Las Vegas Casino Revenue Dips in September as Visitation, Baccarat Drop

^{Las Vegas casinos reported lower revenue in September as fewer visitors and weaker baccarat results offset modest slot gains. (Photo: courtesy of Las Vegas Convention and Visitors Authority)} 

LAS VEGAS -- It might not be surprising that visitation to Las Vegas fell in September like it has been the last few months, but gaming revenue also saw a decline.

According to The Las Vegas Convention and Visitors Authority (LVCVA), the city saw an 8.8% decrease in visitation compared to last year. Statewide gaming revenue declined by 2.26% in September, and Clark County saw a similar 2.89% decline. But compared to recent months, gaming revenue dipped largely due to a sharp fall in baccarat revenue. 

Visitation and Gaming Revenue Decline in September

The 3.09 million visitors during September were also fewer than the 3.17 million in August. The dip is not much of a surprise with Labor Day falling on Sept. 1, so the bulk of activity from that weekend was already included in the August data.

Statewide gaming revenue fell 2.26% in September, while Clark County and the Las Vegas Strip saw a similar 2.89% decline. These areas account for the majority of Nevada’s gaming revenue. The Strip was hit hardest, with revenue dropping down 5.48%.

The LVCVA’s marketing blitz in September and “Fabulous 5 Day Sale” (LINK) might have helped the casinos drive revenue, though. MGM Resorts CEO Bill Hornbuckle said the sale led to 300,000 room nights during the company's most recent earnings call.

During the last quarter, occupancy at Caesars properties fell 5% and the average room rate dropped 6%. However, Caesars Entertainment’s CEO Tom Reed noted that each month’s revenue during the quarter was progressively better and there was an overall uptick in booking during the sale.

“Our bookings picked up considerably during that sale," Reed said. "So, it was effective. And we know that LVCVA intends this to be an ongoing campaign. So you should expect this not to be one shot in terms of the messaging around value in Las Vegas.”

It’s still too early to see the specific financial impact of the LVCVA sale since Caesars was accepting reservations through September 2026. However, room rates in September fell only 1.5% on the Strip compared to falling 2.9% throughout the Las Vegas Valley.

Baccarat Giveth and Taketh Gaming Revenue

The table game continues to be the straw that stirs the gaming revenue drink in Las Vegas. This helped to keep gaming revenue up despite fewer visitors in Las Vegas, but the trend ended in September as baccarat revenue on the Strip fell 42.7% to $50.7 million.

Overall, Strip gaming revenue fell 5.48%. But without factoring in baccarat, gaming revenue on the Strip was down only 0.3%. Pai Gow Poker had the largest increase, with 25.56% more revenue than a year ago. Downtown Las Vegas was hit even harder by baccarat, as casinos in the area lost money as revenue from the game fell 129.8% compared with last year. 

Aside from table games, every type of slot machine on the Strip reported lower revenue. However, multi-denomination machines like bartop games saw a 14.97% increase. 

Gaming revenue followed the visitation increases in Laughlin and Mesquite. The 5.76% and 6.33% increases were the largest in Southern Nevada. South Lake Tahoe had the biggest jump statewide, up 9.98%.

Visitation Falls in Vegas but Picks Up in Nearby Towns

Las Vegas visitation in September fell 8.7% people during September, but Laughlin and Mesquite saw increases of 9.7% and 7.3%, respectively. While saw about 300,000 fewer visitors, the two nearby casino markets saw a combined increase of 118,000. There may not be a direct correlation, but it is a trend seen several times this year.

The dip in Las Vegas visitation was driven largely by fewer business travelers. Convention visitation specifically fell 18.7% likely due to the absence of the MINExpo and Oracle CloudWorld events. According to the LVCVA, these two conferences draw about 75,000 people, but events moved to October this year. 

Weekend hotel occupancy stayed the same, while weekday occupancy fell 6.7%. Conventions usually take place on weekdays so the trend correlates with the cancellation of the conventions. Strip casinos saw room rates decline only 1.5% to $206.54 per night, despite fewer midweek guests.

Downtown Las Vegas hotel occupancy also fell 6.7%, despite room rates being 7.9% lower. Average downtown room rates were $8.42 less than a year ago.