Did F1 and baccarat lift Strip gaming revenue? We’ll see.
High-end baccarat play, which is only offered at a few Strip resorts, gave the market a much-needed boost in October. Las Vegas was on the downward side of every measurement for much of the year, except baccarat.
2025 has seen bad headline after bad headline for the battered Las Vegas tourism and gambling markets, but topline gaming revenue totals in November could show an improvement thanks to the recently concluded Formula One Las Vegas Grand Prix and high-end baccarat play.
Financial analysis website Seeking Alpha reported a day after the race that Strip casinos specializing in baccarat saw an economic lift from three days of F1, which drew an estimated 150,000 additional visitors to Las Vegas.
“F1 for us is looking considerably better than it did last year,” said Caesars Entertainment CEO Tom Reeg on a quarterly earnings conference call ahead of the race.
In a statement following the Grand Prix, BetMGM, the sports wagering arm of MGM Resorts International, said wagering on the race was 51 percent higher than the 2024 event.
“Casino executives cited the F1 race as a needed injection for Las Vegas during what’s usually a slow weekend on the calendar,” Seeking Alpha wrote about the weekend before the Thanksgiving holiday. “Anecdotal reports also indicated strong traffic at high-limit table games over the weekend.”
Much of that was due to baccarat, which propelled the Strip to an 8.2 percent gaming revenue increase in October. That increase buoyed an otherwise sagging market facing declining airline traffic and visitation, though some analysts see reasons for optimism.
Regardless, when the Gaming Control Board releases the revenue results for November sometime between Christmas and New Year’s Day, we’ll know if customers in town for the Grand Prix left money behind at the Strip’s baccarat tables or walked out with a hefty payday.
October’s Strip gaming revenue total — $748.8 million — was the lone bright spot for the Las Vegas tourism market during the month. Following a down month in September, revenue from baccarat increased 69 percent to $116.4 million. Casinos held 18.6 percent of the $625.5 million in baccarat wagers.
Despite the gaming revenue increase, the Las Vegas Convention and Visitors Authority said overall visitation was down 4.4 percent, and passenger volume at Harry Reid International Airport fell 8.2 percent — the largest monthly decline for the airport this year.
Still, there were some positive signs from the gaming numbers beyond baccarat, according to CBRE Equity Research analyst John DeCree. Slot machine wagering increased for the eighth consecutive month, while wagering on non-baccarat table games was up 30 percent.
Although DeCree told investors it was “difficult to confirm,” he suspected that gaming volumes “were helped in part” by the citywide “Fabulous Five Day” sale that took place at the end of September.
The 3.41 million visitors in October were the second-highest monthly total of the year behind May’s 3.42 million. In a year when Las Vegas has seen more than 2.6 million fewer visitors than a year ago, the decline was also the smallest monthly reduction since January.
DeCree suggested there were positive signs in the Las Vegas visitation numbers.
Convention attendance grew 8 percent to 604,000 due to the scheduling shift of the 30,000-attendee Oracle CloudWorld conference from September to October this year. The average daily rate for a hotel room on the Strip was $219.56 — the highest monthly average of the year. However, the figure is still down 5.5 percent from 2024.
“We are optimistic that the strong upcoming group and convention calendar will continue to support the improving trend,” DeCree said.
Reid Airport, which drew a single-year record 58.4 million passengers in 2024, is headed toward its largest non-pandemic annual passenger decline since the Great Recession in 2009 and 2010.
Overall passenger volume is down 5 percent through October to 46.3 million. International passenger volume fell 14 percent in October and is down 4.5 percent for the year. Spirit Airlines, which was the airport’s second-busiest air carrier behind Southwest Airlines at the end of 2024, has fallen out of the top due to its ongoing bankruptcy reorganization.
“We still think it’s too early to get more positive on Las Vegas,” J.P. Morgan Securities gaming analyst Daniel Politzer wrote last week. “Fourth-quarter trends — including F1 — appear to have been in line with expectations. Our concern is that underlying leisure demand remains soft.”
Resorts World Las Vegas says VIP program issues lead to quarterly loss
Issues rebuilding Resorts World Las Vegas’ VIP program played a role in a 1 percent decline in third-quarter revenue to $175 million and a cash flow loss of $12 million, its Malaysia-based parent company said.
Genting Berhad briefly addressed the Strip property’s issues in a third-quarter earnings statement, adding the hotel-casino expects to benefit from increased convention attendance in Las Vegas next year.
In March, Resorts World paid a $10.5 million fine in a settlement with state gaming regulators for violating federal anti-money laundering laws. As part of its settlement, Resorts World overhauled its VIP customer program with new management and procedures overseeing compliance with anti-money laundering practices.
In a statement, Genting said Resorts World is reestablishing high-end play and “building a consistent casino loyalty base.” The company said it has new casino management and hotel operations systems, which allow the property to own the hotel customer database and “provide real-time hotel offers and enhanced customer experience to guests.”
Real estate deal finalized for City Center land
Real estate investment trust Blackstone is selling an ownership stake in the Strip land associated with CityCenter for $800 million to San Diego-based Realty Income.
The land transaction — termed an equity investment — does not affect the management of Aria Resort & Casino or the non-gaming Vdara Hotel & Spa, which are operated by MGM Resorts International.
Blackstone will continue to hold 100 percent ownership in the property. The deal does not require approval from Nevada gaming regulators because the gaming operations are not involved.
The deal is the second transaction between Realty Income and Blackstone, which paired up on a joint venture involving the land associated with the Bellagio two years ago.
What I'm reading
🏈 Kalshi hit with nationwide class action over ‘illegal sports betting’ — Ben Horney, Front Office Sports
The lawsuit, filed in New York federal court, claims Kalshi has deceived thousands of consumers into using its platform.
🤠 Las Vegas Sands and the Adelson family still pushing for casino gambling in Texas — Clark Schultz, Seeking Alpha
A new PAC was seeded with more than $2 million from majority shareholder Miriam Adelson.
💲 The UAE’s next attraction: gambling — Chloe Cornish, Financial Times
Wynn Resorts’ $5.1 billion project is fuelling an investment boom in Ras Al Khaimah. Just don’t call it a casino.
✈️ Government shutdown fallout: Travel bookings fall 10 percent — Johanna Jainchill, Travel Weekly
U.S. Travel CEO Geoff Freeman said the shutdown shook consumer confidence.
News, notes and quotes
🏈 Virgin Las Vegas turns sportsbook operations over to William Hill
Virgin Hotels Las Vegas has turned its sports betting business over to William Hill, a company operated by Caesars Entertainment. The location was originally staffed by United Kingdom-based BetFred, but the company departed after a management overhaul in casino operations. Virgin Hotels Las Vegas President Cliff Atkinson said the addition of William Hill, which runs separately from Caesars Sportsbook, will expand the property’s wagering menu and offer customers mobile sports betting accounts.
🏨 MGM to rebrand NoMad hotel at Park MGM into The Reserve
MGM Resorts International said the top four floors of Park MGM will be rebranded as The Reserve at Park MGM on Dec. 17. The 293 rooms and suites were part of the 2018 remodel of the former Monte Carlo into Park MGM, with the floors becoming NoMad Las Vegas. As part of the rebrand, The Reserve is expected to be included in MGM’s partnership with Marriott Bonvoy early next year, allowing Marriott customers to earn and use their points at MGM-branded locations.
⚽ Boomer’s opens its fifth sportsbook
Boomer’s Sportsbook has opened its fifth location, its first in North Las Vegas, at Ojos Locos Sports Cantina y Casino. The company, launched by sports betting operator Joe Asher in August, now has three locations in Southern Nevada. Asher told the Nevada Gaming Commission he is working on additional locations. Boomer’s sportsbooks are at Ellis Island Casino & Hotel, Casino Valle Verde in Henderson, The Commercial in Elko and Casino Fandango in Carson City.