Strip comes roaring back as Nevada posts second-best month ever in January
This year kicked off with a bang for Nevada gaming, as the state posted its second-best monthly total ever, led by the Las Vegas Strip.
According to Nevada Gaming Control Board data released Thursday (27 February), the state posted $1.43 billion (£1.13 billion/€1.38 billion) in gross gaming revenue (GGR) in January. That is a 12.5% year-on-year increase and the second-highest monthly total ever, behind last December’s $1.46 billion. The Silver State is now flat for the fiscal year to date.
In welcome news for the industry, the Las Vegas Strip bucked its streak of six straight months of YoY decreases. America’s gaming capital posted $840 million in GGR, up 22.4% from last year. January was its third-best month of all time, behind the two previous Decembers ($905 million in 2023, $881.2 million in 2024). This strong result was enough to bring the Strip up to -1.6% for the FY so far, despite the down months.
In a reversal of previous trends, downtown Las Vegas posted a 2% YoY decrease ($83.7 million) and the Las Vegas locals market was flat ($170.6 million). Both sectors have buoyed the state’s industry in light of the Strip’s struggles. Even with an underwhelming month, downtown is still +3% for the FY to date and the locals market is +8%, the best of any market in the state.
Baccarat giveth in January
Looking closer at the Strip, it doesn’t take long to see what fueled the January resurgence. Baccarat GGR was $214.2 million, a 121% jump YoY. Since the beginning of last year, seesaw baccarat performance has caused big swings in the Strip’s overall performance. January’s GGR figure for the game was more than any other market reported as a whole.
Over the last 12 months, the Strip has won $1.48 billion on the game, but the boom-or-bust monthly swings mean the figure is flat from the previous period. For January, good results for craps (+11% YoY) and roulette (+35%) made for strong table game performance overall ($415.6 million, +45.6%).
The Strip’s slot performance was positive, but less so. Its GGR of $424 million was good for a 6% increase from last year.
Northern markets start the year off strong
By and large, January saw great performance from Nevada’s northern markets. The winter months have a tendency to be volatile for the region, as weather patterns often have a big impact on revenue.
Reno led the way with GGR of $67 million, up 2.5% YoY. The Biggest Little City is now slightly up (+1.3%) for the FY. Nearly all other markets in the region posted YoY gains, including Sparks (+3%) and the Carson Valley (+7%). Wendover’s 14% increase drove Elko County to GGR of $32.6 million.
South Lake Tahoe had the second-best month in the state behind the Strip. Its GGR of $22.2 million was a 22.3% increase. The market is now +1.4% for the fiscal year.
Wagering has a good month
State sports betting, like baccarat, has also been very volatile of late. But January got 2025 started on a positive from $72.6 million in GGR, up 12% from last year. Of that, $42.7 million came via mobile betting, a 42% increase.
On the Strip, sports betting GGR was up 18% YoY to $33.6 million. About half ($17 million) came from mobile betting (+97%).
Given the NFL playoffs and Super Bowl, January and February are typically among the biggest sports betting months of the year by performance. However, Nevada law requires bettors to register in-person for mobile betting, a roadblock that keeps the biggest national platforms, which don’t have retail locations, from operating in the state.
