iconic hotels is set to reshape the accommodation landscape, nudging room prices upward.
Las Vegas Strip gaming win increases by 4.3% amid major events
The Las Vegas Strip’s gaming revenue experienced a notable boost, surging by 4.3%. This increase is attributed to a series of high-profile events. Renowned artists like Bruno Mars and Lady Gaga delivered electrifying performances, drawing massive crowds. The excitement continued with a significant boxing match and thrilling soccer matches from the Copa America Tournament. Additionally, the NHL Draft and major UFC fights contributed to the bustling activity on the Strip, enhancing the overall gaming win.
