By
Amelia Walker
Senior Content Writer Updated: 20 December 2024
Amelia Walker Senior Content Writer
Amelia Walker is a Senior Content Writer at Betting.US. She has a law degree and deep knowledge of the gambling laws in the United States. Her mission is to keep players informed about responsible gambling, while her passion for sports helps her create useful guides. Amelia has over a decade of experience in betting, which has positioned her as a trusted voice among our readers.
In October 2024, Nevada’s gambling industry saw $1.28 million in gross revenue, which is a 2% decline compared to October 2023. Slot machines set an impressive state record of $932.3 million in profits, but the weak table game results and big drop in sports betting revenue put these gains off.
The Las Vegas Strip struggles with its fourth consecutive decline. It generated $692 million in GGR, marking a 3% drop year-over-year and 6% down in fiscal year-to-date revenue. Slot machines provided a positive aspect, with the Vegas Strip revenue increasing by 5.5% to $428.3 million. However, on the other hand, table games, in particular, baccarat, saw big losses, coming down by 23.4% to $68.7 million.
Downtown Las Vegas showed the steepest decline, with GGR down 11% year-over-year to $86.8 million. Other nearby markets, such as North Las Vegas and Laughlin, are down 3.7% and 6.8%, which continues to be a challenging fiscal year for South Nevada.
The Las Vegas local markets showed resilience with an increase in GGR by 10%, equating to $164.5 million in October. This increase is driven by growth in community-focused casinos. If you head north, South Lake Tahoe beat other markets and reported an 18.7% increase in GGR, totaling $20.8 million.
Statewide, revenue from sports betting dropped by a huge 57.5% year-over-year to $28.9 million. In comparison mobile sports betting accounted for $18.7 million, a 46.4% drop. There is a big concern with football betting, with statewide GGR dropping nearly 80%.
The Vegas Strips sports betting revenue also dropped by 50%, with mobile betting seeing a decline of over 40%. There has been much talk about this, and operators are attributing the bad performance to unfavorable NFL results during the month of October.
Michael Lawton, senior economic analyst at the NCGB said,
The level of play was there. Unfortunately, the games didn’t hold compared to last October, especially baccarat, football wagering, and roulette.
The October GGR report is in line with ongoing shifts and changes in Nevada’s gambling landscape. We see slot machine revenue remaining a strong performer, with table games continuing to underperform. In September 2024, we saw very similar trends, with the total gaming revenue increasing by 3.3%, driven by slot performance.
These mixed results from October show how volatile the industry is, with big growth in local markets and northern Nevada offsetting a decline in major hubs such as the Las Vegas Strip. In the upcoming months, we will see analysts monitoring the situation and looking for signs of recovery in key areas, particularly stabilization in sports betting.
As we enter the holiday season, Nevada’s gaming industry faces opportunities for both challenges and rebound from underperforming areas, particularly in high-profile markets such as the Las Vegas Strip.
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