Las Vegas October Gaming Revenue Surges Despite Tourism’s 10th Monthly Drop

Nevada’s gaming industry posted a 5% annual revenue increase to $1.35 billion in October, led by the Las Vegas Strip with a $748.8 million haul. This marked an 8% yearly surge that countered September’s downturn. October’s results extended the Strip’s 12-year revenue growth streak to $8.87 billion.

While the Strip’s year-to-date performance sits 3.3% above the 2024 levels, marking progress towards a fourth annual gain in five fiscal years, visitor numbers continue to decline. The rebound occurred despite mounting social media criticism of rising resort fees and hospitality costs. Analysts note the region’s enduring appeal to high-spending gamblers, even as budget-conscious travelers stay home.

Baccarat Boom Drives Gains

Las Vegas casinos leaned heavily on high-stakes baccarat in October, with the game generating $116.4 million, a 69% annual surge that offset a 2.3% decline in slots. The volatile table game, favored by Asian high rollers often wagering six-figure sums, contributed over a third of the Strip’s $330.1 million table game revenue. Baccarat’s October performance brought Nevada’s statewide gaming revenue to a 5% year-on-year increase.

Other table games showed strength. Blackjack rose 3% to $92.5 million, craps edged up 1.5%, and roulette surged 22%. Sportsbooks nearly doubled last year’s earnings to $25.6 million. Regional markets like Elko (up 5%) and Washoe County (up 4%) complimented the Strip’s positive performance.

Tourism Slump Sparks Pricing Recalibration

Las Vegas welcomed 3.4 million visitors in October, a 4.4% annual decline marking 10 consecutive months of stagnant tourism growth. Strip hotels saw occupancy dip 2% alongside falling room rates (down 5.5%) and RevPAR (down 7%), despite convention boosts from events like G2E, which drew 603,600 attendees (up 8% YoY). This figure remained below 2022-2023 levels.

MGM Resorts CEO Bill Hornbuckle conceded to “price missteps” during an earnings call, referencing viral complaints about $13 coffees at budget properties like Excalibur. “We should have been more sensitive to the overall experience at a place like Excalibur. You can’t have a $29 room and a $12 coffee,” he stated.

The operator, which controls 13 strip properties, pledged to change pricing after acknowledging “we lost control of the narrative” amid national economic pressures and dwindling discretionary spending.