The latest gaming, tourism, and economic data for June reveal little change in Nevada, marking the close of the fiscal year for Las Vegas and the state overall.
According to the Nevada Gaming Control Board, gross gaming revenue across the state reached $1.34 billion last month, reflecting a slight increase of 0.8% compared to the same time last year. For the fiscal year, total gaming revenue hit $16 billion, which represents a growth of approximately 2.5% over the prior period.
On the Las Vegas Strip, June's gross gaming revenue saw a 1% decrease year over year, totaling $754.6 million. Although last year’s performance showed a decline, the Strip rebounded in this fiscal year, concluding with a 2% increase at $8.9 billion. The majority of the June downturn was attributed to baccarat, with winnings dropping by 20% year-over-year to $102.7 million, as reported by the NGCB.
Meanwhile, several southern Nevada markets experienced notable growth this fiscal year. Mesquite reported the largest percentage increase at 6.6% with a total of $207 million, alongside North Las Vegas (+4%), Boulder Strip (+3.6%), and downtown Las Vegas (+3%). Both Boulder and downtown Las Vegas achieved around $1 billion in gross gaming revenue, while the Las Vegas locals market remained stable, just under $2 billion.
Visitation to Las Vegas in June remained relatively steady, with 3 million visitors, the Las Vegas Convention and Visitors Authority indicated. A robust conference schedule contributed to a 25% increase in this segment. Overall occupancy in the Las Vegas area held at 78%, although average daily rates and revenue per available room on the Strip dipped by about 5%.
Passenger data from Harry Reid International Airport for June was not yet available, but the year-to-date total as of May showed a decline of 6%.
In marked contrast, Reno performed exceptionally well in June and for the fiscal year, with a gross gaming revenue of $81.6 million, representing a substantial 20% increase year-over-year. For the fiscal year, Reno's GGR reached $825.3 million, a 7% rise.
The Reno-Tahoe area has reported record tourism boosts this year. Spring air traffic was up by 4% compared to last year, with passenger numbers for April and May marking the highest figures seen in nearly twenty years. In the first quarter, Reno recorded a taxable room revenue of $106 million, the highest first-quarter revenue in the city’s history, according to Visit Reno Tahoe.
Future changes in market dynamics are anticipated. Caesars Entertainment, which relocated its headquarters to Houston following its acquisition by Eldorado Resorts in 2020, continues to manage three properties in downtown Reno: Eldorado, Silver Legacy, and Circus Circus.
Conversely, other operators are making significant investments in growth, including the Grand Sierra Resort, which is launching a $1 billion multi-phase expansion, and the J Resort, which completed the $400 million initial phase of its renovation and expansion in May.
On the employment front, Nevada recorded a 2% year-over-year growth in nonfarm jobs in June, according to the state’s Department of Employment, Training and Rehabilitation. The leisure and hospitality sector added 1,700 jobs statewide, the highest among all sectors.
Employment in the Las Vegas metro area experienced no change month-over-month while showing a 2% increase year-over-year. The Reno metro area mirrored this trend with no month-over-month change and a slight year-over-year growth of 1.5%.
David Schmidt, Chief Economist at DETR, commented, "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 a solid footing in June."
