Nevada Gaming Revenue Reaches $1.28 Billion in June: Las Vegas Leads
Date: 2024-08-09 Author: Leon Pierce Categories: EVENTS
Nevada’s gaming industry ended the first half of the year on a strong note in June 2024, particularly in Las Vegas, while northern regions struggled. According to the Nevada Gaming Control Board, the state brought in $1.28 billion in gaming revenue in June, up 3.2% from June 2023.
Strip Revenue Reliable at 4.2%
The main contributor to this growth was casinos catering to local residents, which posted a 6.2% increase in revenue in June and a 9% increase in the second quarter. The Las Vegas Strip showed resilience, with revenues rising to $758.5 million, up 4.2% year-over-year and up 4.8% in the second quarter.
Downtown Las Vegas also performed well, with revenues increasing 5.8% to $66.2 million. The Boulder Strip and Mesquite areas saw modest increases, while Laughlin saw a slight decline. However, northern Nevada areas like Reno, Sparks, and South Lake Tahoe reported significant revenue declines.
Control Board Senior Economic Analyst Michael Lawton noted that the extra holiday in June 2024 compared to last year contributed to the improvements. Las Vegas welcomed nearly 3.5 million visitors in June, up 1.8% from the same month in 2023.
Las Vegas Hotel Weekend Occupancy Strong Despite Weekday Declines and Upcoming Hotel Closures
Overall hotel occupancy in June declined slightly to 85.2%, but weekend occupancy remained strong at 91.3%, while weekday occupancy fell slightly to 82.6% due to changes in the convention schedule. Average daily room rates rose 6.4% to $176, while revenue per available room increased 6% to nearly $150.
Notably, The Mirage and Tropicana hotels are closing, which will reduce the number of available rooms on the Las Vegas Strip by nearly 5%, pushing up room rates. CBRE Director of Capital Research John DeCree recently predicted that this will benefit mid-market hotels, driving revenue growth as demand shifts and average daily rates increase.
Additionally, gaming wins on the Las Vegas Strip increased significantly thanks to a packed calendar of events, including performances by Bruno Mars and Lady Gaga, a major boxing match, America’s Cup soccer matches, the NHL Entry Draft, and major UFC fights. These events contributed to a 4.3% increase in winnings.
June also marked the end of Nevada’s fiscal year, during which the state achieved record gaming revenue of $15.8 billion, up 4.4% from the previous fiscal year. This marks the third consecutive year of record gaming revenue for the state. Specifically, gaming revenue on the Las Vegas Strip increased 6.1% to $9.1 billion, representing 57.4% of the state’s total revenue.
