While many sectors of the American economy are roaring along, in Las Vegas, revenue numbers are down on the Strip while Nevada’s gaming numbers as a whole have improved. Per a recent national report, numbers speak for themselves, and if you’re tracking the revenue figures for the Las Vegas Strip, you might be puzzled. The Nevada Gaming Control Board released its gross gaming revenue (GGR) report for September, revealing a decline for the third consecutive month. Additionally, per other gaming sources, Wall Street and analysts are becoming cautious about Las Vegas’ outlook through early 2025 due to the declining revenue on the Strip. Sin City has not seen numbers like these since the first quarter of 2019. While revenue for the year is down 0.2%, Chad Beynon from Macquaries told investors not to worry about this development.
For this article, SBS will be going over what to look for from the latest gaming news and notes coming from the area and also some more additional updates regarding Las Vegas gaming.
Also noted in the same article, Beynon is attributing September’s nearly 2% revenue drop to one fewer weekend day and a 40% decrease in baccarat revenue among the 24 Strip casinos. The Asian-favored table proved luckier for players in September. Strip baccarat generated $88.5 million in gross gaming revenue, nearly $59 million less than September 2023. The baccarat hold decreased to 17% from 22% a year earlier.
However, it is not all doom and gloom when you look at the overall picture in Las Vegas, per the same article. The CDC Gaming report noted that Barry Jonas, an analyst at Truist Securities, highlighted a 1.6% rise in visitors to Las Vegas. Despite a 0.8% decline in passenger traffic at Harry Reid International Airport in September, Jonas observed a 3% increase in drive-in customers, with a similar uptick at the Nevada-California border. The influx seems to favor slot machines as slot revenue surged by 11%, with a 3% rise in handle and a nearly 9% slot hold.
There’s even better news per the article, when you look at the numbers from around The Silver State. New numbers from the Nevada Gaming Control Board show state gaming revenue increased by more than 3% in September, reaching more than $1.3 billion compared to last year. However, the fiscal year showed a 2.6% revenue decrease last month. In Southern Nevada, Downtown Las Vegas revenue soared by 33%, outperforming the Strip, which declined by nearly 2%.
Boulder Strip’s revenue rose by 19% while Reno’s gaming revenue in the north increased by 12%, and revenues fell by nearly 15% and 19% in North and South Lake Tahoe, respectively. The state also collected over $99 million in fees from September’s revenue, a 32% increase from last year.
According to the report and also some analysts, the revenue decline on the Las Vegas Strip is influenced by various economic and political factors, leaving many in a “wait-and-see” state regarding the presidential election and broader economy. Concerns about inflation, taxes, and other issues are at the forefront. Analysts anticipate that after the election, there will be a clearer picture of when Strip revenues might begin to recover.
Noted in another local report from Las Vegas, a person at Harry Reid International Airport won $1,571,616.52 on Wheel of Fortune Gold Spin Triple Red Hot 7’s, according to a spokesperson from IGT, maker of the Wheel of Fortune machines. The winner came on a $7 spin.
Additionally, in a report from Richard N. Velotta from another local outlet, a Wynn Las Vegas cocktail server was awarded $321,200 by a U.S. District Court jury after a five-day trial in which she said she was wrongfully fired for abusing the company’s Family and Medical Leave Act policies. Wynn Resorts is contesting the award. Moreover, the jury said Tiare Ramirez, a founding Wynn cocktail server hired in November 2008 and terminated in November 2017, proved her claim that Wynn interfered with her FMLA rights when the company fired her. The jury denied her claim that Wynn also violated the plaintiff’s Americans with Disabilities Act rights and the $321,200 award was for lost wages and compensatory, emotional distress, liquidated, and punitive damages.
Ramirez, the report notes, filed a lawsuit against Wynn in 2019 and the trial concluded on October 25th.
After you are all dialed in regarding the latest gambling updates coming from SBS, make sure to check out the excellent array of information for you only at SBS. For even more information on the topic covered here, make sure to check out the online Vegas sportsbooks guide which goes over all of the most recent gaming updates coming from the state and beyond. Additionally, for those on the go and who are eligible, make sure to bookmark the best betting apps rundown. On this page you can check out the perks of mobile betting sites and how you can stay on top of the action if you qualify per each site. Finally, for those interested in diversifying your payment options, look no further than the payment methods breakdown which includes a variety of options from crypto to more traditional routes.
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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