‘A challenging environment’: Vegas Strip gaming and tourism struggled in 2025

Las Vegas noticed its fewest guests in 4 years throughout 2025, and Strip gaming income rose lower than 1 %, in accordance with statistics launched this week that give an image of a full calendar yr.

Gaming and tourism leaders are able to look previous 2025, a yr beset by financial upheaval regionally and nationally, a 43-day authorities shutdown and a steep decline in worldwide visitation introduced on by boycotts of journey to the U.S. by Canadians.

“Despite a challenging environment, convention demand remained steady, the events calendar remained strong, and the destination continued to adapt in real time,” Las Vegas Convention and Visitors Authority CEO Steve Hill mentioned in a Wednesday assertion. 

Hill mentioned the yr represented one of many extra advanced working environments Las Vegas has navigated exterior of the pandemic. Las Vegas was considered as being overpriced when tourism dropped off throughout the summer time. 

Las Vegas drew greater than 38.5 million guests in 2025, down 7.5 % from 2024 and the bottom annual complete since 2021. The market skilled 12 consecutive month-to-month declines, together with double-digit drops in February, June and July. 

December’s 9 % decline to simply underneath 3.1 million guests was stunning given Las Vegas hosted the sold-out National Finals Rodeo over 10 days, two Las Vegas Raiders house video games and the Las Vegas Bowl faculty soccer sport on New Year’s Eve.

Conventions and conferences drew just below 6 million attendees, which practically matched 2024’s complete. However, common each day room charges on the Strip fell nearly 5 % to lower than $200 an evening, Strip occupancy fell 3 % and income per accessible room (RevPar) — a metric used to gauge profitability — was down 8 % to $163.52.

Truist Securities gaming analyst Barry Jonas mentioned Wednesday that December’s poor outcomes weren’t a shock to the funding neighborhood, which understood Las Vegas’ yearlong challenges. However, Macquarie Securities gaming analyst Chad Beynon expects the “softness from the international and leisure customer will persist this year.” 

The Gaming Control Board mentioned the Strip collected $8.8 billion in gaming income in 2025, ending forward of 2024 by lower than $3 million — a 0.03 % enhance. Statewide, gaming income was a document $15.8 billion, up 1.2 %, with all main markets coming in on the optimistic aspect of the ledger for the 12 months.

Baccarat wasn’t favorable to the Strip in December, with income falling nearly 21 % to $156.7 million within the month. However, for all of 2025, baccarat income was $1.4 billion of the general Strip complete, a 3.4 % enhance. 

Citizens Bank gaming analyst Jordan Bender wrote in a Wednesday analysis word that the timing of New Year’s Eve, which landed on a Wednesday, harm the Strip’s end-of-year gaming outcomes. However, he expects January and the remainder of the 2026 first quarter to provide a bounce to Strip resorts.

Locals and Northern Nevada markets shine

The vibrant spot in Southern Nevada was the Las Vegas locals market. While the Strip struggled in 2025, different areas of Clark County prospered throughout the yr. 

Bender mentioned the fourth-quarter gaming income within the locals market was a document complete, backed by the dominant operators in areas exterior of the Strip — Red Rock Resorts and Boyd Gaming.

Downtown gaming income grew 2.1 % to $951.2 million; North Las Vegas gaming income elevated 4.6 % to to $298 million; Laughlin noticed a 2.4 % enhance to $493.6 million; Boulder Strip casinos netted a mixed $996 million, a 3.8 % leap; and the unincorporated areas of Clark County grew income 1.2 % to $1.9 billion.

Along with the Strip, Clark County casinos produced $13.7 billion in mixed gaming income, practically 87 % of the state’s complete gaming income.

Northern Nevada casinos additionally completed 2025 on a optimistic word.

In Washoe County, casinos mixed for just below $1.1 billion in income, up 3.4 %. Reno led the market with $786.2 million, a 3.6 % enhance, whereas Sparks casinos collected $182.2 million, up 2.6 %.

South Lake Tahoe casinos ended 2025 with $247.6 million in gaming income, a 1.5 % enhance.

Airport sees 6 % decline in 2025 passenger quantity  

Harry Reid International Airport skilled 11 straight month-to-month declines in passenger quantity throughout 2025, ending a two-year streak of record-setting totals. 

The Clark County Department of Aviation mentioned Thursday the airport served just below 55 million passengers final yr, in comparison with the document 58.4 million in 2024, a 6 % drop. December’s 10.3 % decline in passengers adopted November’s 9.6 % lower.

International passenger quantity, which had returned to pre-pandemic ranges in 2024, fell 7 % to greater than 3.4 million in 2025, together with a 22 % decline in December — the fourth consecutive month-to-month double-digit drop.

Reid Airport’s two largest Canadian air carriers, Air Canada and WestJet, every noticed greater than 20 % passenger declines in 2025.

In an announcement, aviation division officers didn’t touch upon the declines however touted Las Vegas’ connectivity to greater than 170 markets and enhancements on the airport for security, accessibility and passenger expertise.

Hill mentioned the Las Vegas gaming and tourism neighborhood is able to rebound in 2026. With greater than 150,000 resort rooms, the market has the most important variety of rooms within the U.S. 

He mentioned the Las Vegas Convention Center, which accomplished a rework final yr, has a number of commerce exhibits lined up with a mixed 1.2 million attendees, together with CONEXPO, a large-scale building business convention and exposition.

“Las Vegas operates at a scale that few destinations can match, and 2025 required us to remain nimble as conditions evolved,” Hill mentioned.

Updated at 10:40 a.m. on 1/29/2026 to incorporate airport passenger statistics for 2025.