A cool breeze is being felt throughout Big Gaming. It’s the sensation of consumers finally spending less at the casino, the stately winding down of a hot streak that continued longer than anyone would have expected—and which many didn’t. Don’t panic: With casinos at the hottest since forever, it was only natural that Americans’ fever for gambling would ease, at least a bit. Having burned through a remarkable amount of discretionary capital, Yanks are pulling back on our spending a wee bit … albeit not on the Las Vegas Strip. Of course, when the United States gets even a mild cold, Nevada contracts pneumonia … but we’re not there (yet).
October results from Silver State casinos have belatedly crossed the transom and they’re generally about 2% off what they were a year prior. Locals play actually defied gravity and trended up 4.5% ($273 million) but that uptick was fueled by one aberrant submarket. otherwise, the Strip was down 3% (to $692 million). Blame it largely on baccarat: The house lost 23% worse than in 2023, as players wagered 2% less, taking the house to the cleaners. Table games favored players, too, as they saw 11% less win despite 4% larger betting. The house did better at the slots, making 5% more on 4% higher coin-in. Locally, punters spent 5% more at the slots but lost 9% more than last year.
If the Strip was off by a little, Downtown was off by a lot: 11% ($87 million gross). By contrast, miscellaneous Clark County casinos—including powerhouse Durango Resort—leapt 10%, one of two jurisdictions to post a significant increase. Laughlin slid 7% ($44 million) and Reno dipped 3% ($68 million). The Boulder Strip was down 2.5% to $86 million and North Las Vegas dipped 4% ($22.5 million). Of the two Utah-fed markets, Mesquite held firm with $16 million while Wendover dove 3% to $21.5 million. Lake Tahoe kept is reputation for hyper-volatility intact, erupting 18.5% to $21 million. With the noted exceptions, it was nothing to write home about—but no cause to man the lifeboats, either.
Gamblers in Sin City were actually rather generous, considering that visitation took a 3% hit. Thanks in part to the absence of Twitch Con, there were 12.5% fewer conventioneers, while hotels ran at 85.5% occupancy. Room rates, which hovered around $204/night, were actually 7.5% more consumer-friendly than in 2023—but still 58.5% above 2019, staggeringly. Visitors preferred to come by car (+2%) rather than air (-3.5%) and there were, surprisingly, only 1% fewer hotel rooms for them, despite the Mirage/Tropicana subtraction.