In July, Nevada’s gaming win dropped by 7% compared to the previous year, with the Las Vegas Strip experiencing a 15% decrease. This decline was primarily attributed to a significant drop in revenue from table games, which fell by 23.5%. Despite this, in the fiscal year of 2023, Nevada casinos generated $10.92 billion in gambling revenue, a slight increase from the previous year but still below the peak of $11.6 billion in 2018.
Table game winnings in July totaled $392.7 million, with baccarat seeing a steep decline of 61.9% in win, totaling $73.6 million. The win rate for baccarat also dropped to 9.7%. On the other hand, blackjack and craps saw increases of 7.6% ($117 million) and 7.2% ($43.2 million), respectively. Additionally, slot machine revenue increased by 2.6%, reaching $914.1 million. Multidenominational slots saw a significant revenue increase of 22.7%, amounting to $630 million. However, categories like penny slots and dollar slots experienced declines, with penny slot revenue decreasing by 26.6%.
Taxable revenue for Nevada amounted to $95.9 million in percentage fees, showing a slight decrease of 0.2%. The decline in statewide revenue was primarily driven by the Las Vegas Strip, which reported a 15% decrease in revenue. In contrast, Downtown Las Vegas saw a 10% increase in gaming revenue, totaling $71.8 million.
Casinos and resorts are working to reverse the diminishing revenues, with a report from the Nevada Gaming Control Board alleging that Resorts World Las Vegas and its parent company, Genting Berhad, allowed individuals with ties to illegal activities to enter their premises. The ongoing investigation by the NGCB aims to analyze the economic uncertainty facing Nevada’s gambling economy and ensure the state maintains its position as a premier gambling destination.
Overall, the fluctuations in Nevada’s gambling market highlight the challenges faced by the industry, particularly in the wake of the COVID-19 pandemic. As casinos and resorts navigate these uncertainties, it remains to be seen how they will adapt and innovate to attract visitors and drive revenue growth in the future.