With 2024 offering so many uncertainties on political, economic, and social levels, Las Vegas casino czars are preparing for all kinds of scenarios for the current situation and into the future. Per one report, despite months of high interest rates, inflated prices, and uncertainty about what lies ahead, consumer confidence was beginning to improve in July. This was according to the Conference Board’s Consumer Confidence Index, however confidence has yet to fully recover. Consumers’ reluctance to spend on discretionary items, such a gambling, amusement and personal travel might already be affecting the financial performance of some tourist destinations, such as Las Vegas, per reports. This is also based on July gaming revenues released by the state of Nevada.
For this report, SBS will explore the latest gaming updates coming from Sin City along with some of the other most recent news and notes coming from the area.
Per the same report, there was some commentary shed on the current level of economic apprehension from consumers and how it relates to places with gaming. “Confidence increased in July, but not enough to break free of the narrow range that has prevailed over the last two years,” the Conference Board’s Chief Economist Dana M. Peterson said in a July 30 statement. “Even though consumers remain relatively positive about the labor market, they still appear to be concerned about elevated prices and interest rates, and uncertainty about the future; things that may not improve until next year.”
Peterson added that “consumers were somewhat less pessimistic about the future. Expectations for future income improved slightly, but consumers remained generally negative about business and employment conditions ahead…” The report from the non-partisan, not-for-profit think tank also said that consumers plan to spend less over the next six months on many discretionary items, including gambling, amusement parks and personal travel. They also plan to purchase less expensive services, such as streaming a film instead of going to a movie theater.
Per the same report, Las Vegas Strip casino win revenue in July 2024 plummeted by 15% year-over-year to $709.2 million, while the three-month win revenue from May 1 to July 31, fell by 3% to $2.2 billion year-over-year. The Nevada Gaming Control Board reported this in its monthly revenue report. The Strip’s large monthly decline helped push the state of Nevada’s win revenue down by 6.9% to $1.3 billion in July compared to the previous year when licensees reported $1.4 billion, which was the second highest win revenue amount in state history. The three-month win revenue decreased by 0.6% to $3.9 billion from May through July.
Downtown Las Vegas fared better in July with win revenue rising by 9.8% to $71.8 million year-over-year and three-month-revenue from May through July rising 5.6% to $212.9 million. Reno’s win revenue, however, declined 4.1% to $69.2 million, and its three-month win revenue from May through July also fell 4.1% to $198.7 million. Gaming Control Board analyst Michael Lawton said the revenue results were not as alarming as they might seem because of the high bar set with the second-highest win total in state history one year earlier.
“No, I would not call this the start of a downturn,” Lawton told a local outlet in Las Vegas. “This was a very difficult comparison as July of 2023 was the second-highest win total in state and Strip history due to a very difficult baccarat comp-related hold”
Per the same reporter, table hold is the percentage of money won by casinos on their games. The July 2024 table hold was 14.39% compared with 17.62%in July 2023, which was the highest in 37 years. Fewer visitors to Vegas may have played a role in lower win revenue. This was due to Las Vegas visits reportedly down 0.4% to 3.5 million in July compared to the same month in 2023, according to the Las Vegas Convention and Visitors Authority.
Of course, with college football season and the NFL starting back up again, there is optimism that these revenue totals will bounce back throughout the season and also after the election in November. It is also worth noting that perhaps the casino leaders were also expecting a bit of a downturn considering the high peaks achieved in 2023 of the previous revenue totals experienced on The Strip and elsewhere in the state.
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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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