Another F1 is in the rearview mirror. It is one of the most controversial events Las Vegas ever hosted. Tourism numbers were down across the board compared to the inaugural 2023 race, according to Nevada gaming regulators and the Las Vegas Visitors and Convention Authority. Comparisons to November 2022 are a mixed bag.
Clark County full-service gaming establishments won $1.163 billion in November 2024. That was down 4.2% from November 2023 and up 9.5% from November 2022. Las Vegas Strip casinos were down 3.95% from November 2023 and up 17.8% from November 2022. Downtown Las Vegas was down 2.7% from November 2023 and dropped 4.6% from November 2022.
Sports betting was positive across the board
Clark County sportsbooks won $61.3 million in November 2024. That was over 90% of Nevada’s sports pool win. It feels like a good guess that most of this action was unrelated to F1.
Downtown Las Vegas sportsbooks, anchored by Circa, won $19.03 million in November 2024. That was 24% of the entire November 2024 gaming revenue collected by downtown Las Vegas casinos. Downtown sportsbooks won more than all table games in the market combined. It also beat out penny slots.
Downtown Las Vegas sportsbooks were up 64.51% over November 2023. This includes $16.15 million in mobile sports betting win. That is 84.8% of the entire sports pool held by downtown books. While some mobile action was bet inside downtown casinos, it also likely includes wagers made elsewhere through accounts created in that market.
Las Vegas Strip sportsbooks won $24.4 million in November 2024. That was up 41.6% from November 2023. Mobile betting accounted for 53.4% of the win. Sports betting accounted for 3.1% of all Strip gaming revenues. It was roughly equal to what was dropped from the area’s 182 craps tables during the period.
Downtown casino win collapsed without sportsbook numbers
In November 2023, downtown Las Vegas casinos won $69.61 million, excluding sports pools. In November 2024, the downtown Las Vegas casino win excluding sports pools was $59.97 million. That was down 13.8% from the previous year. Casino win, excluding sports, was virtually even between November 2022 and November 2023.
Sports betting was a much smaller part of Strip revenue, so its increased win only covered a small part of the casino drop. Las Vegas Strip’s gambling win was down 4.9%, excluding sports betting. November 2024 casino revenue minus sports was up 13.8% over November 2022.
Major table games were a mixed bag on Strip
Baccarat was the big winner in the table game department. It accounted for 19.3% of all Las Vegas Strip gaming revenues. While November 2024 was down 18% against November 2023, baccarat was up 152% compared to the same 2022 month.
Blackjack was up 39.7% in November 2024 against 2022 and 4% from 2023, while craps was down against both years. Roulette was up against both years, while Three Card Poker was down versus 2022 and 2023. Slots were down against 2022 in both 2023 and 2024.
Baccarat has never been popular downtown. In November 2024, the game was down 96.68% compared to the previous year and down 96% compared to November 2022. Nevada gaming reports include The Strat in the downtown market, where most of the baccarat tables are. It seems The Strat lost most of those players, as evidenced by the closing of its high-limit table room, which was converted to slots in late 2024.
Downtown roulette was up against November 2022 and 2023 numbers, with an increase of 42.9% over the last two years. Downtown craps was up 2.7% from 2023 but down 30.2% against 2022. Ultimate Texas Hold’em was up against both 2022 and 2023. Most other table games showed double-digit declines. November 2024 downtown slots were down 15.5% against 2023 and 15.1% versus 2022.
Tourism numbers were also down
The Las Vegas Visitors and Convention Authority released November 2024 tourism data last week. Hotel occupancy was down 1.4% from November 2023, including rooms removed from the market due to the Mirage and Tropicana closures, which Durango and Fontainebleau did not completely offset. Downtown occupancy was up 4.6%, while the Strip was down about 2% when accounting for the missing rooms.
The average daily Las Vegas Strip hotel rate was $212.49, down 21.3% against November 2023. It was $104.50 downtown, a decline of 3.8%. Both about doubled the rate of inflation against 2022. All other tourism indicators, including Interstate 15 traffic at the California state line, hotel room nights occupied, and airport passengers, were also down slightly in November 2024 compared to the previous year.
F1’s mixed bag leaves more debate
There is no refuting that F1’s second year failed to maintain the massive revenue boosts it brought during its inaugural Las Vegas race. However, several indicators show that it led to higher tourism in November 2024 compared to November 2022, but not necessarily against 2021. The big question is how much of the luster remains for its third and final guaranteed year.
Residents and affected businesses have been promised that 2025’s construction and other nuisances will be comparable to 2024, but that major work will need to be done to keep the roads up to F1 standards if the race returns in 2026. That took six months of major road closures in the tourism corridor in 2023.
Considering how few Las Vegas Strip casinos have major baccarat businesses, it is easy to conclude that only the highest-end casinos benefit from F1, while nearly all others are negatively affected. These issues and ones related to businesses hurt by F1 away from the Strip, including Vegas Advantage, should be addressed when or if the contract is negotiated. Otherwise, it will never gain the support of anyone outside the most luxurious resorts.
Another issue was the mess left behind after F1. Vegas Advantage took this video days after the race. The canisters are discarded diesel exhaust fluid.
Vegas Advantage negatively affected by F1
In the case of this website, traffic crashed to a level we had not seen since the pandemic. Google Search Console showed activity related to Las Vegas hit lows not seen since the COVID era and before. This hurt our ability to generate ad revenue and new Patreon subscribers.
While Las Vegas search traffic and Vegas Advantage recovered in late December, it is impossible to run a business knowing it might as well close for two months every year when that was never the case before F1. The nongaming businesses and off-strip casinos are put in a worse situation than this website. A resolution for this must be part of any future F1 contract to help the people most affected by it.
Stop blocking pedestrian bridge views
Pedestrian walkways should not have obstructions. Many tourists want to take pictures from the bridges. F1 intentionally blocked these views for over one month. The picture below was taken on the bridge between Wynn and Venetian. This is a popular place to view the Sphere.
Last Updated on January 9, 2025 by John Mehaffey
