Conventions Lift Las Vegas Visitation for Second Straight Month as Baccarat, Sports Betting Surge

^{There are probably some baccarat players inside Bellagio on this night (Photo: Maverick Helicopters on X)} 

Strong gains in Las Vegas drove Nevada gaming revenue up 11.78% year over year to $1.47 billion in March, according to the Nevada Gaming Control Board. The Las Vegas Strip, downtown, and the Boulder Strip/Henderson each posted double-digit increases for the month.

Visitation to Las Vegas increased by nearly 2% to 3.45 million in March, thanks to a large influx of convention attendees, according to the Las Vegas Convention and Visitors Authority. This led to higher room rates for visitors - especially on the Vegas Strip.

Harry Reid International reported 4.6 million passengers in March, a 4.2% decrease from last year. International visitation continues to drag down numbers, with Air Canada and WestJet passenger traffic falling 20% and 22%, respectively, leading to a 15% dip in international visitors.

During this week's earnings call, MGM Resorts President and CEO Bill Hornbuckle said the company's "Canadian business is down 30-40%."

Not all parts of the world are skipping Las Vegas. Major carriers from Europe and Asia saw year-over-year passenger growth, with British Airways up 4.5%, Virgin Atlantic up 5.4%, and Korean Air up 6.4%. These markets are key sources of international high rollers.

The Visitation Rebound Continues

Visitation to Las Vegas increased for the second consecutive month, with much of that growth driven by 178,100 convention attendees, up 33.4% from last year.

Attendance at CONEXPO, a triennial construction and equipment trade show, reached 140,000, which explains why multiple casino operators mentioned the expo on their first-quarter earnings calls. They also touted efforts to attract large conventions from other cities so they could replicate the revenue those conventions generate.

The convention surge helped drive a 12.4% increase in the average hotel room rate to $206.72. Strip casinos saw an even larger 14% jump to $223.60 per night. Hotel room occupancy on the Strip was 87.4%, up 1.6%.

Conventions weren't the only draw. College basketball conference tournaments, March Madness, and NASCAR's Pennzoil 400 also gave visitors a reason to come to Las Vegas. Despite gas prices beginning to rise in March, auto traffic from California was up 5.4%.

The Baccarat Bump Moves Downtown

Downtown Las Vegas and the Strip are rarely aligned on gambling revenue. While the Strip leans on baccarat, downtown sees more variety with blackjack, craps, and sports betting.

Las Vegas gaming revenue can often depend on a handful of high-roller baccarat players on the Strip. That may have been the case again in March, as Strip casinos won $79 million from baccarat players, a 105% increase over the same month last year.

Downtown saw a rare jump in mini-baccarat revenue. The game, played on the main casino floors, was up 95% to $550,000.

The two versions of baccarat are played mostly the same way. Big baccarat games in high-limit rooms on the Strip can accommodate up to 14 players. Mini-baccarat is set up like a standard table game on the main floor, with room for up to seven players.

Beyond lower minimum bets, mini-baccarat players do not handle the cards. That hands-on element is part of the appeal for big baccarat players, who have more control over the cards and can bend, crease, or toss them.

Baccarat and mini-baccarat carry the same low house edge: 1.06% on the Banker bet and 1.24% on the Player bet. That slim margin can help players stretch their bankroll and stay in the game longer.

This could signal a shift in player preferences downtown. Casinos in the area have seen a 31.56% increase in mini-baccarat revenue over the past 12 months, the most of any table game.

Hockey Revenue Boosts Sportsbooks

Sportsbook revenue jumped across Las Vegas in March. The Strip posted a 143% increase, downtown rose 52.69%, and the Boulder Strip saw a 66.6% gain in sports betting revenue.

While each area benefited from March Madness and basketball wagering, downtown and the Strip were boosted by hockey betting surges of more than 400%.

Sportsbooks now grade futures bets as soon as a team is eliminated rather than waiting until after the regular season. For the first time, four of the original six NHL franchises, the Detroit Red Wings, Boston Bruins, Chicago Blackhawks, and New York Rangers, failed to make the playoffs and were knocked out of Stanley Cup contention.

The Vegas Golden Knights also contributed to players losing by limping into the playoffs with a 5-9-1 record in March. Las Vegas residents love betting on the home team.

All revenue matters to the bottom line, though this isn't an apples-to-apples comparison by dollar amount. Basketball generated four times the sportsbook revenue as hockey in March across both areas.