In what is usually a strong month for betting in Sin City, the lack of a signature event took a big piece out of monthly revenues in the second month of the year. Per a recent report, gaming revenue on the Las Vegas Strip declined sharply in February, as the absence of last year’s Super Bowl and a shorter month weighted on earnings, as reported by state regulator figures. More specifically, the Nevada Gaming Control Board reported that Strip casinos generated $690.3 million in gaming revenue, marking a 13.8% drop from February 2024, when the city hosted Super Bowl LVIII. The downturn follows a strong January, when STrip gaming revenue surged 22% year-on-year. Additionally, statewide gaming revenue fell 9.3% to $1.22 billion, though the state maintained a 48-month streak of exceeding the $1 billion threshold.
For this article, SBS will be going over the latest gaming updates coming from Las Vegas, along with some additional notes and thoughts regarding Vegas betting updates and more.
Noted in the same article, industry analysts attributed the drop to a difficult comparison against February 2024, when the Super Bowl brought an influx of high-value players, and a leap year provided an extra day of revenue. Another key driver was a steep 52% decline in baccarat revenue, as fewer high rollers visited the Strip. “The softer GGR was driven by declines in baccarat (-52%), table games (-27%), and one less calendar day,” Barry Jonas, a gaming analyst at Truist Securities, said.
Despite the downturn, Jonas suggested that Las Vegas’ overall trend remains stable. “While we expected a softer February, underlying Vegas trends remain mostly positive (for now), and we expect to see improvements in March,” he added. The Las Vegas Convention and Visitors Authority (LVCVA) also reported an 11.9% drop in visitor volume, bringing the total below 3 million for the month.
Additional tourism indicators showed declines as well, per the same article. For instance, convention attendance fell 19.5% to 615,400, affected by event rotations. Hotel occupancy dipped to 80.5% (-3.4 percentage points), with weekend occupancy at 86.4% (-3.9 points). Average daily room rates dropped 25% to $186.16, signaling softer demand. Finally, Harry Reid International Airport saw a 7.5% decline in passenger traffic, handling four million travelers.
“With the combined factors of a tough comparison to last year when Super Bowl 58 was held in the destination, a net decrease in the convention segment tied to rotation cycles, and one fewer day on the calendar, visitation fell below three million for the month,” Kevin Bagger, Director of the LVCVA Research Center said.
Nonetheless, the report notes, Las Vegas Strip casinos are seeing strong bookings for March and April, but industry experts warn of potential challenges. Rising resort fees and increased costs may deter visitors, while less favorable gaming odds, like 6:5 blackjack, could impact gamblers. Additionally, a tightening economy might reduce discretionary travel spending.
Despite the February slump, some Southern Nevada gaming markets did see gains. Mesquite gaming revenue rose 2.8% to $16.5 million. Additionally, Laughlin edged up 0.4% to $42.2 million. Outlying Clark County, including Henderson, increased 1% to $144 million.
Noted in another article, Canadian Gaming Association CEO Paul Burns warned that the reaction by Canadian citizens to the festering trade war with the U.S. would get worse before it gets better. For instance, Burns warned that a reluctance to visit the United States may keep Canadians from attending the Global Gaming Expo (G2E), the industry’s largest trade show, which is scheduled for October. He also said that Canadians are often the largest foreign delegation at G2E. “Lottery agencies in Canada are the customers, so they do come (to G2E), and there is a strong contingent,” Burns said. “We do a reception every year with between 400 and 500 people, so it’s a very popular show with Canadians.”
The LVCVA does not break out the number of international visitors monthly. However, the agency, in response to an emailed question about Canadian visitation, cited a global traveling source. According to the figure, Canada is the top international market for Las Vegas, with 1.4 million visitors in 2023, followed by Mexico. Additionally, the report points out, it became clear in early April that Canadians are avoiding Las Vegas. The number of international passengers traveling to Las Vegas fell three percent in March, with Air Canada seeing a five percent drop to 51,600 passengers.
After you are all up to speed in relation to the latest betting news and notes coming from Las Vegas, make sure to check out the excellent array of info for you only at SBS. Of course, for even more analysis and info on the locale covered here, the online Vegas sportsbook guide has eligible customers covered with a variety of info on Sin City and more. Additionally, qualified customers can peruse the payment methods breakdown, which goes over a variety of options for deposits and withdrawals you can potentially use. Finally, for those on the go and who are eligible, the best betting apps rundown is a fantastic page to check out. This includes all kinds of tips and tricks on mobile betting and beyond, which can help you stay on top of the action.
About the Author
As a devout aficionado of sports, Chris Boline has carved a career within the athletic realm. A skilled scribe, he boasts a decade-long portfolio that encompasses coverage of the NBA G League, the Los Angeles Chargers, football and basketball across the country. Beyond his professional pursuits, Chris is deeply invested in his community and dedicates his leisure hours to serving on boards, collaborating with community organizations, and cherishing the company of loved ones. CURRENTLY Business Development and freelance sports writing RESIDES IN Reno, NV EDUCATION University of Nevada BS and MBA EXPERTISE -Sports writing proficiency in: NFL, NBA, UFC, boxing, golf, and some motor sports -Topical news -Promotional and marketing ideas/updates -Business development Summary Chris Boline serves in a business development sales capacity as his day job. He has previously held sales/marketing positions with The Applied Companies (TAC), KTVN 2 News and the NBA G League’s Reno Bighorns, affiliate of the Sacramento Kings. He is a Reno native and is a member of various community boards including the Nevada Sagebrush Alumni Chapter, NCET and the College of Business Alumni Association (COBAA). Chris graduated from the University of Nevada in 2015 with a bachelors in management and economics and also earned his MBA from Nevada in 2023. More about Chris: Past president of the College of Business Alumni Association (COBAA) 2022-23 Two-time honoree for University of Nevada Alumni Chapter of the Year (Nevada Sagebrush Alumni Chapter, 2017 & COBAA, 2021) 2021 NCET award for Professional Services Organization of the Year with TAC Northern Nevada Human Resources Association 2020 Best Places to Work-Northern Nevada, Second Place with TAC 2016-17 Reno Bighorns MVP from the Sacramento Kings The Nevada Sagebrush editor-in-chief 2013-15 Associated Collegiate Press 2015 Four-year Non-daily Newspaper Pacemaker honoree University of Nevada, Reno College of Business Dean's List honoree (5x) from 2011-2015 Nevada Press Association award for Best Sports Column – Community in 2015 Education
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