Las Vegas Strip casinos have a problem on their hands

Consumer attitudes toward spending were starting to give a boost to over the summer, in spite of concerns about elevated prices and interest rates and uncertainty in regards to the future.

Consumer self belief increased in both July and August, in keeping with the Conference Board's Consumer Self belief Index, and consumers were less pessimistic in regards to the future. The index in July rose to 101.9 from 97.eight in June, and then continued rising to one hundred and five.6 in August.

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Consumers in August were more positive about business conditions, both current and future, but also eager in regards to the labor market, the survey said.

Attitudes changed in September, nonetheless it, as the Consumer Self belief index declined by almost 7 points, from one hundred and five.6 in August to ninety eight.7 in September, which became the largest decline within the self belief index since August 2021, in keeping with a Sept. 24 board statement.

The Consumer Self belief Index is a monthly survey that measures consumer self belief in business conditions, the economy, and the labor market, conducted by tech firm Toluna for the Conference Board, a non-partisan, not-for-profit think tank.

"Consumer self belief dropped in September to shut the underside of the narrow range that has prevailed one day of the last two years," Dana M. Peterson, chief economist at The Conference Board said in a statement.

"September's decline became the largest since August 2021 and all 5 components of the Index deteriorated. Consumers' assessments of current business conditions turned negative while views of the present labor market situation softened further. Consumers were also more pessimistic about future labor market conditions and not more positive about future business conditions and future income," Peterson said.

In July, the survey said that buyers planned to spend less over the next six months on many discretionary items, including gambling, amusement parks and deepest shuttle. As well they planned to purchase less expensive products and services, equivalent to streaming a movie in place of going to a movie theater.

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Consumer attitudes toward personal shuttle and gambling would per chance have played a job in a decline in Las Vegas Strip casino gambling win revenue during the last two months.

Las Vegas Strip casino win revenue declines

Las Vegas Strip casino win revenue in August 2024 plummeted by three.forty six% year-over-year to $643.6 million, while the three-month win revenue from June 1 to Aug. 31, fell by 5.27% to $2.1 billion year-over-year, the Nevada Gaming Control Board reported in its monthly revenue report.

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The August decline became the 2nd month in a row that win revenue fell year-over-year at casinos on the Strip. Casino win revenue in July 2024 plummeted by 15% year-over-year to $709.2 million on the Strip. while the three-month win revenue from May 1 to July 31, fell by three% to $2.2 billion year-over-year.

August win revenue declined by $sixty five.6 million, or 9%, in comparison to the Strip's July win revenue of $709.2 million.

The state of Nevada's win revenue in August declined by three.eight% to $1.1 billion in August.  The three-month win revenue decreased by 2.sixty five% to $three.7 billion from June through August.

Downtown Las Vegas win revenue in August fell eight.7% to $fifty eight.three million year-over-year, but three-month revenue from June through August rose 2.three% to $196.four million. Reno's win revenue, nonetheless it, declined four.eight% to $sixty five.four million, and its three-month win revenue from June through August also fell 5.three% to $198.9 million.

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