Rising Visitation Fuels Record Nevada Gaming Revenue of $1.3B for May
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Nevada is on pace for another record-breaking year in gaming revenue, with casinos winning $1.32 billion in May, according to the monthly revenue report from the Nevada Gaming Control Board (NGCB). It was the 39th consecutive month that gaming revenues exceeded $1 billion.
Nearly halfway through 2024, Nevada casinos were on pace to surpass last year’s record gaming revenue haul. If fiscal trends continue on their current trajectory, it will be the third consecutive year of record-breaking revenue for Nevada casinos.
Las Vegas, not surprisingly, is leading the way in state gaming revenue as visitation continues to climb. In May, 3.65 million people visited Las Vegas, according to the Las Vegas Convention And Visitors Authority (LVCVA). This was 4.6% greater than a year ago.
May’s $1.32 billion figure was a small increase of 2.45% year-over-year.
So far during June, Nevada has collected $88,492,844 in fees from casinos throughout the state. This is an increase of 11.97% compared to a year ago.
Vegas Strip Leads the Way
Clark County casinos won $1.148 billion in May. This was a 2.9% increase over the same period last year. The bulk of the revenue, as usual, came from the large Vegas Strip casinos.
The casinos on the main tourist corridor of Las Vegas won $742 million. The 3.71% increase outpaced the overall revenue for Silver State casinos.
Casinos in the areas surrounding Las Vegas saw the biggest gaming revenue increase last month, with properties located in the “balance of county” segment winning nearly 12% more than a year ago. Revenue in this segment has been boosted all year with the addition of the highly popular Durango Casino, which opened in December.
Downtown Las Vegas casinos saw a 1.6% increase in revenue compared to last year with $74.85 million.
Clark County area had notable area of decline, with gaming revenue at Laughlin casinos falling 21.41% to $36.9 million compared to May 2023.
Revenue Rises Despite Baccarat Slowdown
There are more blackjack tables at Vegas Strip casinos than any other game. In May, there were 1,099 blackjack tables operating across the state.
While blackjack is the most popular table game to play at Vegas Strip casinos, baccarat often generates more revenue. Despite having only 387 baccarat tables on the Vegas Strip, casinos won more from this table game than any other in May.
Vegas Strip casinos won $122.1 million from Baccarat. Even though this game generated the most revenue for the casinos it was down 6.63% compared to last year.
Meanwhile, revenue from blackjack jumped 17.57% compared to last year. Vegas Strip casinos won $93 million in blackjack in May.
On a percentage basis, roulette had the most impressive jump for Vegas Strip casinos. Roulette revenue in May was 55.51% greater than last year.
There’s a reason casino floors are full of machine games. Vegas Strip casinos won $402.9 million from slots, keno, video poker, and other machine games. This total dwarfs the $339 million collected from table games (both live and electronic), sports, and horse racing revenue.
Visitation To Las Vegas Increases Again
One reason gaming revenue continues to soar is that more people are visiting Las Vegas for work and play. Casinos and entertainment venues continue to offer more experiences for leisure travelers to visit Las Vegas for concerts, shows, and sporting events. Meanwhile, midweek visitation is spurred by a growing convention calendar.
The 3.65 million visitors in May made it the second busiest month in Las Vegas.
The Electric Daisy Carnival (EDC) was the biggest draw in May. Attendance for the electronic music festival at the Las Vegas Motor Speedway was this year.
In May, the number of convention visitors was up to 461,900. This was an increase of 1.8% compared to last year, according to the LVCVA.
The Waste Expo also returned to Las Vegas in May 2024 after missing a year. This convention had 14,000 attendees. Las Vegas hosted 10,000 visitors for the first Advanced Clean Transportation (ACT) Expo in Sin City.
The high demand during all days of the week led to an average daily hotel room rate of $200.01 in May. This price was 9.1% higher than last year.
The average price per night for Vegas Strip hotels in May was $212.09. Downtown Las Vegas hotels had an average price of $124.92 per night during the month. These represent an increase of 9% and 15.4%, respectively.
High hotel room rates aren’t keeping visitors away. Occupancy for the month was 86.1% in May.
