Gaming Revenue: Impact of Calendar and Baccarat on Nevada's November Decrease

Blame the calendar and slots for Nevada recording its fourth monthly gaming revenue decline in the last five months. The Las Vegas Strip also sustained its fifth consecutive monthly year-over-year decline in November as the city hosted its second F1 race.

The Strip generated $788.7 million in gaming revenue, a decline of 3.9% from November 2023’s $820.8 million. Nevada gaming revenue overall fell 4.2% with $1.31 billion generated in November, down from $1.37 billion in 2023. Gaming revenue is up 0.4% for the year.

November 2023 had two additional weekend days.

“Obviously, we were facing a difficult comparison with November (2023), the third highest win total in state history,” said Michael Lawton, economic analyst CPM, Senior Economic Analyst. ”However, if we hadn’t been negatively impacted by slot revenue timing, since November 2024 ended on a Saturday, the state would have recorded an increase year over year.”

The last time the Strip decreased in five consecutive months pre-pandemic was January through May 2019. For the year, the Strip’s total win is down 0.8%.

"If you were to apply a normalized slot hold to Strip slot win, the Strip would have been down $11.1 million or 1.4% compared to last November,” Lawton said. "For the Strip, as usually is the case, the story is baccarat. Strip win was down $32.1 million and baccarat win was down $32.7 million. If you excluded baccarat, the Strip was relatively flat, up just 0.1% or $532,000. Strip baccarat was facing a difficult volume and hold comp from last November when baccarat held 19% and volumes totaled $938.4 million, an increase of 90% or $444.5 million (from November 2022 when there was no F1 event).”