Las Vegas sees stable gaming revenue in 2025 despite tourism dip
Las Vegas casinos saw a small increase in gambling revenue by the end of 2025, even though visitor numbers dropped and travellers showed signs of being tired of high prices.
According to the Nevada Gaming Control Board, gaming revenue across Nevada reached $15.8 billion last year. This was 1.2 percent higher than the previous record in 2024, making it the second year in a row that the casino industry set a new record. The figures suggest that while the surge seen immediately after the pandemic has eased, the market has settled into a more stable phase rather than slipping into decline.
Casinos on the Las Vegas Strip, the most popular area, made $8.82 billion in revenue, which was about the same as in 2024 and just under the record set in 2023. Downtown Las Vegas did better, earning over $951 million, which was up 2.1 percent from the previous year and set a new record.
Amanda Belarmino, an associate professor at the University of Nevada, Las Vegas (UNLV), said 2025 remained “a much better year” than many had expected in the years following COVID-19. She noted that current revenue levels would once have seemed unlikely after the Great Recession, as reported by Las Vegas Journal.
However, comparisons with 2024 are complicated. That year benefited from unusually strong convention attendance and major one-off events, including the Super Bowl, which boosted demand across hotels, restaurants and casinos.
A difficult year for strip
December 2025 proved particularly difficult for Strip operators. Monthly gaming revenue fell six percent compared with the previous year. Slot revenue declined seven percent, partly because the “hold” rate, the proportion of wagers retained by casinos, was below its long-term average. Table games revenue dropped five percent, despite a slight increase in baccarat activity.
Even so, December was still the Strip’s strongest month of 2025, and analysts expect modest growth of around one percent to 1.4 percent in 2026.
While gambling revenue held firm, tourism indicators told a different story. According to the Las Vegas Convention and Visitors Authority, total visitation fell 7.5 percent to 38.5 million people, the first annual decline since the pandemic recovery began and the lowest level since 2021.
Hotel occupancy slipped to 80.3 percent, with room rates on both the Strip and downtown also falling. Total occupied room nights were down nearly six percent.
Weaker international travel continues
Anthony Lucas, a professor of casino management at UNLV, said weaker international travel played a significant role. Visitors travelling longer distances typically spend more, he explained, meaning reduced arrivals from key markets such as Canada had a disproportionate effect.
Despite the softer tourism figures, senior executives remain confident. Speaking at a recent industry conference, leaders from MGM Resorts and Boyd Gaming said demand for Las Vegas remains resilient, pointing to future conventions, entertainment projects and large-scale events scheduled for 2026.
For now, the city appears to have moved beyond its post-pandemic peak into a steadier, more measured chapter — one defined less by surges and more by durability.
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