Nevada's Hot Gambling Streak Continues in May
The Nevada Gaming Control Board has released its monthly gambling revenue report for May, revealing a continued upward trend in the industry.
The Las Vegas Strip generated $742.5 million in revenue in May, a 3.7% increase from the previous year.
LISTEN TO THIS ARTICLE:In the month, the state's casinos posted $1.32 billion in revenue, up by 2.5% compared to May 2023. Additionally, the fiscal year (July 1, 2023, to May 31, 2024) showed a 4.5% rise in gaming revenue. May's figure also marked the 39 months in a row that gambling revenue has surpassed $1 billion.
How Different Nevada Areas Performed
The Las Vegas Strip, a key driver of Nevada's gaming industry, played a crucial role in the state's increased revenue in May, generating $742.5 million, a 3.7% increase from the previous year.
This growth was fueled by a robust performance in slot machines and table games. Table game revenue increased by 5.1% to $339.5 million, while slot machine earnings were up by 2.6% to $403 million.
Downtown Vegas also saw a surge in revenue by 1.6% to $74.9 million compared to the same month last year. Likewise, North Las Vegas reported gains of 2.1% to $24.7 million.
However, Laughlin bucked the trend with a significant decline of 21.4% to $36.9 million. In comparison, the area secured $47 million in revenue in May 2023.
Outside of Las Vegas, the gaming industry experienced a mixed performance. Reno saw a slight decline of 1.2% to $65.2 million, while South Lake Tahoe continued its downward trend with a 9.5% drop to $17.6 million. However, North Lake Tahoe was the exception, with an increase of 16.8% to $2 million. In the month, Nevada earned $88.5 million in gaming tax revenue, up 12% year-on-year.
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May Records Boost in Visitor Numbers
The boost in revenue in May has been attributed to the significant influx of visitors into the state in the month. Visitor numbers totaled nearly 3.66 million, the second-highest monthly figure this year. The surge was driven by events like the Electric Daisy Carnival (EDC) music festival and a 2% increase in convention attendance.
Additionally, hotel occupancy rates in the state increased to 86.1% in the month, while the average daily room rate rose 9.1% year-over-year to $200.01.
The overall growth in Nevada’s gambling industry also extended to the sports betting sector. In May 2024, the state's sportsbooks generated $36 million in revenue, 20% up year-on-year. This was despite a 2.3% decline in sports betting handle to $515.1 million.
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