Nevada’s gaming industry posted a record-breaking $15.6 billion in revenue for 2024, even as the Las Vegas Strip saw a rare downturn. While the Strip’s earnings dropped 1% to $8.8 billion, other parts of the state, including downtown Las Vegas, Reno, and unincorporated Clark County, more than made up for the shortfall.
The Nevada Gaming Control Board (NGCB) highlighted the strong performance of casinos outside the Strip, particularly in Clark County’s unincorporated areas, which saw revenue climb 10.6% to $1.9 billion. Downtown Las Vegas also had a positive year, with a 2.4% increase to $931.2 million, marking its fourth straight record year. Reno followed suit with a 3% rise, bringing its total revenue to $758.8 million.
A key factor in the Strip’s decline was baccarat, which saw revenue fall nearly 7% to $1.4 billion. However, slot machines helped cushion the impact. Statewide, slot machine revenue climbed 2.3% to $10.5 billion, with the Strip’s slot earnings alone rising 2.1% to $4.9 billion. Table games, on the other hand, struggled, with revenue dipping 2.8% to $5.1 billion.
Despite the Strip’s challenges, December closed the year on a high note. The state brought in a record $1.46 billion in revenue for the month, up 2% from the previous year. Yet, the Strip continued its downward trend, with a 2.7% decline to $881.2 million—the sixth straight month of losses. Baccarat took another hit in December, dropping nearly 10%.
Tourism remained a strong contributor to the state’s gaming revenue. The Las Vegas Convention and Visitors Authority (LVCVA) reported that 41.7 million people visited Las Vegas in 2024, a 2.1% increase from the previous year. Harry Reid International Airport also set a new record, handling 58.4 million passengers, up 1.4% from 2023. LVCVA Vice President of Research Kevin Bagger credited the gains to increased hotel occupancy, convention attendance, and higher room rates.
Even with a record year overall, revenue growth slowed in the second half of 2024. The first six months saw a 3% increase, but the second half declined by 2%. Analysts remain cautious about 2025. Jordan Bender, a gaming analyst at JMP Securities, expects Strip gaming revenue to decline 3% in the first quarter, partly due to the absence of the Super Bowl betting boost that Las Vegas benefited from in 2024.
Sports betting also showed volatility. Nevada oddsmakers lost $2 million on football wagers in December, marking their first losing month on football in more than ten years.
Michael Lawton, a senior economic analyst at the NGCB, pointed to strong consumer demand, record employment, and a growing population as driving forces behind Nevada’s success.
“Nevada continued to benefit from consumer’s desire for leisure travel domestically and internationally,” Lawton said. “Furthermore, Nevada’s healthy local economy is experiencing record employment levels and population growth that includes higher-income earners.”
Unlike in previous years, the Strip was not the main reason for the state’s record-breaking revenue. Other regions carried the growth, showing that Nevada’s gaming industry is becoming more balanced across multiple locations.
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