Las Vegas visitation and gaming revenue numbers for November have been highly anticipated because it was the month of the Las Vegas Grand Prix.
Some Las Vegas casino operators projected LVGP revenue increases from gaming and hotel rooms. Others were skeptical that months of construction and paving might mar the impact of the first F1 race on the Vegas Strip.
After the race, MGM Resorts Chief Financial Officer Jonathan Halkyard said the Las Vegas Grand Prix “was the highest-grossing weekend for us in hotel revenue in the company’s history.”
The November visitation and gaming revenue reports will help drill down on the impact of the F1 race on the Las Vegas economy.
Vegas Strip casino operators saw the second-largest month of gaming revenue. They also saw record-breaking average daily hotel room rates.
Visitation was only slightly higher than in November 2022 despite a report by KTNV Las Vegas saying 315,000 visitors attended the Las Vegas Grand Prix.
November Las Vegas gaming revenue
In November 2023, Nevada’s casinos reported a total “gaming win” of $1.37 billion, according to the monthly revenue report. This was an increase of 12.56% increase compared to Nov. 2022.
As usual, Clark County led the way for gaming revenue in the Silver State. Southern Nevada casinos won $1.06 billion in Nov. This 14.34% increase was led by Vegas Strip casinos.
The casinos on the Vegas Strip won $820 million. This was a huge 22.63% increase from the previous year.
While an impressive increase compared to 2022, this wasn’t the record-breaking month some expected. It’s not even the most revenue for a month this year. In July, Vegas Strip casinos won $834.9 million.
Many people visiting Las Vegas for the F1 race stayed and played at high-end Vegas Strip casinos. Most areas in Las Vegas saw a slight dip in gaming revenue compared to 2022.
Downtown Las Vegas casinos won $81 million during the month. This was down almost 2% compared to 2022.
Baccarat play jumped over 200% on the Vegas Strip
The influx of international gamblers helped boost baccarat revenue in Las Vegas casinos. In November, casinos on the Vegas Strip saw a 208.66% baccarat win increase from 2022 to $178 million.
Casino operators also saw a hefty 93.06% revenue increase from mini baccarat in Nov. This is the version of baccarat found on the main casino floors.
These casinos also saw a 34.32% increase in how much they won from blackjack compared to 2022. This was good for $97 million in blackjack winnings for the month.
Roulette and craps were the only other table games to see an increase in revenue compared to Nov. 2022.
Even though slot machines led the way, as usual, for Vegas Strip gaming revenue the $410 million win was 1.26% lower than Nov. 2022. Other than multi-denomination machines, $100 per credit slot machines were the only ones to see an increase during the month.
November visitation increased only slightly
The majority of the Vegas Strip saw construction and road closures during the months leading up to the Las Vegas Grand Prix in November. MGM Resorts built the Bellagio Fountain Club in front of the iconic casino.
This not only hampered traffic but it blocked the fountain show outside of the casino. The Bellagio fountains are one of the most popular attractions on the Vegas Strip.
Visitation to Las Vegas in Nov. 2023 was 3.29 million. This was a 0.8% increase compared to the previous year, according to the Las Vegas Convention and Visitors Authority (LVCVA) Executive Summary.
The F1 race wasn’t the only special event in Las Vegas during the month. The SEMA automotive trade show helped boost convention visitation for the month by 2.7%.
Las Vegas saw record-breaking hotel room rates
Similar to visitation hotel room occupancy was only up slightly for the month. The 0.7% increase led to a total of 81.9% of Las Vegas hotel rooms being occupied in Nov. 2023.
The occupancy rate on the Vegas Strip was 85.3%. Downtown Las Vegas hotels saw a 5.2% occupancy decrease from 2022 to 65.6%.
The average daily hotel room rate for the month of the Las Vegas Grand Prix was $249.31. This was an increase of 33.7% from the previous year.
The record-breaking hotel room rate in Las Vegas was helped by a massive $270.17 average daily room rate on the Vegas Strip. The rate was a 35% increase from the previous year when the average hotel room rate on the Vegas Strip was “only” $200.16.
Downtown Las Vegas also had an increase in the average daily hotel room rate. The $108.67 per night room rate was 10.6% higher than the previous year.
Busy start to 2024 and what to expect in January
Las Vegas will get off to a busy start to the year. In January three of the largest conventions will take place in Las Vegas:
- CES: Jan. 9-12
- SHOT Show: Jan. 23–26
- World of Concrete: Jan. 23–25
CES is typically the most attended convention of the year in Las Vegas. Before the Covid-19 pandemic attendance was 171,000. Last year CES rebounded to see more than 115,000 people in attendance.
This year CES could see even more attendees as international travel to Las Vegas continues to increase.
There are also a few smaller conventions and expos taking place in Jan. Additionally, the Martin Luther King Jr. holiday usually draws regional visitors for a three-day weekend.
February often sees a slowdown in visitation but Super Bowl LVIII will attract hordes of fans, media, and corporate sponsors to Las Vegas. The city is already preparing for road closures and another blockage of the Bellagio fountains.