Consumer confidence toward spending has been on the rise for the last two months after a significant 6.6-point decline in September, the largest decline since August 2021.
Attitudes toward current and future business conditions and the labor market were negative in September, but consumer assessments began to brighten in October and November, according to the Conference Board.
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November proved to be a good month for consumer confidence as the Conference Board Consumer Confidence Index improved for the second straight month, jumping 2.1 points to 111.7 from 109.6 in October.
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Consumer confidence had rebounded significantly in October just before the election for the strongest monthly gain since March 2021 rising to 109.6 from 99.2 in September, according to the Conference Board Consumer Confidence Index.
The Consumer Confidence Index is a monthly survey that measures consumer confidence 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.
The cut-off date for research was Oct. 23, 2024.
The Conference Board's survey of consumer priorities revealed a desire to spend more on discretionary items such as dining out, staying in hotels, and enjoying entertainment outside the home.
The desire to spend more on discretionary items might not have included placing bets inside Las Vegas casinos, however, based on research released by the Nevada Gaming Control Board.
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Las Vegas Strip casino gaming revenue drops
Casino win revenue on the Las Vegas Strip in October 2024 dropped by 3.1% year-over-year to $692 million, while the gaming win revenue for the fiscal year from July 1 through Oct. 31 fell by 6.23% to $2.77 billion year-over-year, the Nevada Gaming Control Board reported in its October revenue report released on Dec. 4.
The board has not released its November statistics yet.
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The October decline was the fourth month in a row that win revenue fell year-over-year at casinos on the Strip.
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For the previous three months, casino win revenue on the Strip in September 2024 dipped by 1.83% year-over-year to $727.6 million, while the three-month win revenue from July through September dropped by 7.23% to $2.08 billion year-over-year.
Win revenue in August 2024 fell by 3.46% year-over-year to $643.6 million, while the three-month win revenue from June 1 to Aug. 31 dropped by 5.27% to $2.1 billion year-over-year.
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, declined by 3% to $2.2 billion year-over-year.
Gambling revenue in October suffered throughout Nevada with few bright spots.
The state of Nevada's win revenue in October declined by 2.19% to $1.28 billion compared to $1.31 billion in the same month in 2023, and it fell by 2.48% to $5.06 billion in the fiscal year July 1, 2024, through Oct. 31, 2024, compared to $5.19 billion in the same period in 2023.
Downtown Las Vegas win revenue plummeted by 11% to $86.8 million in October compared to $97.5 million in the same period in 2023.
Win revenue for the fiscal year July 1 through Oct. 31, 2024, was encouraging Downtown, as revenue rose 4.3% to $308 million compared to $295.3 million in the same period of 2023.
Reno's win revenue in October dropped by 3% to $68.1 million compared to $70.3 million in the same period in 2023. The decline was a huge reversal from a 12.3% increase in September to $71.8 million year-over-year.
One bright spot for gaming revenue in Nevada for October was South Lake Tahoe, where revenue increased by 18.7% to $20.8 million from $17.5 million in the same period in 2023. The report did not state a reason for the increase in South Lake Tahoe revenue.
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