Posted on: July 31, 2024, 12:39h.
Last updated on: July 31, 2024, 01:21h.
Las Vegas casinos are fresh off their best 12-month period ever, as are casinos statewide in Nevada.
The Nevada Gaming Control Board (NGCB) unveiled Wednesday that June casino revenue from slot machines, table games, and sports betting totaled $1.28 billion, a 3% year-over-year improvement. For the state’s 2024 fiscal year — July 1, 2023, through June 30, 2024 — statewide gross gaming revenue (GGR) climbed more than 4% to a record $15.76 billion.
GGR on the Las Vegas Strip hit an all-time high of nearly $9.1 billion, a 6% gain over the 2023 fiscal year. Revenue from slots was flat at $4.8 billion while table game and sportsbook win surged more than 13% to a record $4.24 billion.
The introduction of the Las Vegas Grand Prix, the Formula One event that took off on and around the Strip this past November, was credited for bringing a rush of deep-pocketed gamblers to Southern Nevada that month. Dealers up and down the Strip reported extravagant play and tips from the racing circuit’s affluent fans and stakeholders who came to town to take in the inaugural race.
What Slowdown?
Regional casino markets have faced gaming downturns in recent months, as many Americans have scaled back their leisure spending. Some analysts earlier this year expressed sentiments of impending lethargy for the Strip, but Nevada’s May and June revenue reports suggest otherwise.
Fresh off a record May where gamblers in Nevada lost $1.32 billion, Silver State gaming venues reported a sizzling June, the unofficial start of the summer season. June marked the 40th consecutive month where GGR topped $1 billion.
While statewide slot win in June tumbled almost 2% to $823.1 million, tables and sports remained lively, with revenue climbing 13% from June 2023 to $463.5 million. June was an incredibly good month for oddsmakers, as the $29.8 million won off bettors was more than double the amount they won in June 2023. Strong craps and baccarat games fueled the table surge.
Clark County as a whole, as well as Downtown Las Vegas, Boulder, and Mesquite, all reported June GGR gains. So did Elko County.
Reno and Washoe County went the other way, as GGR dropped more than 7% countywide and in “The Biggest Little City in the World.” But Las Vegas easily offset those losses to push the state into positive territory.
Visitors Return
Harry Reid International Airport earlier this week unveiled June traffic numbers. The commercial airport served more than 5 million passengers, an all-time high for any June, and the facility’s third-best month ever behind only May and March 2024.
Through the first half of 2024, Las Vegas’ main airport facilitated 3% more arriving and departing passengers. Nearly 28.9 million people have flown in and out of LAS this year.
International traffic is fueling the 2024 rally, as foreign passenger counts took off over 20% during the six months. Domestic travel was up less than 2%.
Las Vegas continues to reinvent itself, as the casino town has become a major destination for sports in recent years. The introduction of The Sphere is also bringing throngs of concertgoers to town.
The Las Vegas Convention and Visitors Authority will release its June visitor summary later today.
