Las Vegas welcomed nearly 3.4 million visitors last month, a 2.4% year-over-year increase. However, the volume bump didn t pay off on the casino floors, as a difficult calendar and poor house win rates sent gaming revenue south.
Visitation on the Las Vegas Strip was strong in August 2024, but the heightened tourist numbers didn t lend to higher casino revenue. Gross revenue in Clark County fell 4.4% to $980.9 million. (Image: NV.gov)The Nevada Gaming Control Board reveals that August gross gaming revenue (GGR) on the Las Vegas Strip totaled just shy of $643.7 million. That was 3.5% lower than what Strip casinos won in August 2023.
Downtown Las Vegas casinos saw GGR slide almost 9% to $58.3 million. Things on the Boulder Strip were even worse, as casino win tumbled about 22% to $64.8 million.
Clark County, home to the three metered markets, collectively reported a of 4.4% to $980.9 million. Michael Lawton, the NGCB s senior economic analyst, partly blamed how the calendar fell for the downward marks.
A lot of the volatility you are seeing downtown and on the Boulder Strip is the result of the month of August ending on a Saturday. As a result of the timing of slot collections falling into September, the revenue will be recognized and reported to the Board in September s filings, Lawton explained.
Nonetheless, August marked the where statewide GGR declined from 2023.
Poor HoldAlong with August ending on a Saturday, Lawton blamed gamblers luck for the monthly numbers.
, the game of choice among many Asian high rollers, saw GGR on the Strip crash 34% to $75.7 million. Without baccarat, Strip revenue in August would have been up year-over-year by 2.8%. Oddsmakers on the Strip reported revenue of just $7.4 million on a dismal 3.7% hold rate.
The theme was experienced in other major markets like Washoe County and Reno, as for the month was down 3.8% to $1.16 billion. Revenue from tables and slots was both down 3.8%, as luck went players way more than it did in the same month a year ago.
August wasn t as bad as some analysts expected. Deutsche Bank was calling for a year-over-year loss of 4.8%.
The year-over-year GGR declines in Las Vegas and Reno overshadowed smaller markets that saw gaming revenue improve in August.
Carson Valley GGR climbed 9% to $12.3 million, Churchill County was up 24% to $2.4 million, and Douglas County South Shore Lake Tahoe was up slightly to $26.7 million.
Lyon County casino win climbed almost 1% to $5.5 million, Nye County was up 4% to $5.6 million, Washoe County was up 12% to $6.5 million, and White Pine County expanded by 4% to $1.2 million.
Room Occupancy, Airport TrafficThe (LVCVA) revealed that leisure travel fueled the August visitor volume bounce. While convention attendance fell more than 1% to 638,300 attendees, public visitation helped push the monthly count upwards of 2%.
That resulted in Clark County s hotel occupancy rate climbing 0.9 points to 81.2%. Weekend occupancy rates rose to 90.2% while weekday occupancy, which relies on business travelers, was down slightly to 76.9%. Strip occupancy for the month was at almost 85% on an average nightly rate of $186.
Harry Reid International Airport facilitated over 4.8 million arriving and departing passengers in August, which was a 5% larger load. Year to date through August, Las Vegas primary air hub has served more than 38.7 million people. That s nearly 3% more than in 2023, which was a record year for passenger traffic at the airport.
Southwest dominates the Las Vegas market. The budget airline accounted for 14.5 million fliers through eight months of 2024.
