The first monthly revenue drop for casinos on the Las Vegas Strip since June 2023 occurred in January 2024. However, other Nevada casinos made up the deficit and started the year with a profit.
Strip casinos earned $686.1 million in January, a 3.8% decrease from the previous year, according to a report released Thursday by the Nevada Gaming Control Board (NGCB).
TABLE GAMES WERE TO BLAME, AS THE FEEL'S GGR FELL 15% FROM JAN 2023. Double-digit year-over-year losses were reported in roulette, blackjack, and craps.
Wins from the popular Asian game of baccarat increased by 7%, which was an unusual increase. Despite a 3% increase in GGR to $400.7 million, strip slot machines were unable to overcome their difficulties.
The January GGR reduction on the Strip was part of a pattern that was observed in many U.S. states, including New Jersey, Pennsylvania, New York, Mississippi, Louisiana, Indiana, Michigan, and Maryland.
Last month, the Strip's bright spot was sports betting in addition to slots. The $28.5 million earned by the oddsmakers along S. Las Vegas Blvd. increased their hold by 35% over the previous year.
Record for January
Though January saw a slowdown in the world's most significant gaming market, Reno and local casinos in Clark County, which surrounds Las Vegas, as well as other locations in the state, were able to push Nevada's gaming sector to a January record.
The casinos in downtown Las Vegas made $85.7 million, a 1% increase. Mesquite gaming had a 0.5% increase to $15.8 million, while Laughlin GGR increased 4% to $44.4 million.
The rest of Clark County, which includes rural casinos like the recently established Durango, had a roughly 11% increase in casino wins to $169.3 million. Douglas County won $18.2 million, a 5% increase.
Casinos in Washoe County, which is home to Reno, saw a 36% increase in GGR to $86.5 million in January, presumably due to better weather.
The combined January 2024 GGR from all of the state's metered gaming markets was little under $1.28 billion. That is a new high for the first month of 2023 and a 0.5% premium in January 2023.
Additionally, Nevada continued to gain at least $1 billion from gamblers in January 2024. With the COVID-19 pandemic marking the last month where GGR was below 10 digits, T he stretch has already lasted 35 months.
Forecast for February
Some market watchers speculate that the January cooling on the Strip may have been caused by some tourists postponing their post-December holiday vacation plans from January to February. When the Super Bowl made its debut in Las Vegas, T thing was done to be there.
On Sunday, February 11, the NFL Las Vegas Raiders' home stadium, Allegiant Stadium, hosted Super Bowl LVIII.
"January 2023 represented a very difficult comparison, as the Strip was up 25.7% over January 2022. Furthermore, it would be a safe assumption that after an extremely active November and December, customers deferred trips from January to February for the Super Bowl,” explained Michael Lawton, the senior economic analyst at the Nevada Gaming Control Board.
Lawton said that this year's Chinese New Year fell in February, which probably had an even bigger effect on the Strip's January performance.
In January, Harry Reid International Airport reported fewer passengers. The main airport in Las Vegas handled 4.34 million people coming in and going out, a decrease of over 1%.
