{"id":329053,"date":"2024-08-28T12:18:48","date_gmt":"2024-08-28T17:18:48","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=329053"},"modified":"2024-08-28T12:43:24","modified_gmt":"2024-08-28T17:43:24","slug":"nevada-gaming-revenue-cools-july-casinos-win","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/nevada-gaming-revenue-cools-july-casinos-win\/","title":{"rendered":"Nevada Gaming Revenue Cools in July, Casinos Win $1.3B"},"content":{"rendered":"

The Nevada Gaming Control Board\u00a0 (NGCB) revealed Tuesday that the state’s casinos and taverns suffered a summer slowdown in terms of gross gaming revenue (GGR).<\/span><\/p>\n

\"Nevada
July brought fireworks to Las Vegas, but Strip gaming revenue didn’t light up, as win fell 15% from July 2023. Nevada gaming revenue declined statewide for the first time in four months. (Image: AP<\/em>)<\/figcaption><\/figure>\n

The gaming regulatory board said July gaming win slowed to $1.306 billion, with the Las Vegas Strip most responsible for the downward movement. Gaming win on the Strip plunged 15% to result in the first statewide GGR year-over-year monthly decline in four months. The approximately $1.3 billion haul was almost 7% below July 2023 when casino revenue totaled more than $1.4 billion.<\/span><\/p>\n

\n

Strip casinos loosened their slots, which led to poor hold rates across the machines. Nevada slot win rates were in the single digits from nickel to $100 machines. Table hold was also down from nearly 18% in July 2023<\/a> to below 15% last month.<\/span><\/p>\n<\/div>\n

Michael Lawton, the NGCB’s senior economic analyst, said July 2023 was a difficult time to emulate, as the 1.404 billion won that month was, at the time, a record high for any month in Nevada’s long and rich gaming history. Though inflationary pressures<\/a> and a rattled economy have some analysts concerned, Lawton says the July report shouldn’t sound industry alarms.<\/span><\/p>\n

\n

I would not call this the start of any downturn,” Lawton told the Las Vegas Review-Journal<\/i>. “This was a very difficult comparison, as July 2023 was the second-highest win total in state and Strip history.”<\/span><\/p>\n<\/blockquote>\n

Slot win drove July 2023’s record gaming win, but the one-armed bandits didn’t do nearly as well in July 2024.<\/span><\/p>\n

Strip Struggles<\/b><\/span>\u00a0<\/span><\/h2>\n

The July gaming picture was highlighted by a dismal showing on the Strip, the most critical component of the Nevada gaming industry. GGR along S. Las Vegas Blvd. declined 15% to $709.3 million.<\/span><\/p>\n

\n

Clark County slightly offset the losses downtown<\/a> where casino revenue rose 10% to $71.8 million. The county as a whole reported GGR of $1.118 billion, a more than 7% year-over-year loss.<\/span><\/p>\n<\/div>\n

Table win, plus revenue from sports betting, keno, and bingo, fell 30% on the Strip to $290.5 million. Oddsmakers kept just $10.2 million of the bets wagered, a 7% drop, on a poor hold of 6%. Strip slots were down less than 1% to $418.8 million.<\/span><\/p>\n

Though statewide GGR remains up 3% over the past 12 months<\/a>, revenue fell almost 1% during May, June, and July.<\/span>\u00a0<\/span><\/p>\n

Inflationary Concerns<\/b><\/span><\/h2>\n

A new study from WalletHub<\/i>, a personal finance website, reported today that nearly three in four US adults say inflation is cutting into their discretionary spending. WalletHub<\/i> said 74% of workers are frustrated with elevated costs, and two in three said the financial strain has impacted their Labor Day plans.<\/span><\/p>\n

\n

Even though inflation has subsided, Americans are facing substantially higher airline ticket prices, hotel rates, and gas prices in comparison with those before the pandemic,” said Jim Lee, a College of Business professor at Texas A&M.<\/span><\/p>\n<\/blockquote>\n

Las Vegas is historically a popular vacation destination for the federal holiday weekend that honors and recognizes the American workforce. The Las Vegas Convention & Visitors Authority is expecting 331K people to visit Southern Nevada<\/a> this long weekend, a 3%.4% year-over-year increase.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Nevada gaming revenue in July was down 7%.<\/p>\n","protected":false},"author":25,"featured_media":329058,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,81886],"tags":[85276,82124,85044,23,24,83154],"acf":[],"yoast_head":"\nNevada Gaming Revenue Cools in July, Casinos Win $1.3B<\/title>\n<meta name=\"description\" content=\"The Nevada Gaming Control Board today revealed a summer slowdown in terms of gross gaming revenue at the state's casinos and taverns.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/nevada-gaming-revenue-cools-july-casinos-win\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Nevada Gaming Revenue Cools in July, Casinos Win $1.3B\" \/>\n<meta property=\"og:description\" content=\"The Nevada Gaming Control Board today revealed a summer slowdown in terms of gross gaming revenue at the state's casinos and taverns.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/nevada-gaming-revenue-cools-july-casinos-win\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2024-08-28T17:18:48+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-08-28T17:43:24+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2024\/08\/Las-Vegas-July-4-Fourth-fireworks.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"800\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Devin O'Connor\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@CasinoorgDevinO\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Devin O'Connor\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/nevada-gaming-revenue-cools-july-casinos-win\/\",\"url\":\"https:\/\/www.casino.org\/news\/nevada-gaming-revenue-cools-july-casinos-win\/\",\"name\":\"Nevada Gaming Revenue Cools in July, Casinos Win $1.3B\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/nevada-gaming-revenue-cools-july-casinos-win\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/nevada-gaming-revenue-cools-july-casinos-win\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2024\/08\/Las-Vegas-July-4-Fourth-fireworks.jpg\",\"datePublished\":\"2024-08-28T17:18:48+00:00\",\"dateModified\":\"2024-08-28T17:43:24+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/02b4fee8814a4003903b0021bffb4ebf\"},\"description\":\"The Nevada Gaming Control Board today revealed a summer slowdown in terms of gross gaming revenue at the state's casinos and taverns.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/nevada-gaming-revenue-cools-july-casinos-win\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/nevada-gaming-revenue-cools-july-casinos-win\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/nevada-gaming-revenue-cools-july-casinos-win\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2024\/08\/Las-Vegas-July-4-Fourth-fireworks.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2024\/08\/Las-Vegas-July-4-Fourth-fireworks.jpg\",\"width\":1200,\"height\":800,\"caption\":\"July brought fireworks to Las Vegas, but Strip gaming revenue didn't light up, as win fell 15% from July 2023. 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