The Strip had its first monthly drop in gaming revenue since May in September, but the almost 5.5 percent loss wasn’t shocking because the two biggest resort operators on Las Vegas Boulevard claimed that lower visitor numbers and lower consumer spending had persisted since the summer.
Strip gaming revenue dropped to $687.8 million last month, mostly due to a 42.7 percent drop in high-end baccarat revenue, the Gaming Control Board reported on Wednesday. Even while tourism declined, the Strip saw revenue increases of more than 5% in July and August because of a high-roller game connected to a few Strip casinos and renowned for its erratic win-loss swings.
For the first time since May, statewide gaming revenue fell to $1.28 billion, a 2.3% decrease from the previous year.
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According to the Las Vegas Convention and Visitors Authority, the number of visitors to the Strip decreased by 8.8% in September, with just under 3.1 million people visiting for the ninth consecutive month. Visitors to Las Vegas are down 8% from 2024 after nine months, with double-digit drops in June and July.
Caesars Entertainment CEO Tom Reeg stated, “It was a difficult summer,” during the company’s third-quarter results conference call on Tuesday. “The demand for leisure travel to Las Vegas has undoubtedly softened.”
Caesars, which runs eight locations in the Strip, reported that its total quarterly revenue for September was $952 million, a decrease of over 10%. On the Nasdaq National Market, the company’s stock price dropped more than 15% on Wednesday, closing at $18.72.
The economic indicator used to measure profitability, revenue per available room, or RevPar, has been difficult all year. According to Reeg, the company has addressed pricing issues that dominated market discussions throughout the year.
Courtesy: https://www.covers.com, https://www.casino.org, https://pechanga.net
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