Nevada’s GGR Drops to $1.3 Billion in July 2024

30.08.2024

The latest report from the Nevada Gaming Control Board (NGCB) reveals that the state’s Gross Gaming Revenue (GGR) for July 2024 settled at $1.3 billion, marking a 7% year-on-year decline. Despite this drop, experts suggest that the decrease is more likely seasonal rather than indicative of a broader trend.

July 2023 Set High Benchmark

While the decrease in GGR might raise concerns, July 2024 still extended Nevada’s streak of exceeding $1 billion in monthly GGR to 41 consecutive months. However, the comparison to July 2023, which was the second-highest GGR month in Nevada’s history at $1.4 billion, creates a challenging benchmark.

Analysts, including Michael Lawton, senior economic analyst for the NGCB, attribute the decline partly to the unusually high table-hold percentages in 2023, which inflated last year’s figures.

Lawton emphasized that the drop in revenue is not necessarily the beginning of a downturn. “This was a very difficult comparison as July 2023 was the second highest win total in state and Strip history,” Lawton noted, expressing confidence that the decline is temporary and not indicative of a long-term trend.

Las Vegas Strip Sees Significant Decline

The Las Vegas Strip, a key indicator of Nevada’s gaming health, saw a dip in GGR, recording $709 million in July 2024, down 15% from the same month last year.

Despite the struggles on the Strip, other southern Nevada markets showed resilience. Areas surrounding Las Vegas posted a 19% year-on-year increase in GGR, totaling $171 million.

Slot machines provided a silver lining for the Strip, with the multi-denomination slot category being the only one of nine tracked by the NGCB to post an increase.

This segment saw a 23.5% rise in GGR to $297.5 million, helping to offset some of the losses from table games.

Statewide, sportsbooks reported a modest 2% increase in revenue, totaling $25.8 million for July 2024. Mobile wagering was a significant contributor, with a 38% year-on-year increase, generating $19 million.