Las Vegas records revenue of US$1.35 billion in October
Las Vegas casinos are booming in revenue, while the city sees fewer and fewer tourists. The contrast between the strong gaming performance and the drop in tourism stands out and may be a sign that the region’s betting landscape is shifting. According to the latest data from the Nevada Gaming Control Board (NGCB), the famous Las Vegas Strip was the highlight, generating US$748.9 million, an increase of 8.2%. This jump comes both from “high hold” at baccarat and other table games, and from the frequent presence of high-end players. Casinos across Clark County (which includes Las Vegas and the surrounding area) collected around US$1.17 billion in gaming revenue in October, a 5% increase compared to the same period in 2024. In total, considering the entire state of Nevada, gaming revenue reached US$1.35 billion, marking the 56th consecutive month with revenue above one billion.
Tourism down
While blackjack, baccarat, and slot machines continue to perform well, the scene on the streets of Las Vegas is different. In October, visitation fell 4.4% compared with October 2024, totalling around 3.4 million people. This is now the tenth consecutive month of declining tourist numbers. The impact quickly appeared in hotel indicators. Overall occupancy dropped to 83.7%, while the average daily rate (ADR) fell 6%, reaching US$203.88 per night. RevPAR (revenue per available room), a key measure of hotel efficiency, decreased 8.2%, ending October at US$170.65. Looking specifically at the Strip, average room occupancy fell to around 86%, down from 87.8% the previous year, while Downtown registered occupancy of about 75%, compared with 80.4% in 2024.
One point offering some relief is the conventions segment. The Las Vegas Convention and Visitors Authority (LVCVA) reported that convention attendance reached 603,600 people, a 7.9% increase over October 2024. Much of this growth is due to events such as Oracle CloudWorld, which this year took place in October and attracted around 30,000 visitors. Industry executives say conventions could play an even more important role in the future, helping to stabilise weekday occupancy and offset the decline in leisure tourism. For hotels and resorts, this may be a way to absorb part of the loss caused by the slowdown in traditional tourism.
And the operators?
Even with the drop in visitors concerning the market, major operators remain confident about the future of Las Vegas. In their third-quarter results, both MGM Resorts International and Caesars Entertainment said they see signs of improvement ahead.
MGM explained that its high-end customer base remains strong and that the convention calendar for late 2025 and 2026 is well-positioned. According to the company, once corporate events return to a normal pace, expectations are for better results. Caesars also expressed optimism. The company stated that early indicators for the fourth quarter are already stronger than those seen at the beginning of the year. In addition, it emphasised that the segment of higher-spending customers remains stable and that the performance of its digital operations continues to grow. Caesars CEO Tom Reeg said the company’s recovery in Las Vegas is progressing as planned and that 2026 has every chance of being an excellent year for the operator.
This article was first published in Portuguese on 28 November 2025.
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