Nevada’s total gaming revenue for July 2024 stood at $1.31 billion, marking a 6.9% decrease from the same period last year. This decline was largely driven by a significant drop in revenue from table games, which fell by 23.5% to $392.7 million[5).
Table games: a tale of two fortunes
Table game winnings were heavily impacted by a sharp decline in baccarat revenue. Baccarat, a major contributor to table game revenue, saw a 61.9% drop in winnings, totaling $73.6 million. The win rate for baccarat also fell to 9.7%.
However, not all table games suffered. Blackjack and craps experienced increases of 7.6% and 7.2%, respectively. Blackjack generated $117 million, while craps contributed $43.2 million.
Slot machines: a bright spot amidst declines
In contrast to the decline in table games, slot machine revenue increased by 2.6%, reaching $914.1 million. Multidenominational slots, which represent a substantial portion of the market, saw a revenue increase of 22.7%, amounting to $630 million.
However, other categories of slot machines did not fare as well. Penny slot revenue decreased by 26.6%, and the number of penny slot machines in operation dropped by 16.7%. Dollar slots also experienced a decline, with revenue down 12.7%.
Regional performance and tax collections
The Las Vegas Strip, a key driver of Nevada’s gaming industry, reported a 15% decline in gaming revenue, contributing significantly to the overall decrease in statewide revenue. In contrast, downtown Las Vegas reported a 10% increase in gaming revenue, totaling $71.8 million.
The state collected $95.9 million in percentage fees based on taxable revenue in July, reflecting a slight decrease of 0.2% from the previous year.
Challenges and investigations
This report comes amidst ongoing investigations by the Nevada Gaming Control Board, which has filed a complaint against Resorts World Las Vegas and its parent company, Genting Berhad, for allegedly allowing individuals with ties to illegal activities into their establishments. This adds to the complexities facing Nevada’s gaming industry as it navigates a period of economic uncertainty and regulatory scrutiny.
| Category | July 2024 Revenue | Year-over-Year Change |
|---|---|---|
| Total Gaming Revenue | $1.31 billion | -6.9% |
| Table Games | $392.7 million | -23.5% |
| Baccarat | $73.6 million | -61.9% |
| Blackjack | $117 million | +7.6% |
| Craps | $43.2 million | +7.2% |
| Slot Machines | $914.1 million | +2.6% |
| Multidenominational Slots | $630 million | +22.7% |
| Penny Slots | -26.6% | -16.7% (number of machines) |
| Dollar Slots | -12.7% | -16.1% (number of machines) |
| Las Vegas Strip | -15% | |
| Downtown Las Vegas | +10% |
- Key Points: Total gaming revenue: $1.31 billion, down 6.9% year-over-year.Table games revenue: $392.7 million, down 23.5%.Baccarat revenue: $73.6 million, down 61.9%.Blackjack revenue: $117 million, up 7.6%.Craps revenue: $43.2 million, up 7.2%.Slot machine revenue: $914.1 million, up 2.6%.Multidenominational slots revenue: $630 million, up 22.7%.Penny slots revenue: down 26.6%, with a 16.7% decrease in the number of machines.Dollar slots revenue: down 12.7%, with a 16.1% decrease in the number of machines.Las Vegas Strip revenue: down 15%.Downtown Las Vegas revenue: up 10%.;
