Nevada’s gaming industry ended the first half of 2024 on a high note, particularly in Las Vegas, while northern regions faced challenges. The state saw $1.28 billion in gaming revenue in June, a 3.2% increase from June 2023, according to the Nevada Gaming Control Board.

Las Vegas Strip Resilient with 4.2% Revenue Increase

Casinos serving local patrons drove much of this growth, with a 6.2% rise in June and a 9% increase for the second quarter. The Las Vegas Strip showed resilience, with revenue climbing to $758.5 million, marking a 4.2% year-over-year increase and a 4.8% gain for the second quarter.

Downtown Las Vegas also performed well, seeing a 5.8% rise to $66.2 million. The Boulder Strip and Mesquite experienced moderate increases, while Laughlin saw a slight decline. However, northern Nevada did not fare as well, with Reno, Sparks, and South Lake Tahoe all reporting significant drops in revenue.

Michael Lawton, a senior economic analyst for the Control Board, noted that an extra weekend day in June 2024 compared to the previous year contributed to these gains. Las Vegas welcomed nearly 3.5 million visitors in June, a 1.8% increase from the same month in 2023. 

Las Vegas Sees Robust Weekend Occupancy Despite Midweek Dips and Upcoming Hotel Closures

Overall hotel occupancy in June slightly decreased to 85.2%, but weekend occupancy was robust at 91.3%, while midweek occupancy dipped slightly to 82.6%, with convention attendance down 7.9% due to scheduling shifts. The average daily room rate rose by 6.4% to $176, and revenue per available room increased by 6% to nearly $150.

Notably, the closure of The Mirage and Tropicana hotels is set to reduce room availability on the Las Vegas Strip by nearly 5%, leading to higher hotel rates. Recently, CBRE’s director of equity research John DeCree predicted this will benefit mid-tier hotels, driving earnings growth as demand shifts and average daily rates increase.

Moreover, the Las Vegas Strip’s gaming win was notably boosted by a busy events calendar, including performances by Bruno Mars and Lady Gaga, a significant boxing match, soccer matches in the Copa America Tournament, the NHL Draft, and major UFC fights. These events contributed to a 4.3% increase in the Strip’s gaming win.

June also marked the end of Nevada’s fiscal year, with the state achieving a record $15.8 billion in gaming revenue, a 4.4% increase from the previous fiscal year. This marks the third consecutive year of record-breaking gaming revenue for the state. The Las Vegas Strip, in particular, saw its gaming revenue rise by 6.1% to $9.1 billion, accounting for 57.4% of the state’s total.

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The Mirage casino in Las Vegas is closing down, and Nevada’s Department of Employment, Training and Rehabilitation (DETR) has said it will help employees who will lose their jobs to get new ones or start businesses. The famous casino run by Hard Rock International is to be shut on July 17 for major remodeling that will see it turned into a different brand.

DETR Launches Rapid Response Program for 3,350 Mirage Employees

Aiming to offer maximum assistance to the 3,350 staff that were affected by the shutdown, DETR is rolling out its Rapid Response Program. The initiative seeks to ensure that those who are laid off or have their places of work closed down can easily access different kinds of services and resources during this period of change.

Director of DETR, Christopher Sewell, noted that the department is dedicated to customizing support for Mirage workers and said that the goal is to help the employees as much as possible during these difficult times. DETR is planning on carrying out various workshops, job fairs, and information sessions so that employees can get equipped with the necessary skills for finding new jobs.

The Rapid Response team from DETR will provide a package which includes among other things budget planning help, advice on health cover alternatives, and vocational training courses. The materials shall be offered physically and virtually too in order to cater to the different needs of those affected.

Gov. Lombardo Applauds DETR’s Initiative

In his response, Gov. Joe Lombardo expressed his appreciation of how DETR has worked together with The Mirage proactively and pointed out their joint efforts in ensuring smooth handover processes for outgoing workers. The department is also connecting them with potential employers while at the same time organizing job fair events within Las Vegas Valley together with other companies.

If qualified union and non-union laborers stay until the scheduled closing date for The Mirage, they will get good separation pay that amounts to about $80 million in total. This is meant to help employees financially as they move on with their careers.

The shutdown of The Mirage means the end of an epoch for the famous Las Vegas Strip landmark. it has been instrumental in making this city become a leading luxurious holiday destination. The Mirage, founded by Steve Wynn in 1989, was the first megaresort on the Las Vegas Strip. Its success prompted the development of other properties. The complex boasts over 3,000 luxurious rooms and suites, a vast casino floor, world-class entertainment, diverse dining options, vibrant nightlife, and a tropical pool complex.

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The Nevada Gaming Control Board said the betting handle in November 2023 had reached $921.9 million, a notch down from the $928 million reported during the same 30-day period in 2021, but it was still a rather moribund result all things considered.

Nevermind the Sports Betting Lull, Profits Are Coming

November’s handle had indeed been slightly off the mark, but it didn’t do too badly for the actual sportsbooks that managed to retain the bulk of profits despite the trailing interest. Mobile betting generated 67.8% of the total wagers posted during the month, accounting for some $625 million, and still down by $17.5 million from November 2022, building on October’s success.

Yet, for all these lukewarm results and lack of growth, sportsbooks posted a 4.45% held percentage, or some $40.1 million. This was a strong gain on the 4.05% held posted in November 2022 and saw the companies stand tall despite the slightly suppressed betting interest.

Then, there was gaming, which continued to grow at a good pace. The Silver State reported some $1.3 billion collected, marking a 12.5% increase from the same 30-day period in 2022. Results in gaming have been steadily improving throughout the year for the company with The Las Vegas Strip once again leading the way in terms of total gaming wins, posting $821 million, a significant chunk of the total.

This has been the second-highest win that gaming venues in Nevada posted in the state’s history, with many analysts attributing this success to the Formula One fanfare and interest. Although the race did cause a lot of headaches, and many tourists and locals grumbled, the numbers released by the Nevada Gaming Control Board seem to contradict and rebuke that negativism.

Baccarat High Rollers Boost Gaming Results

In fact, the four-day period from November 16 through November 20 seems to have been particularly profitable, according to Michael Lawton, a senior economic analyst. Despite the rather uncomfortable organization and the disruption to the usual day-to-day of locals and visitors, Nevada had made the right choice.

However, the most significant gain may have come from high rollers with baccarat’s gaming proceeds growing by 78.6% during the month, indicating that many well-heeled gamblers have arrived to watch and have fun around the Las Vegas Strip.

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Everi Holdings, a leading provider of casino and iGaming products, financial technology and loyalty tools, has announced that it has received a new badge of honor. The supplier proudly announced that it has been named one of Nevada’s top workplaces.

The 2023 Nevada Top Workplaces award, provided by the Las Vegas Review-Journal and Las Vegas Business Press, designates Everi Holdings as a company with a healthy workplace culture that cares for its employees.

2023 notably marks the third year in a row Everi Holdings has received this recognition. In total, the company has received 21 Top Workplaces honors over the last three years, further attesting to its functional culture.

In 2023, Everi also earned four Culture Excellence awards from Top Workplaces – for Innovation, Work-Life Flexibility, Compensation and Benefits, and Leadership. Furthermore, the provider’s name made it to the Top Workplaces USA list for the second year in a row.

Randi Taylor, chief executive officer of the company, said:

We have worked diligently to create a positive company culture with shared values across multiple office locations and with our talented team of remote employees in Nevada, so we are thrilled to be recognized once again by Top Workplaces.

Randi Taylor, CEO, Everi Holdings

Taylor added that Everi Holdings would not have secured the award if not for the extreme dedication and hard work of its team members.

Energage Praised Everi Holdings’ Efforts

It is worth noting that the Top Workplaces award Everi has received is entirely based on employee feedback gathered by the employee engagement technology platform Energage. Energage has over 16 years of experience in probing how employees from over 70,000 organizations feel about their workplace.

The best thing about this vote is that it maintains the anonymity of the respondents, allowing them to share their honest thoughts on 15 culture drivers. Some of these include alignment, execution and connection, among others.

Energage’s chief executive officer, Eric Rubino, commented on the development, saying that a Top Workplaces award is a badge of honor for companies. He added that Everi Holdings should be proud of receiving the award for the third year in a row.

In today’s market, leaders must ensure they’re allowing employees to have a voice and be heard. That’s paramount. Top Workplaces do this, and it pays dividends.

Eric Rubino, CEO, Energage

Everi Holdings shared its thoughts, attributing the accreditation to the hard work it has put into creating a positive company culture. Despite having many offices in Nevada, the company strives to maintain homogeneous values across its hubs, ensuring the well-being of all of its workers.

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