June's gaming and economic data from Nevada showed little change as the fiscal year concluded for both Las Vegas and the entire state. The statewide gross gaming revenue reached $1.34 billion, marking a modest increase of 0.8% compared to the same month last year, according to the Nevada Gaming Control Board. For the fiscal year, the total revenue climbed to $16 billion, representing a 2.5% gain over the previous year.
On the Las Vegas Strip, gross gaming revenue declined by 1% year-over-year to $754.6 million. After a dip in performance last year, the Strip experienced a 2% increase over the fiscal year, finishing with a total of $8.9 billion. Baccarat was a significant factor in the decrease, with winnings from the game falling by 20% from last year to $102.7 million.
Other regions in southern Nevada showed more favorable results, with Mesquite achieving the highest growth percentage at $207 million, up 6.6%. North Las Vegas reported a 4% increase, followed by the Boulder Strip at 3.6% and downtown Las Vegas with a 3% boost. Both the Boulder Strip and downtown Las Vegas reached around $1 billion in gross gaming revenue, while the locals market in Las Vegas remained stable at just below $2 billion.
The Las Vegas Convention and Visitors Authority reported that visitation remained steady in June, with 3 million visitors, aided by a strong conference schedule that contributed to a 25% increase in this segment. Hotel occupancy stayed at 78%, but average daily rates and revenue per available room on the Strip decreased by about 5%.
Although data for June's airport passengers from Harry Reid International Airport was unavailable at the time of this report, year-to-date figures showed a decline of 6% as of May.
In contrast, Reno reported notable growth in June and throughout the fiscal year. The city achieved a gross gaming revenue of $81.6 million for the month, a 20% increase compared to the previous year, marking the highest revenue gain among markets monitored by the Nevada Gaming Control Board. The total revenue for the fiscal year reached $825.3 million, representing a 7% rise.
Tourism in the Reno-Tahoe area has surged, with spring air travel increasing by 4% year-over-year. Reno-Tahoe International Airport's passenger counts during April and May hit their highest levels in nearly two decades. Additionally, Reno's taxable room revenue for the first quarter was $106 million, setting a record for that period.
Market changes are anticipated in the coming years. Caesars Entertainment, previously headquartered in Reno following its acquisition by Eldorado Resorts in 2020, is relocating to Houston under Fertitta Entertainment. Caesars operates the Eldorado, Silver Legacy, and Circus Circus in downtown Reno.
Meanwhile, other operators are committing substantial investments to expansion projects. The Grand Sierra Resort is initiating a multi-phase $1 billion expansion, while the J Resort completed a $400 million renovation and expansion project in May.
On the employment front, Nevada saw a 2% increase in nonfarm jobs in June, according to the Department of Employment, Training and Rehabilitation. The leisure and hospitality sector added 1,700 jobs statewide, the largest gain of any sector. In the Las Vegas metro area, employment trends remained stable month-over-month but rose by 2% year-over-year. Reno experienced similar employment patterns, remaining unchanged month-over-month while increasing by 1.5% year-over-year.
David Schmidt, Chief Economist at DETR, commented on the labor market, stating, "Over the past year, Nevada has added jobs at a brisk pace, and that trend continued in June with over two percent growth in jobs over the past year. The labor force participation rate and unemployment rate both decreased, matching the changes in the national rates this month. Overall, the state's labor market remained on solid footing in June."
