Analysts expect Las Vegas Strip gaming revenue to fall year over year in November and December 2024, citing difficult comparisons with 2023. October revenue was $692.1 million, down 3.1%, while statewide slot win rose 4.2% to $932.3 million, according to figures cited in the report.
Operators and investors face a weaker Strip revenue outlook alongside record statewide slot win.
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Macquarie analyst Chad Beynon said regional casinos should outperform Las Vegas for the rest of 2025, citing third-quarter trends. He expects downside to consensus earnings estimates for the Strip businesses of Caesars Entertainment, MGM Resorts International and Wynn Resorts; CBRE analyst John DeCree expects stability to moderate growth in the locals market.
CBRE analyst John DeCree lowered his price target for MGM from $48 to $45 and for Caesars from $40 to $33, citing weaker Las Vegas results and more conservative estimates. September Strip gross gaming revenue fell 5.5% year on year to $687.8m, while visitation declined 9%.
Las Vegas Strip gaming revenue increased 8.2% year over year in October, according to figures cited by CBRE equity research director John DeCree. He said visitor numbers fell 4.4% to 3.41 million, while convention attendance rose 7.9% to 604,000; the figures formed part of his assessment of the market’s performance.
Nevada’s Gaming Control Board reported that Las Vegas Strip gaming revenue fell 5.4% year on year to $687.8 million in September. Statewide revenue declined 2.2% to $1.28 billion, while Strip baccarat revenue dropped 42.7% to $50.7 million.
UNLV economist Stephen Miller said a mid-year report from the university’s Center for Business and Economic Research recorded a 1.1% year-to-date decline in Strip gaming revenue and a 6.5% fall in visitation. The report also said gaming revenue fell 4.5% in May, including an 11.4% drop downtown and a 3.9% decline on the Strip.