Total gambling business revenues in Nevada dropped 6.9% in July of this year when compared to July 2023, according to the latest monthly data release from the Nevada Gaming Control Board.
Gambling revenue across the state hit $1.306 billion, which is up from June’s numbers. However, June was a record for that month, and July was far from it.
The giant gambling operators saw their gambling income drop 15% year-on-year, from $834 million in July 2023 to $709 million in the same month in 2024.
Downtown Las Vegas and areas further out in Clark County did see some growth. But it was not enough to offset the year-on-year fall in Las Vegas Strip gambling revenues.
June to August is considered the off-season in Las Vegas, as sometimes scorching summer temperatures in the Nevada desert keep some tourists away. However, July was exceptionally hot, even for the state. Sin City hit its all-time record high temperature of 120 degrees on July 7, which kicked off 10 days of 110 degree-plus heat.
That may not be the only reason that Nevada’s gambling revenues cooled off for the month. But it would have certainly had an impact, as seen by the precipitous fall in Las Vegas Strip casino revenues.
The Breakdown
The biggest drop for the month was for the perennial main revenue drivers of the central Sin City resort corridor. Las Vegas Strip casinos saw falls in many areas of gambling, but most significantly in baccarat.
A combination of an incredibly lucky month for casinos last July and this summer’s oppressive heat saw revenues from the high-limit card game fall 62.6% year-on-year in Clark County.
July 2023 was the best hold for Las Vegas Strip casinos on baccarat for 20 years, so it would be hard to top that.
Add in a 0.4% drop in visitor numbers through Harry Reid International, and a 6.9% fall in convention attendees compared to the previous July, and it’s not hard to see why the gambling revenues fell like they did.
Outside of Las Vegas, the city of Sparks, Nevada, saw the second-biggest fall for any single area at 11.4% less gambling income than July of last year.
The Good News
However, it’s all not all doom and gloom for Nevada’s gambling business. Far from it.
“No, I would not call this the start of any downturn,” said Michael Lawton, senior economic analyst for the Gaming Control Board.
“This was a very difficult comparison, as July of ’23 was the second-highest win total in state and Strip history, due to a very difficult baccarat comp related to hold.”
A $1.3 billion monthly gaming win being considered a somewhat average month, and even a bit of a downturn, really shows the state of the market in 2024. It’s also up on June’s numbers, and marks the 41st month in a row of $1 billion plus monthly revenues.
Overall gaming revenue for the state in 2024 is up 3% on the same period in 2023. Although that has slipped from May 2024’s 4% lead over last year.
Outside of the big revenue drivers of the Las Vegas Strip, some areas did see year-on-year growth in July. That included Downtown Las Vegas, which was up 9.87% to $71 million.
The balance of Clark County, aka gambling venues that aren’t part of a popular destination area such as locals casino Durango in Henderson, hit 19.3% year-on-year growth for the month.
David is an online casino expert who specializes in online slots and boasts over 10 years experience writing about iGaming. He has written for a wide range of notable publications, including eSports Insider and WordPlay Magazine.
David graduated Derby University with a BA Degree in English Literature and Creative Writing.
