According to the Nevada Gaming Control Board (NGCB), the state’s gambling income for October was $1.28 billion, a 2% decrease from the same month the previous year. Although the state’s performance shown resiliency in certain sectors, important regions such as the Las Vegas Strip saw year-over-year reductions for the fourth consecutive month.
Las Vegas Strip Faces Persistent Challenges
The Las Vegas Strip generated $692 million in gross gaming revenue (GGR) during October, marking a 3% decrease year-over-year. Slot revenue on the Strip rose 5.5% to $428.3 million, but table games continued to underperform, with a 14.5% drop. Baccarat, a historically volatile category, contributed to the downturn with a 23.4% decline, bringing its revenue to $68.7 million. Over the past three months, baccarat revenue has plummeted 33%, dragging the Strip’s fiscal year-to-date GGR down by over 6%.
Downtown Las Vegas fared even worse, with an 11% decrease in GGR to $86.8 million, although the market remains up 4% for the fiscal year. Other southern Nevada regions, including North Las Vegas (-3.7%), Laughlin (-6.8%), and the Boulder Strip (-2.6%), also reported declines. However, the Las Vegas locals market stood out, posting a 10% year-over-year increase in October GGR to $164.5 million, bringing its fiscal year-to-date growth to 11.5%.
In northern Nevada, most regions saw disappointing results. Reno’s GGR of $68.1 million reflected a 3% drop year-over-year, leaving the market flat for the fiscal year. Elko County also struggled, reporting $31.7 million in GGR, a 6.4% decrease. Meanwhile, South Lake Tahoe was a rare bright spot, achieving an 18.7% increase in GGR to $20.8 million, the largest growth among tracked markets.
Statewide sports betting in October added to Nevada’s challenges, with GGR plunging 57.5% year-over-year to $28.9 million. Mobile betting revenue accounted for $18.7 million, a 46.4% drop. The Las Vegas Strip mirrored these declines, reporting $13.3 million in total sports betting GGR, down 50%. Football betting proved particularly weak, with statewide revenue down nearly 80% to $9.6 million.
Despite the tough month, strong performances in local markets and segments like South Lake Tahoe offered some optimism amid broader challenges.
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