Nevada gaming revenue dips in October despite record slot performance
Nevada’s gaming industry experienced a 2 percent decline in gross gaming revenue (GGR) in October 2024, totalling $1.28 billion, compared to the same month last year.
According to reports, the downturn reflects contrasting trends across gaming categories. While slot machines achieved record revenue of $932.3 million, poor performance in table games and a sharp drop in sports betting revenues dragged the overall figures down.
Slot machines lead growth
Source: SiGMA News
Slot machines set a state record with earnings increasing by 4.2 percent year-on-year, driven primarily by multi-denomination machines, which surged by 24 percent to $653.6 million. However, other categories saw declines; 1-cent machines fell by 29 percent to $194 million, and $1 machines dropped by 5 percent to $46.1 million. Slot revenue accounted for over 70 percent of the state’s total GGR, underscoring its pivotal role in the industry.
Weak table games performance
Table games faced a mixed performance, with overall revenue declining by nearly 16 percent. Blackjack and craps posted moderate growth, increasing by 2 percent and 3 percent, respectively. However, baccarat, a high-roller favourite, plummeted by 23 percent to $69.1 million, while roulette fell by 30 percent to $24.2 million.
Sports betting revenue plummets
October was particularly challenging for Nevada’s sports betting sector, where revenue plunged by 58 percent to $28.9 million. Mobile sports betting accounted for $18.7 million, a 46 percent decline from the previous year. Football betting was hit hardest, with revenue dropping nearly 80 percent to $9.6 million. Basketball, however, bucked the trend, increasing by 126 percent to $7.2 million.
Regional and market-specific trends
Clark County, which generates most of the Nevada’s gaming revenue, contributed $1.11 billion, a 2 percent year-on-year decline. The Las Vegas Strip saw its fourth consecutive month of revenue contraction, falling 3 percent to $692 million, including a 23.4 percent drop in baccarat revenue. Downtown Las Vegas reported an 11 percent decrease to $86.8 million, while North Las Vegas and Laughlin posted respective declines of 3.7 percent and 6.8 percent.
The Las Vegas local market showed resilience, recording a 10 percent increase to $164.5 million. In Northern Nevada, South Lake Tahoe led with an 18.7 percent rise to $20.8 million, though Reno’s revenue dipped by 3 percent to $68.1 million.
Tax contributions and outlook
Nevada’s gaming sector contributed $79.6 million in state taxes for October, a 4 percent decrease from the previous year. Through the first ten months of 2024, the total GGR reached $12.82 billion, leaving the industry unlikely to surpass the 2023 record of $15.5 billion.
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