Nevada's casinos produced $1.29 billion in gaming revenue during May, 2% below May 2024 production, as per data provided by the Nevada Gaming Control Board. Revenue on the Las Vegas Strip hit $713.8 million, 3.9% below last year's record of $742.5 million. Last May ranked as the state's 10th-best month historically.
Key Takeaways
- Nevada casinos reported $1.29 billion in gambling revenue for May, down 2% from the same month in 2024
- Las Vegas Strip winnings fell nearly 4%, but local casinos in Clark County set a new monthly revenue record
- Red Rock Resorts posted record-high revenue despite broader market declines
Senior economic analyst Shelley Newell noted that while some markets saw revenue declines, play volume remained strong. Slot play increased statewide by 3.8%, though slot win fell $40.9 million to $845.3 million. Local casinos posted notable gains, with volume up 2.8% and hold climbing from 14.10% to 17.55%.
The "Balance of Clark County" category, which includes around 70 off-Strip venues, set a new monthly record of $174.2 million, surpassing the July 2024 high. In a Q2 earnings call last week, Red Rock Resorts confirmed strong performance, reporting $526.3 million in revenue, its highest on record.
With only a few days left in the state’s fiscal year, Nevada’s gaming tax collections were down 0.73% compared to last year. As of Tuesday, the state had brought in $79.2 million for June.
Tourism strategy amid visitor declines
The decline in overall revenue comes as Las Vegas works to counter falling visitor numbers. Jeremy Aguero of Applied Analysis noted that the city's strength is its adaptability, even during more challenging economic times.
Though fewer vehicles have entered Nevada, air travel and quick trips from California have grown and are often related to concerts and residencies.
Large-scale events such as WrestleMania, Formula 1 racing, and concerts by big acts are drawing big spenders instead of masses of leisure visitors. Aguero urged that tourism indicators must be viewed in context to avoid distorting short-term fluctuations.
UNLV International Gaming Institute's Alan Feldman emphasized that mega-events and residencies will play an increasing part in maintaining tourism. The Las Vegas Convention and Visitor Authority will discuss ways of dealing with the slowdown at a future board meeting.
Poker Palace planning layoffs ahead of closure
Amid these broader trends, the Poker Palace in North Las Vegas will close under a pending sale agreement in the coming weeks, leading to the loss of about 126 jobs. A notice filed under the Worker Adjustment and Retraining Notification Act stated the closure is expected to be temporary, with October 1 as the targeted date.
The first layoffs are scheduled for September 30 and will affect positions including dealers, cashiers, security staff, food service workers, and slot attendants. The completion of the sale will determine the property's future operations.
