In an exhilarating display of recovery, Nevada’s pulsating casinos generated a gross gaming revenue (GGR) of a stellar $1.32 billion last month, effortlessly breaking a new frontrunner record for the glittering month of May in the annals of the Silver State’s illustrious gaming industry.
Despite a concerning dip of 2% in March’s GGR causing analysts’ alarms to buzz with predictions of a looming stagnation, Nevada’s vivacious casinos have relentlessly chosen the path of revival. Their strong performances in the bustling months of April and May have shattered such forebodings to smithereens.
In a resounding comeback, April’s casino revenue took a thrilling leap, a near 7% vault upward to a robust $1.24 billion. May continued the winning streak in no less heroic a fashion, escalating 2.5% with the month’s winnings touching the highest pinnacle recorded thus far.
In this spectacular triumph, table games and sports betting stood out as the unconquered champions. The carefully calculated moves on the felt in addition to the exhilarating choices of the oddsmakers, contributed a solid $434.3 million, a notable 6% enhancement compared to the similar month in 2023. Slot machines vigorously partook in the victory as well, climbing a steady 1% to harvest a hefty hold of $886.1 million.
Breaking down the numbers, it’s evident that a staggering $36 million of the $514.4 million wagered on both college and professional sports found its way into the coffers of the oddsmakers. When seen vis-a-vis May of 2023, the sportsbook win recorded a hefty surge, an impressive 20% acceleration.
The lifeblood coursing through Nevada’s vibrant gaming industry is Las Vegas and its iconic Strip. The Strip, the world’s most celebrated casino walkway, singlehandedly generated an astounding GGR of $742.5 million last month, a commendable 3.7% increase year over year.
The successful turn of events was largely attributed to a dynamic event calendar populated with major conventions and exhibitions. The southern part of this desert city, known for its entertainment prowess, was kept humming with activity by world-renowned performers like Adele, Garth Brooks, and Carrie Underwood. Notably, fans thronged arenas for major concerts by the likes of Justin Timberlake, The Rolling Stones, and Pearl Jam.
Added to this vibrant mix of events were large-scale conventions such as the WasteExpo, International Spa Association Conference, ABC Kids Expo, RECon 2024, and the commencement of JCK Las Vegas. This surge of A-list musical outings coupled with high participation conventions led to Harry Reid International Airport setting another record of facilitating more than 5.2 million arrivals and departures, a 5.2% escalation compared to May 2023, marking the highest recorded traffic in May ever.
This torrent of passengers was split between approximately 351,400 international travelers, a skyward 22% year-on-year leap, and over 4% domestic traffic increase equaling around 4.8 million travelers. Of the city’s top five carriers — Southwest, Spirit, Delta, American, and United — only Spirit registered a slight dip in passenger traffic, while Southwest continued its reign as the dominant air carrier.
With the GGR exceeding $1 billion for the 39th consecutive month in May 2024, the streak is heading toward an astonishing 40th month. This remarkable feat tops the previous record of continuous 10-digit GGR that lasted for eight months from October 2006 through May 2007.
Despite March marking the first GGR decline year over year in eight months, Nevada and Las Vegas casinos have relentlessly pursued a post-pandemic recovery, rebounding to black in year-on-year GGR during April and May. Still, with evidence of high-end strength, led largely by the baccarat segment, the question remains: With the segment’s possible saturation point close at hand and increasing competition, is a market slowdown a question of ‘when’ rather than ‘if’?
