Strip shakes losing streak as Nevada has second-best month ever

The Nevada gaming industry commenced 2025 with remarkable momentum, achieving the state’s second-highest monthly gross gaming revenue (GGR) ever, driven primarily by the Las Vegas Strip.

Data released by the Nevada Gaming Control Board on February 27 indicated that for January, the state’s total GGR reached an impressive $1.43 billion (£1.13 billion/€1.38 billion), marking a robust 12.5% increase year-on-year. This performance positions January as the second-highest monthly total in state history, just behind December’s record of $1.46 billion. As of now, the Silver State stands neutral for the fiscal year to date.

Encouragingly, the Las Vegas Strip broke its streak of six consecutive months of year-on-year declines, reporting $840 million in GGR – a remarkable 22.4% increase from the previous year. January 2025 became its third-best month ever, following December’s figures, which clocked in at $905 million and $881.2 million in 2023 and 2024, respectively. This notable surge brought the Strip’s year-to-date figures closer to neutral, now sitting at a minimal -1.6% decline despite earlier performance challenges.

In contrast, downtown Las Vegas experienced a downturn, posting a 2% year-on-year decrease to $83.7 million, while the local Las Vegas market remained flat at $170.6 million. Historically, these sectors have supported the overall state performance during periods of struggle on the Strip. Despite the monthly drop, downtown Las Vegas still shows an encouraging +3% year-on-year for the fiscal year, with the locals market achieving an impressive +8% growth, the highest among all markets in the state.

Baccarat Drives January Revenue

Analyzing the Strip’s performance reveals that baccarat significantly contributed to the January resurgence, generating $214.2 million in GGR – a staggering 121% year-on-year increase. The game’s performance volatility over the last year has led to considerable fluctuations in the Strip’s overall revenue performance. January’s baccarat figures eclipsed the combined revenue of other gaming markets. Over the past year, the Strip has amassed $1.48 billion from baccarat, although instability in monthly earnings keeps this figure consistent year-on-year.

January also saw promising results from other table games, with craps recording an 11% year-on-year increase and roulette surging by 35%. Overall, table games garnered $415.6 million, representing a 45.6% year-on-year growth. Although slot machines saw a positive performance with $424 million in GGR – a 6% year-on-year increase – overall, their contribution was not as significant compared to table games.

Northern Markets Exhibit Strong Performance

January turned out to be a favorable month for Nevada’s northern gaming markets, traditionally influenced by inclement winter weather, which can impact revenue. Reno emerged as a strong contender, achieving $67 million in GGR, marking a 2.5% increase year-on-year. This puts Reno slightly up (+1.3%) for the fiscal year. Most other markets in the northern region also experienced YoY gains, including Sparks (+3%) and Carson Valley (+7%). Notably, Wendover’s 14% growth propelled Elko County’s GGR to $32.6 million.

South Lake Tahoe achieved remarkable results as well, ranking second in the state behind the Strip with a GGR of $22.2 million, reflecting an impressive 22.3% increase. The market now shows a fiscal year growth of +1.4%.

Sports Wagering Hits New Heights

Statewide sports betting also witnessed volatility in recent times, but January provided a refreshing start with GGR reaching $72.6 million, a 12% increase from the previous year. Mobile betting accounted for $42.7 million of this total, representing a striking 42% surge.

On the Strip specifically, sports betting GGR climbed 18% year-on-year to $33.6 million, with mobile betting contributing substantially at $17 million – a remarkable 97% increase. January and February typically represent peak months for sports wagering due to the NFL playoffs and Super Bowl, underscoring the importance of these events in driving gaming revenue. However, Nevada’s regulatory requirement for in-person registration for mobile betting presents challenges, particularly for major national platforms that lack retail operations within the state.

The trends observed in Nevada’s gaming sector signal a vibrant recovery trajectory as the industry adapts to emerging patterns and regulatory frameworks. Staying informed and responsive to these dynamics will be pivotal for all stakeholders in the gambling landscape moving forward.