Nevada Casinos End 2024 Strong with Record Revenue
January 31, 2025 – Nevada’s gaming industry wrapped up 2024 on a high note, with state casinos reporting robust revenue figures that capped off a fourth consecutive year of record-breaking performance. The Nevada Gaming Control Board (NGCB) released its December and full-year revenue report on Thursday, revealing that December’s gross gaming revenue (GGR) soared to nearly $1.5 billion, marking a 2% year-over-year increase. The uptick helped the state’s total GGR for the year reach a record-breaking $15.6 billion, an improvement of 0.5% from 2023.
The strong December finish ended a two-month year-over-year decline, giving the state’s casinos the momentum needed to close the books on 2024 with another milestone achievement. Notably, 2024 was unique in that the Las Vegas Strip, traditionally the driving force behind Nevada’s gaming revenue, did not lead the charge. Instead, markets outside of the Strip played a more prominent role in contributing to the overall gains.
Michael Lawton, senior economic analyst at the NGCB, explained that excluding the Strip from the totals revealed a more significant statewide win. “When excluding the Strip from this year’s totals, statewide total win increased 2.6 percent, or $173.2 million,” Lawton said. “During calendar year 2023, the Strip accounted for 90.2% of the $678.4 million growth over calendar year 2022, but in 2024, the Strip saw a slight dip of 1%, or $88.5 million, despite setting new records for slot win and volume.”
Slot Machines Drive Revenue Growth in 2024
Slot machines once again proved to be the backbone of Nevada’s gaming economy, accounting for a dominant share of the state’s total revenue. Slot GGR reached an impressive $10.5 billion in 2024, a 2.3% increase from the previous year. The continued success of slots contrasted with a decline in table game revenues, which slipped nearly 3% to just under $5.1 billion.
Baccarat, in particular, faced challenges, with revenue from the high-stakes game dropping by over 13% to $1.4 billion. The reduced glamour surrounding the F1 Las Vegas Grand Prix in November likely played a role in the downturn. Other table games like roulette and craps also saw revenue declines of around 4% and 3.6%, respectively. However, blackjack emerged as a bright spot, posting a 1% gain to $1.3 billion. Ultimate Texas Hold’em also saw impressive growth, with revenue increasing by 10% to $207.5 million.
Regional Markets Shine in 2024
While the Las Vegas Strip saw a slight pullback, several regional markets across the state set new records for GGR. Clark County, which includes Las Vegas, posted a GGR of $13.56 billion, marking a modest 0.6% year-over-year increase. Downtown Las Vegas reported a notable 2% rise, surpassing $931 million in GGR. Other areas like Mesquite and Carson Valley also saw gains, with Mesquite’s annual GGR climbing 3% to an all-time high of $189 million, and Carson Valley’s win increasing by 1.2% to $135.8 million.
Sports Betting Faces Rare Loss
One of the more unusual developments in December was the performance of Nevada’s sports betting industry. For the first time in more than a decade, oddsmakers experienced a monthly loss on football wagers. The NGCB reported that Nevada’s sportsbooks lost over $2 million on NFL and college football bets, ending a streak of 145 consecutive months in which the house came out on top.
Despite the setback in football betting, the overall sports betting revenue for December remained positive, with sportsbooks still managing to earn approximately $15 million. January could present another challenge for oddsmakers, as favorites dominated the NFL playoffs, potentially leading to further losses for Nevada’s sportsbooks.
Looking Ahead
Nevada’s gaming market showed resilience and diversity in 2024, with a balance of strong slot revenue, a steady performance in regional markets, and a minor setback on the Strip. As the state continues to break records, the coming year will likely bring new opportunities and challenges. The Nevada Gaming Control Board’s report confirms that the state’s gaming industry remains a powerhouse, with a strong foundation for future growth.