Reno and Downtown LV Casinos Thrive While Vegas Visits Dip 5.2% in November

Nevada’s casinos generated US$1.34 billion in November gaming revenue, a 2.4% statewide increase from 2024’s $1.31 billion, propelled by strong performance in downtown Las Vegas and neighboring Reno. Meanwhile, the Strip saw a 0.6% year-on-year decline to US$784.3 million despite wagering volumes rising 5.3% to US$5.53 billion. Weaker baccarat and table game holds offset a 5.5% slot revenue surge to US$421.6 million.

Las Vegas visitor numbers fell 5.2% to 3.14 million, underscoring persistent challenges from reduced international tourism to pricing pressures, even with major events like the Formula 1 Grand Prix drawing crowds. Slot holds remained steady at 7.6% amid the mixed results.

Game Performance

While Nevada’s statewide revenue climbed in November, the Las Vegas strip lagged, per Nevada Gaming Control Board data. Downtown Las Vegas surged 10.3% to US$87.1 million, and Reno casinos rose 7.1% to US$55.6 million, offsetting the Strip’s softness due to weaker table game holds.

Slot machines drove gains statewide, with revenue up 7.7% at a 6.8% hold rate, while table games slumped 6.2% on a 13.9% hold. Baccarat revenue fell 6% despite a 9.2% rise in wagering, as hold rates dropped sharply. Sportsbooks bucked trends with a 7.9% increase, fueled by football outcomes.

The Strip’s Q4 revenue remains up 3.5% overall, though November’s high-profile events, including F1 and UFC matches, failed to counterbalance tourism declines and pricing pressures. Local casinos led with a 5.8% revenue jump, powered by a 10.8% slot surge to US$211.5 million.

Submarkets Surge as Strip Slips

While the Las Vegas Strip accounted for 58.2% of Nevada’s November gaming revenue, regional markets performed better. The Boulder Strip led with a 20% surge to US$79.5 million, the strongest among 19 tracked submarkets.

NGCB reported an 11.6% gain in Laughlin (US$38 million), 10.7% in Mesquite (US$18.2 million), and 10.3% in downtown Las Vegas (US$87.2 million). Only five areas underperformed compared to 2024, including South Lake Tahoe, which fell 4.6% to US$13.8 million.

J.P. Morgan’s Daniel Politzer noted Strip volumes aligned with operator reports citing “solid” Formular 1 results and a “fairly normal” 14.7% baccarat hold. Statewide gaming tax collections rose 4.9% to US$513.3 million, continuing Nevada’s streak of over $1 billion in monthly wins.

Tourism Metrics

Las Vegas marked its 11^th consecutive month of declining tourism in November, with nearly all key indicators underperforming 2024 levels. Hotel occupancy fell to 79.4%, while average daily room rates dropped 2.9% to $193.04, plummeting 10% downtown to $90.04. Revenue per available room tumbled 8.4% to $153.27.

Highway traffic was a bright spot, showing a 2.4% rise in daily vehicles (134,190) on major routes to Las Vegas and a 2.5% increase at the California-Nevada border (46,040 daily). Air travel was grim, with a 9.6% decline in passenger traffic.