Fresh off their best 12-month period ever, the casino establishments in Las Vegas and statewide in Nevada are still going strong. This comes after the Nevada Gaming and Control Board (NGCB) recently released revenue figures for June and the 2024 financial year.

So, operators in the Silver State accumulated gross gaming revenue (GGR) of a whopping $1.26 billion in June. This comes on the back of posting an impressive $15.76 billion for FY24. Thus, overall, while the state posted a 3.26% gain vs June 2023, it recorded a 4.36% year-on-year uptick compared to FY23. Mind you, the $15.76 billion figure is the state’s best-ever fiscal year showing, trumping the previous record that was set not too long ago in FY23 of $15. 1 billion. 2023 marked the third consecutive year where the state has reported a new GGR high.

Trying to make sense of the remarkable numbers produced by Nevada, Michael Lawton, the senior economic analyst for the NGCB, opined:

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“Nevada’s record gaming win can be attributed to several factors, including multiple signature special events which occurred throughout the year and steady demand for gaming-related activities by resilient customers whose behavior has remained consistent in the face of several challenges, which included inflation and rising interest rates.”

Lawton added that Nevada has continued to benefit from the surging demand for domestic and international leisure travel.

Records Galore in FY24

The global gambling industry has now finally stabilized and reshaped into the vibrant specter that we knew before the traumatizing COVID-19 pandemic. Thus, the record-setting FY24 stats are hardly surprising to industry insiders.

As expected for Nevada, the Las Vegas Strip led the pack, producing a record-breaking GGR of nearly $9.1 billion. This represented a 6% rise from the previous year’s reported GGR. The relatively stable slot machine results that have been consistent over the years remained sturdy at $4.8 billion. On the other hand, table games and sportsbook earnings shot up by over 13%, settling at the $4.24 billion mark.

These stellar results have also been attributed to the introduction of the Las Vegas Grand Pix in November ‘23. The premier Formula 1 event held in the Strip in November significantly contributed to the large number of visitors in the stream, which directly led to the influx of gamers into the state. That said, the trajectory for the state has been quite commendable for some time now. This is evidenced by the fact that it was the 40th consecutive month when the state’s GGR exceeded the $1 billion mark.

Zero Signs of a Slow-Down in the Market

Earlier this year, there were potential signs that a challenging growth climate would hamper the Gross Gaming Revenue (GGR) figures in states like Nevada. That’s because initially, in January, adverse weather conditions across the country had seemingly strained wagering volumes.

That said, this was a faction of experts in the gambling realm who had expected the numbers to pick up after the relatively modest start to the year. There was, however, another faction of experts who were of the opinion that places like the Vegas Strip were showcasing early signs of high interest, sticky inflation, and other macroeconomic negatives. This was an indicator that wagering, on the whole, would not be as vibrant.

Knowing what we know today, it is fair to say that the naysayers couldn’t have been more wrong. Nevada’s May and June stats remain impeccable across the board. Coming fresh off an affluent earning for the state in May when bettors across the state parted with a whopping $1.32 billion, the Sagebrush State experienced a sizzling June. Gamers across the board ended up ushering in the summer with record-high performances.

Slot wins did, however, post a slight decline of 2%. Meanwhile, table games and sports wagering revenues also climbed by 13% from the figure in June 2023, totaling $463.5 million. The strong casino showing was also attributed to strong performances in craps and Baccarat. Additionally, the state’s sportsbook winnings soared high, more than doubling the June 2023 numbers to land at an impressive $29.8 million.

Besides, Downtown Las Vegas, Clark County, Boulder, Mesquite, and Elko County all saw positive increases in their GGR. Elko County’s performance, in particular, was pretty impressive, with the jurisdiction posting a shining GGR of $33 million, representing a 6.5% increase.

Be that as it may, some areas still saw decreases in their gaming revenue. Reno and Washoe County, for instance, dropped more than 7% countywide. Laughlin and North Las Vegas also saw slight slips of 2%. Nonetheless, the gains from the higher-performing zones were enough to offset these drops.

Las Vegas Visitation Numbers Soar

The soaring Las Vegas gaming revenue coincided with the impressive visitation numbers. Earlier this week, the Harry Reid International Airport unveiled its impressive June traffic stats. The airport reported that it had served over 5 million passengers in June, the highest number ever recorded for June and the third highest in its history.

In the first half of 2024, the airport had nearly 28.9 million passengers pass through it, representing almost a 3% increase in air traffic. Additionally, there has been a 20% jump in international travelers, while domestic travel experienced a slight increase of 2%. The high visitation hasn’t only been attributed to the iconic gaming venues of the famed Sin City. The Las Vegas Convention and Visitors Authority (LVCVA) also reported a 1.8% hike in visitation with about 3.5 million visitors, despite an overall 7.9% decline in convention attendance numbers. Industry insiders attribute the general decline in convention attendance numbers to typical show rotation schedules.

It is also worth noting that the Society for Human Resource Management, which brought forth a whopping 20,000 attendees to Las Vegas last year, opted for another venue for this year’s convention. This obviously had a significant impact on the numbers.