Despite reports of a downturn in Vegas - and Nevada - visitors, Las Vegas remains at the top, and in fact, shows no signs of slowing down. The Nevada Gaming Control Board just released its July 2023 to June 2024 revenue for the state, and it topped $15.76 billion. Meanwhile, the Vegas Strip also earned a staggering $9.1 billion for the same fiscal year.

Las Vegas and Nevada casinos are basking in the glow of their most lucrative 12-month period in the state ever. According to the Nevada Gaming Control Board, casinos statewide amassed a staggering $15.76 billion in GGR, or gross gaming revenue, for the fiscal year ending on the 30th of June, 2024. This impressive figure marks a more than 4% increase from the previous fiscal year, accentuating the continued resilience and appeal of Nevada&'s gaming industry.

June's impressive figures cap off a record year

In the month of June alone, Nevada casinos raked in $1.28 billion from table games, slots, and sports betting, marking a 3% year-over-year improvement. This achievement not only highlights the robustness of the industry but also extends Nevada's streak of 40 consecutive months with GGR exceeding $1 billion.

While June's statewide slot revenue dipped nearly 2% to $823.1 million, table games and sports betting saw a significant boost. Table game and sportsbook revenues surged 13% from the month of June, 2023 all the way to $463.5 million. Notably, sports betting win for June 2024 reached $29.8 million, more than double from the same month last year. In the meantime, games like baccarat and craps were particularly strong contributors to this surge.

The Las Vegas Strip: a beacon of prosperity

Meanwhile, the Las Vegas Strip, a central pillar of the state's gaming industry, reported its highest-ever GGR of almost $9.1 billion for the fiscal year, a 6% increase over the previous year. Slot revenues on the Strip remained steady at $4.8 billion, while table games and sportsbooks saw a dramatic 13% increase, reaching a record $4.24 billion.

With the launch of the Las Vegas Grand Prix, a Formula One event held in November 2023, the Strip's fortunes were significantly boosted. The event attracted affluent stakeholders and fans, leading to heightened gambling activity and generous tips for dealers. This influx of high-rollers played a pivotal role in driving the Strip's record-breaking revenue.

Regional disparities and market dynamics

But while Las Vegas thrived, other regional markets faced challenges. Washoe County and Reno experienced a more than 7% decline in GGR. However, gains in Clark County, Mesquite, Boulder, Elko County, and Downtown Las Vegas more than compensated for these losses, keeping the state's overall revenue trajectory on a positive trend.

The success of Nevada's gaming industry is closely tied to its ability to attract visitors. For instance, Harry Reid International Airport reported over 5 million travellers in June 2024, setting a record for the month and achieving its third-best performance ever, trailing only March and May, 2024. For the first half of this year, the airport saw a 3% increase in passenger traffic, with nearly 28.9 million travelers passing through its gates.

International travel played a crucial role in this surge, with foreign passenger counts soaring over 20% during the first six months of the year. Meanwhile, domestic travel saw a modest uptick of less than 2%.

Las Vegas: reinventing itself as a sports and entertainment hub

Las Vegas continues to evolve beyond its traditional gambling roots, emerging as a premier destination for sports and entertainment. The city has become a significant hub for major sports and events, including the recent addition of The Sphere, which has drawn throngs of concertgoers.

The Las Vegas Convention and Visitors Authority is expected to release its June summary of visitors, providing further insights into the city's tourism dynamics and their impact on the gaming industry.

In defiance of economic trends

Despite concerns about a potential slowdown in leisure spending across the US, Nevada's recent revenue reports paint a different picture. Analysts had predicted a possible downturn for the Las Vegas Strip earlier this year, but the state's May and June figures defied these expectations. In fact, Nevada's casinos posted a record-breaking May with $1.32 billion in revenue, followed by a strong June performance.

This sustained growth emphasizes the enduring allure of Las Vegas and Nevada as premier gaming destinations - and shows that they are more than capable of weathering broader economic challenges and continually drawing both domestic and international visitors alike.