Nevada’s gaming profits continued their downward slide with November totals down 4.2 percent from a year ago, the Nevada Gaming Control Board reported Thursday.
The state’s 441 largest casinos reported a profit of $1.31 billion, while Clark County was also down 4.2 percent to $1.16 billion and The Strip fell 3.9 percent to $788.7 million.
Profit numbers were expected to be down as attendance at November’s Formula One Las Vegas Grand Prix was not as large as the inaugural race in 2023. Earlier in the month, the Las Vegas Convention and Visitors Authority reported that attendance was flat and hotel occupancy was flat. and the average daily room rate was down.
“It appears that our numbers in Southern Nevada were lower than expected, given that Formula 1 participation was not as large as last year,” said Michael Lawton, the comptroller’s board’s senior economic analyst who breaks down gaming numbers for the state.
“Obviously we faced a tough comparison last November which was the third highest winning total in the state’s history. But if we weren’t adversely affected by the timing of slot revenue (November 2024 ended on a Saturday) the state would have seen a year-over-year increase .”
Other parts of the state also had trouble keeping up in November 2023.
Fires hit Tahoe
“I guess the South Shore Lake Tahoe disruption (down 20.6 percent to $14.4 million in November) can be partially attributed to the late October fire and not really being ski season,” Lawton said. “South Shore Lake Tahoe is down 8.6 percent over the past three months and this month continued a downward trend for the market.”
In the first five months of the 2024-25 fiscal year, gaming revenue has fallen 2.9 percent nationwide to $6.38 billion. But Lawton said for the calendar year, it’s up just 0.4 percent.
Nevada continued to record gambling profits that exceeded pre-pandemic levels for the month. Total winnings statewide were 40.4 percent — $378.8 million in November 2019. The month also represented the 45th consecutive month the state has recorded more than $1 billion in monthly gaming winnings.
Three other submarkets had double-digit percentage declines in November, including the Boulder Strip, down 20.6 percent to $66.2 million, Laughlin, down 15.5 percent to $34.1 million, and Reno, down 10.5 percent to 51 .9 million dollars. Downtown Las Vegas trailed last year by 2.7 percent to $79 million.
Although the F1 race was not as robust as previous years, there were other events that drew people to the city.
Adele performed her final eight shows at the Colosseum at Caesars Palace over multiple dates beginning November 1-23. The Eagles continued their residency at the Sphere from November 1-9. Allegiant Stadium hosted a Billy Joel and Sting concert on November 9. Usher played two nights at T-Mobile Arena on November 15-16. The Las Vegas Raiders played a home game at Allegiant Stadium on November 24 against the Denver Broncos.
Most categories down
All categories of casino games except sports betting were down on The Strip in November with some of that due to tough comparisons from last year.
Strip slot profit fell 2.7 percent despite a 5.6 percent increase in coin-in, thanks to holdings falling from 8.3 percent last year to 7.6 percent in 2024.
Wins and losses in table games fell by 5.1 percent and 8.7 percent, respectively, even though holdings rose from 15 percent to 15.6 percent.
The baccarat profit was 18.3 percent and the volume decreased by 8.7 percent. The casino holding percentage was 17 percent compared to 19 percent a year ago.
But casinos outplayed sports bettors on the Strip with a profit of $24.4 million, up 41.6 percent despite an 11.8 percent drop in volume. Casino holdings were 6.3 percent compared to 3.9 percent last year.
Joe Greff, a gaming industry analyst with New York-based JP Morgan, said slot machine revenue may not be as bad as it seems because of the timing of collections.
“Because November ended on a weekend, slot winnings for Saturday, November 30 will be reported in the December results, which understates November 2024 earnings, an oddity in Nevada which reports with slot handles, table drops and table wins unaffected,” Greff said. “There was no such impact in 2023, while November 2019 had a similar impact.”
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