The news on slot games in Nevada is sweet, but not so much for other casino games. This October, the Nevada Gaming Control Board stated that the revenue for slot machines increased by 4.2% - it gained over $932 million in slot earnings. But the gross gaming revenue for sports betting and table games fell by nearly 16%.

In October of 2024, Nevada's casinos made history with record-breaking earnings from slot machines. The state's 315 licensed gaming facilities reported a total slot machine win of over $932.3 million, a 4.2% increase compared to October 2023 and the highest monthly slot revenue ever recorded in Nevada.

Despite this breakthrough, overall gaming revenue for the state dropped by 2% to $1.286 billion, demonstrating the challenges faced in other sectors of the gaming industry. The revenue decline marked the third time in four months that Nevada's casino income fell short of 2023's monthly figures.

Mixed performance in table games and sports betting

The robust performance of slot machines was overshadowed by declines in table games and sports betting. Gross gaming revenue from these segments fell nearly 16%, offsetting the unprecedented slot results. While blackjack revenue increased by 2% to $116.3 million and craps grew 3% to as much as $41.5 million, other table games struggled. Roulette revenue plunged 30% to $24.2 million, and baccarat, a game popular with high rollers of Asian origin, experienced a 23% drop to $69.1 million. Revenue from other games, including mini-baccarat, three-card poker, keno, Pai Gow, and mini-baccarat, also declined.

Sports betting revenue took a significant hit, with a sportsbook win of $28.9 million representing a staggering 58% decline. Football betting, in particular, proved to be a challenging segment for oddsmakers in October.

Economic insights

Michael Lawton, senior economic analyst for the Nevada Gaming Control Board, attributed the revenue dip to a lack of "hold" or profitability in key areas like baccarat, football wagering, and roulette. "The level of play was there," Lawton explained. "Unfortunately, the games didn't hold compared to last October... I am encouraged by slot win, which set a new all-time record for monthly win on volumes that were up a solid 3.6%."

Table game play remains strong, but challenging year-over-year comparisons have underscored the difficulty of maintaining record-breaking performance levels from 2023.

Visitor numbers decline

The overall decline in gaming revenue aligns with a drop in visitor numbers. The Las Vegas Convention and Visitors Authority reported that visitor volume fell by 1.8% in October to 3.56 million. Convention attendance was particularly affected, down nearly 13% to 559,000 attendees. Harry Reid International Airport also reported a 3.5% decline in passenger traffic, with 5.3 million arrivals and departures recorded during the month.

As the year-end approaches, Nevada's casinos face an uphill battle to match or exceed the record $15.5 billion GGR achieved in 2023. Through the first 10 months of 2024, total gaming revenue reached $12.82 billion. To set a new annual record, casinos would need to generate over $2.7 billion in the last two months of the year. But the slowdown in brick-and-mortar gaming isn't unique to Nevada. Other states, including Iowa, Missouri, Mississippi, Pennsylvania, and even New Jersey, have also reported declines in revenue from traditional casino operations through 2024's third quarter.

Sustaining the billion-dollar streak

Despite the challenges, October marked the 44th consecutive month where Nevada's gaming revenue surpassed $1 billion. The streak showcases the resilience of the state's gaming industry even amid fluctuating visitor numbers and segment-specific struggles.

While slot machines delivered historic results, Nevada's gaming sector continues to navigate headwinds in table games, sports betting, and visitor traffic. The industry will look to the holiday season and major events in November and December to bolster revenue and sustain its billion-dollar streak into the new year.