Las Vegas revenue down again in May

The downward trend of casino revenue in Las Vegas continued in May.

The Nevada Gaming Control Board released gross gaming revenue numbers for May last week which showed a year-over-year decline for the fourth straight month. In May Las Vegas strip casinos reported $717.7 million in revenue which was down nearly four percent from May 2024. It was also the slowest May since 2021 during pandemic recovery.

Slots reported a rather steep decline in May with a 5.4 percent drop from 2024, bringing in $381.2 million. Table games all reported a decline in revenue led by baccarat with a 10 percent decline to $109.9 million.

The lone bright spot for revenues in May was at Las Vegas sportsbooks. Sports betting won $20.8 million off bettors in May which was up 32 percent from May 2024.

Across the state casinos reported total revenue of $1.29 billion, which was a two percent drop compared to 2024. Over the last 12 months total revenues have dipped 1 percent compared to the previous year.

The May numbers have led analysts to predict a much cooler revenue expectation for Las Vegas this summer. Visitor numbers to Las Vegas would match this prediction. In May visitor volumes in Las Vegas were down 6.5 percent year-over-year, which totals about 1.14 million people.

According to the latest Nevada Gaming Control Board report mid-tier properties are being hit hardest by the downturn. In its report the control board groups Las Vegas strip properties by monthly revenue include $1-$12 million, $12-$36 million, $36-$72 million, and over $72 million.

Strip casino in the $72-plus group saw a 1.5 percent decline year-over-year. Strip casinos in the $36-$72 million range saw a 16.5 percent decline, and Strip casinos in the $12-$36 million range saw a massive 54 percent decline.