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Analysis: Nevada Casinos’ Fiscal Performance in August 2024

Nevada casinos saw slight year-over-year declines in July and August 2024, raising questions about growth, but factors like property closures and record-breaking 2023 performance suggest it’s too soon to assume long-term trends.

CasinoLandia > News > Analysis: Nevada Casinos’ Fiscal Performance in August 2024

Branimir Ivanov | Senior News Contributor

Updated: Sep 27, 2024

Nevada Performance Takes a Small Blow

As the current fiscal year for Nevada casinos progresses, the industry's performance in July and August of 2024 presents an uncharacteristic trend—a second consecutive month of year-over-year declines in casino win. This has sparked discussions about possible long-term effects on the state’s gambling revenue. However, it's premature to assume that these two months are indicative of larger issues.

In August 2024, Nevada’s casinos reported a combined win just under $1.2 billion, according to data from the Nevada Gaming Control Board. While this marks a slight year-over-year decline, the change is minimal when compared to the historical performance of the same period. What stands out more is the significant 24% drop in gaming taxes collected by the state, which fell to $57.7 million.

This follows a similarly small decline in July, creating a fiscal year trend of slight reductions in gaming win. However, two months of data does not make a compelling case for a significant downturn. Growth in Nevada’s gambling industry may have slowed, but it is not yet clear if this is a temporary lull or a long-term change.

Mitigating Factors

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There are several mitigating factors that help contextualize the year-over-year decline. One major factor is the temporary closure of the former Mirage Casino, which is undergoing renovations as it transitions to the Hard Rock brand. With this property offline, the state’s potential gaming revenue is reduced significantly. The closure is expected to impact revenue for up to two years.

Additionally, the year-over-year comparison between August 2023 and August 2024 may be skewed. August 2023 was part of the most profitable fiscal year Nevada’s casinos have ever seen, and the month itself was the best on record for casino win. In comparison, August 2024's numbers might reflect a normalization of growth following a period of extraordinary gains. It is reasonable to assume that such high growth couldn’t continue indefinitely.

The broader question is whether Nevada casinos have reached a point of normalizing after several years of sustained growth or if this recent performance is merely a temporary dip. Economic trends, consumer spending, and the continued success of tourism in Las Vegas will all factor into future results. Despite the small declines, Nevada casinos are still in an enviable position compared to other states. The industry has seen 42 consecutive months of at least $1 billion in casino win. Few states can match that level of sustained performance.

“While Nevada casinos have posted two consecutive months of slight decline in gaming win, the overall picture is far from dire. The current numbers should be viewed within the broader context of property closures and record-breaking performance in 2023.”

Conclusion

While Nevada casinos have posted two consecutive months of slight decline in gaming win, the overall picture is far from dire. The current numbers should be viewed within the broader context of property closures and record-breaking performance in 2023. Future months will provide more clarity on whether this is the beginning of a longer trend or just a brief period of slower growth. At this point, however, the situation does not warrant panic, but it does bear monitoring.