According to figures from the Nevada Gaming Control Board (NGCB) released 9 January, the state’s gaming industry posted $1.31 billion (£1.07 billion/€1.27 billion) in gross gaming revenue (GGR) in November. The 4.2% YoY decline is the fourth for the state out of the last five months. But this is somewhat qualified by the fact that FY24 was the best ever.
So far in FY25, Nevada gaming is down 2.8% from this point last year, per the NGCB.
The most notable figures from November came from the Las Vegas Strip. America’s gaming capital posted $788.7 million in GGR for the month, down just under 4% from last year. This is the first definitive proof that the second edition of the Formula One Las Vegas Grand Prix did not live up to the inaugural race last November, although local officials had already acknowledged that to be the case.
Looking closer at the Strip, both slot ($399.7 million) and table game ($389 million) revenue declined in November by 2.7% and 5%, respectively. As is usually the case when the Strip struggles, baccarat was a key culprit. November’s baccarat win of $145.6 million was an 18% decline YoY, and the Strip is now down 27% on the game in the last three months following a 23% drop in October. This bad run has now brought the previous 12-month total negative for the first time (-0.4%).
Southern markets up and down
Elsewhere in the south, results were mixed. The Las Vegas locals market, which has been the darling of the state this year, posted $154.5 million in GGR for a modest YoY jump of 2.3%. That sector is now up 9.6% for the fiscal year-to-date, easily the best in the Silver State.
Mesquite, the second-best performer so far this year, posted $16.4 million for a 9% increase, bringing its YTD performance to +4.9%. Conversely, downtown Las Vegas’ total of $79 million lagged 2.7% from last year and brought its YTD total to +2.8%. North Las Vegas is flat YTD after posting a 6% YoY increase ($24.5 million).
The Boulder Strip ($66.2 million) and Laughlin ($34 million) were the worst of all the major markets in November, falling 20.5% and 15.5%, respectively. At -8% YTD, Laughlin so far is having the worst year of any southern market.
Reno drags on northern performance
To the north, Reno’s $51.9 million was a 10.4% slide from last year, and this was enough to bring Washoe County as a whole into the red (-6%) despite strong months from Sparks (+8%) and North Lake Tahoe (+8.8%).
The Biggest Little City saw its slot revenue drop more than 18% in November and currently sits at -2% YTD.
Most other northern markets had positive results, with the exception of South Lake Tahoe, whose $14.4 million in GGR represented a 20% decline. Wendover and the Carson Valley saw YoY gains of 8% and 2.7%. That said, no northern sector so far is up more than 1.5% YTD, with most being negative.
Sports betting a bright spot
Despite the general malaise, Nevada sports betting had a great month in November after a tough October. State sportsbooks reported $67.5 million in GGR, a 64% leap YoY. Statewide GGR from mobile betting was $40.4 million, 90.6% better than last year.
The see-saw of football results swung back into favor for November. Sportsbooks reaped $40.6 million from football betting, more than doubling last year’s total (+127.5%). This comes after an 80% YoY drop in October thanks to historically bad results for books.
These totals were even better for the Strip. The market saw $13 million in GGR from mobile betting (+181.6% YoY) and $18.5 million from football betting (+133%).
