Las Vegas Strip casinos are experiencing a downturn in visitor numbers that they hope to overcome.
Consumer confidence regarding spending has shown a positive trend over the past two months, bouncing back from a notable 6.6-point drop in September—the steepest decline since August 2021.
While sentiments about current and future business conditions and the labor market were unfavorable in September, consumer perceptions started to improve in October and continued to do so in November, as reported by the Conference Board.
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November was a strong month for consumer confidence. The Conference Board Consumer Confidence Index rose for the second consecutive month, increasing by 2.1 points to 111.7, up from 109.6 in October.
Consumer confidence significantly rebounded in October, just before the election, marking the strongest monthly increase since March 2021.
The index rose to 109.6, up from 99.2 in September, as reported by the Conference Board Consumer Confidence Index.
This index is derived from a monthly survey assessing consumer sentiment regarding business conditions, the economy, and the job market.
The survey is carried out by the tech firm Toluna on behalf of the Conference Board, a non-partisan and non-profit research organization.
The research cut-off date was October 23, 2024.
Additionally, the Conference Board’s survey highlighted that consumers expressed an intention to spend more on discretionary items, such as dining out, hotel stays, and various forms of entertainment.
However, this inclination to increase spending on leisure activities may not extend to gambling in Las Vegas casinos, according to findings released by the Nevada Gaming Control Board.
Casino win revenue on the Las Vegas Strip in October 2024 decreased by 3.1% compared to the previous year, totaling $692 million.
Meanwhile, the gaming win revenue for the fiscal year from July 1 to October 31 fell by 6.23% to $2.77 billion, according to the Nevada Gaming Control Board’s revenue report released on December 4. The board has yet to publish its November statistics.
This decline marks the fourth consecutive month of year-over-year revenue decreases for Strip casinos.
In September 2024, casino win revenue also declined 1.83% year over year, reaching $727.6 million.
The three-month win revenue from July to September dropped 7.23% to $2.08 billion compared to the same period last year.
Win revenue in August 2024 decreased by 3.46% year-over-year, totaling $643.6 million.
Additionally, the three-month win revenue from June 1 to August 31 fell by 5.27% to $2.1 billion compared to the previous year.
In July 2024, casino win revenue on the Strip took a significant hit, plunging by 15% year-over-year to $709.2 million.
The three-month win revenue from May 1 to July 31 also saw a decline of 3%, amounting to $2.2 billion compared to the same period last year.
Overall, gambling revenue in October faced challenges across Nevada, with only a few positive trends. The state’s win revenue dropped by 2.19% to $1.28 billion in October, down from $1.31 billion in October 2023.
Furthermore, for the fiscal year from July 1, 2024, to October 31, 2024, win revenue decreased by 2.48% to $5.06 billion, compared to $5.19 billion during the same period in 2023.
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In October, Downtown Las Vegas experienced a significant decline in win revenue, which fell by 11% to $86.8 million, down from $97.5 million in the same period last year.
However, the fiscal year from July 1 to October 31, 2024, showed a more positive trend for Downtown, with win revenue up by 4.3% to $308 million, compared to $295.3 million during the same timeframe in 2023.
In Reno, win revenue for October also saw a dip, decreasing by 3% to $68.1 million from $70.3 million a year earlier.
This drop marked a notable change from September when revenue had increased by 12.3% to $71.8 million year-over-year.
On a brighter note, South Lake Tahoe reported an increase in gaming revenue for October, rising by 18.7% to $20.8 million compared to $17.5 million in the same month of 2023.
The report did not provide an explanation for this revenue boost in South Lake Tahoe.
You’ll check back here regularly to stay updated on the news.
