Even the glitz and glamour of the Las Vegas Strip can’t always guarantee winning streaks. As December numbers roll in, it’ll mark the sixth consecutive month of declining gaming revenue for this iconic avenue. Such a downturn is rare; the last significant decline happened back in early 2019, pre-COVID-19. However, despite the current lull, industry experts remain optimistic about a strong rebound in 2025.
In November 2024, Las Vegas Strip casinos reported earnings of $788.7 million from gambling, reflecting a 3.9% drop compared to November 2023’s $820.8 million. Over the entire year, gambling revenue on the Strip fell by 0.8%. Experts attribute this drop to fewer weekend gaming days, reduced baccarat wins, and slot machines not retaining their usual profits. Carlo Santarelli from Deutsche Bank anticipates December 2024 will also display a downturn, predicting revenues to be 7-9% lower than those in December 2023, citing last year’s extraordinary 22% baccarat hold as a tough act to follow.
In November 2024, Las Vegas Strip casinos reported earnings of $788.7 million from gambling, reflecting a 3.9% drop compared to November 2023’s $820.8 million. Over the entire year, gambling revenue on the Strip fell by 0.8%. Experts attribute this drop to fewer weekend gaming days, reduced baccarat wins, and slot machines not retaining their usual profits. Carlo Santarelli from Deutsche Bank anticipates December 2024 will also display a downturn, predicting revenues to be 7-9% lower than those in December 2023, citing last year’s extraordinary 22% baccarat hold as a tough act to follow.
Barry Jonas from Truist Securities highlighted a notable 18% dip in baccarat revenue in November, despite a 1% uptick in visitor numbers. The desired economic boost from the 2024 Formula 1 event also fell short of expectations, leading to a 22% decline in revenue per hotel room. Yet, Jonas remains optimistic about 2025, buoyed by a roster of events and conferences that promise to drive up visitor numbers and revenue. Caesars Entertainment also projects growth with expectations of improved room revenue and stable or slightly better fourth-quarter EBITDA.
Industry expert Brendan Buss
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