The decline in visitors to Las Vegas in 2025 is well documented. A multitude of reasons were given for this drop, including the cost of living crisis, a drop in international visitors due to President Donald Trump’s controversial tariff policy, and extortionate prices in casinos. Visitation declined just over 7% for the year up to the end of November.
a year-to-date increase of almost 1% in gaming revenue on the Strip
The revenue numbers paint a different picture. The Nevada Gaming Control Board has published its November report, which shows a year-to-date increase of almost 1% in gaming revenue on the Strip. The regulator will deliver its full-year report, including December’s results, in the final week of January.
The positive results weren’t just confined to the Strip, as every key market across Nevada saw improvements for the first 11 months of last year, except for North Shore Lake Tahoe, which experienced an 8% year-on-year drop. This area’s market is relatively small and can be sensitive to external factors like a lack of snow during the ski season or wildfire smoke keeping tourists away.
Total gaming revenue in Nevada was $1.3bn in November, a 2% boost from the same period in 2024. Slot machines continue to be the biggest driver of gaming revenue, increasing 8% in November to reach $873m. This made up for the table games win dropping 6%. Sportsbooks continue to carve out modest gains, making $73m from $908m in wagers for the month.
