With 2024 offering so many uncertainties on political, economic, and social levels, Las Vegas casino czars are preparing for all kinds of scenarios for the current situation and into the future. Per one report, despite months of high interest rates, inflated prices, and uncertainty about what lies ahead, consumer confidence was beginning to improve in July. This was according to the Conference Board’s Consumer Confidence Index, however confidence has yet to fully recover. Consumers’ reluctance to spend on discretionary items, such a gambling, amusement and personal travel might already be affecting the financial performance of some tourist destinations, such as Las Vegas, per reports. This is also based on July gaming revenues released by the state of Nevada.
For this report, SBS will explore the latest gaming updates coming from Sin City along with some of the other most recent news and notes coming from the area.
Per the same report, there was some commentary shed on the current level of economic apprehension from consumers and how it relates to places with gaming. “Confidence increased in July, but not enough to break free of the narrow range that has prevailed over the last two years,” the Conference Board’s Chief Economist Dana M. Peterson said in a July 30 statement. “Even though consumers remain relatively positive about the labor market, they still appear to be concerned about elevated prices and interest rates, and uncertainty about the future; things that may not improve until next year.”
Peterson added that “consumers were somewhat less pessimistic about the future. Expectations for future income improved slightly, but consumers remained generally negative about business and employment conditions ahead…” The report from the non-partisan, not-for-profit think tank also said that consumers plan to spend less over the next six months on many discretionary items, including gambling, amusement parks and personal travel. They also plan to purchase less expensive services, such as streaming a film instead of going to a movie theater.
Per the same report, Las Vegas Strip casino win revenue in July 2024 plummeted by 15% year-over-year to $709.2 million, while the three-month win revenue from May 1 to July 31, fell by 3% to $2.2 billion year-over-year. The Nevada Gaming Control Board reported this in its monthly revenue report. The Strip’s large monthly decline helped push the state of Nevada’s win revenue down by 6.9% to $1.3 billion in July compared to the previous year when licensees reported $1.4 billion, which was the second highest win revenue amount in state history. The three-month win revenue decreased by 0.6% to $3.9 billion from May through July.
Downtown Las Vegas fared better in July with win revenue rising by 9.8% to $71.8 million year-over-year and three-month-revenue from May through July rising 5.6% to $212.9 million. Reno’s win revenue, however, declined 4.1% to $69.2 million, and its three-month win revenue from May through July also fell 4.1% to $198.7 million. Gaming Control Board analyst Michael Lawton said the revenue results were not as alarming as they might seem because of the high bar set with the second-highest win total in state history one year earlier.
“No, I would not call this the start of a downturn,” Lawton told a local outlet in Las Vegas. “This was a very difficult comparison as July of 2023 was the second-highest win total in state and Strip history due to a very difficult baccarat comp-related hold”
Per the same reporter, table hold is the percentage of money won by casinos on their games. The July 2024 table hold was 14.39% compared with 17.62%in July 2023, which was the highest in 37 years. Fewer visitors to Vegas may have played a role in lower win revenue. This was due to Las Vegas visits reportedly down 0.4% to 3.5 million in July compared to the same month in 2023, according to the Las Vegas Convention and Visitors Authority.
Of course, with college football season and the NFL starting back up again, there is optimism that these revenue totals will bounce back throughout the season and also after the election in November. It is also worth noting that perhaps the casino leaders were also expecting a bit of a downturn considering the high peaks achieved in 2023 of the previous revenue totals experienced on The Strip and elsewhere in the state.
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About the Author
Chris Boline is a Reno-based business development professional and freelance sports writer with over a decade of experience covering the NBA G League, Los Angeles Chargers, and national football and basketball. His expertise spans the NFL, NBA, UFC, boxing, golf, and motorsports, along with topical news, marketing, and promotional content. A proud University of Nevada graduate, Chris earned both his BS in Management & Economics (2015) and MBA (2023). He is active in the Reno community, serving on boards such as the Nevada Sagebrush Alumni Chapter, NCET, and the College of Business Alumni Association, where he was past president (2022–23). Notable honors include: - Two-time University of Nevada Alumni Chapter of the Year honoree (2017, 2021) - 2021 NCET Professional Services Organization of the Year (with TAC) - 2016–17 Reno Bighorns MVP, awarded by the Sacramento Kings - Nevada Press Association Award for Best Sports Column (2015) - Former Editor-in-Chief of The Nevada Sagebrush Chris blends his passion for sports with a strong background in sales, marketing, and community engagement.
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