Casinos in Nevada on Record Streak, Annual Earnings for 2024 Total $15.6 Billion
Nevada continues to experience a record-breaking streak, as its casinos earned a yearly revenue of $15.6 billion in 2024. Last December, the casinos in all of Nevada earned almost $1.5 billion alone, and the earnings were led by slots - nearly $10.5 billion was earned from slots alone out of the total earnings of $15.6 billion.
Nevada's gaming industry has achieved a historic milestone, posting record-breaking revenue for the fourth consecutive year. The Nevada Gaming Control Board has released its December and total 2024 report for revenue on Thursday, revealing that the state's casinos and licensed gaming facilities amassed almost $15.6 billion in gross gaming revenue for the year, a modest but significant 0.5% increase from 2023.
A stronger December to end the year
December proved to be a crucial month in sealing the state's record-breaking year. Casinos generated approximately $1.46 billion in GGR, a 2% increase from the same month in 2023. This strong performance broke a two-month year-over-year decline, propelling Nevada's gaming industry to new heights. While previous years saw the Las Vegas Strip as the primary driver of Nevada's gaming growth, 2024 presented a different narrative.
According to Michael Lawton, senior economic analyst at the NGCB, gaming markets beyond the Strip played a crucial role in sustaining the industry's upward trajectory. He stated that unlike in 2023, the Strip was not the driving force behind this year's record totals. Excluding the Strip from the overall tally, statewide gaming revenue actually increased to $173.2 million or a 2.6% increase. He noted that in 2023, the Strip accounted for over 90% of the state's gaming revenue growth, whereas in 2024, gains were spread across multiple gaming regions.
Slots lead the way, table games lag
Nevada's slots played a pivotal role in achieving the 2024 revenue record. The ever-popular one-armed bandits accounted for an impressive $10.5 billion from the state's total GGR, marking a 2.3% year-over-year increase.
However, table games painted a less optimistic picture, with revenue slipping nearly 3% to just under $5.1 billion. Baccarat, a high-stakes game favored by Asian and European high-rollers, suffered the biggest setback, with earnings plunging more than 13% to $1.4 billion. The toned-down Formula 1 Las Vegas Grand Prix in November, which failed to generate as much high-roller traffic as expected, was cited as a contributing factor.
Other table games also experienced declines. Roulette revenue dropped by 4% to only $440 million, while craps dipped by 3.6% to $450.7 million. On the positive side, blackjack revenue edged up by 1% to $1.3 billion, and Ultimate Texas Hold'em saw a 10% boost, bringing in $207.5 million.
Beyond the Strip: Nevada's other gaming hubs shine
Although the Las Vegas Strip experienced a slight 1% dip in revenue - down $88.5 million from its 2023 total - several other Nevada gaming markets thrived in 2024. The NGCB report highlighted multiple cities achieving record-breaking GGR figures:
- Clark County, which includes Las Vegas, generated more than $13.56 billion, a 0.6% rise from 2023.
- Downtown Las Vegas continued its upward trend, posting a 2% increase to reach $931.26 million.
- Mesquite casinos saw a 3% gain, bringing their total to a record $189 million.
- Carson Valley gaming venues set a new high with $135.8 million, up 1.2%.
Sports betting takes a rare hit
While Nevada's gaming industry ended the year on a high note, sportsbooks encountered an unexpected setback in December. For the first time since November 2012, the state's oddsmakers posted a monthly loss on football betting, losing over $2 million as NFL and college football results heavily favored bettors. This snapped a staggering 145-month streak of profitability in football wagering.
Despite this anomaly, Nevada sportsbooks still managed to generate around $15 million in overall revenue for the month. However, with favorites continuing to win in the NFL Playoffs, January could present further challenges for bookmakers.
While challenges such as baccarat's decline and the recent sports betting losses pose concerns, Nevada's four-year streak of record-breaking revenue demonstrates the consistent appeal of the state's casinos. But with a diversified gaming landscape and an influx of visitors, Nevada proves once again that it remains the undisputed leader in the US gambling industry.
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