Date of Publication: January 28, 2026, 12:11h.
Updated On: January 28, 2026, 12:20h.
- Record-setting gaming revenue achieved in Nevada for 2025
- Gross Gaming Revenue (GGR) hit nearly $15.8 billion, marking the fifth consecutive year of growth
- The Las Vegas Strip experienced stagnant GGR year-over-year amid visitor fluctuations
Gaming operators in Nevada generated their highest earnings ever in 2025, continuing a trend of record revenue for the fifth year in a row.
The Nevada Gaming Control Board (NGCB) announced on Wednesday that licensed gaming facilities in the state achieved a Gross Gaming Revenue (GGR) of $15,798,466. This represents an increase of 1.23% from 2024, establishing a new benchmark in Nevada’s GGR history.
The post-pandemic surge continued throughout 2025. Prior to the COVID-19 pandemic, Nevada’s peak GGR year was recorded in 2007 at $12.85 billion. Revenues rose to $13.43 billion in 2021, $14.84 billion in 2022, $15.52 billion in 2023, and $15.61 billion in 2024.
December 2025 closed on a sour note, with GGR declining 1.55% statewide to $1.43 billion. The Las Vegas Strip was the main contributor to this downturn, with its GGR falling by 6% to $827.7 million compared to the previous year.
Challenges on the Las Vegas Strip
The overall annual GGR growth of 1.23% in Nevada was primarily fueled by areas outside of the Las Vegas Strip.
GGR saw an increase of over 2% in downtown Las Vegas, nearly 5% in North Las Vegas, and more than 2% in Laughlin, with Boulder also achieving close to a 4% rise. In addition, Elko County experienced a 3% growth in gaming revenues, while Washoe County, which includes Reno, marked a 3.4% increase, nearing $1.1 billion.
Conversely, the Las Vegas Strip’s GGR remained nearly unchanged at $8.81 billion, reflecting a marginal 0.03% increase from the previous year. Slot machines generated $4.95 billion, a rise of 0.75%, whereas revenues from tables, sports, races, and bingo decreased by 0.89% to $3.86 billion.
The situation could have been worse, as visitor numbers plummeted in 2025. Strip casinos maximized their revenue potential from an even smaller pool of guests, with visitor numbers dropping by 7.5%.
The Las Vegas Convention & Visitors Authority (LVCVA) reported that approximately 38.54 million individuals visited Southern Nevada last year, down by 3,127,800 compared to the prior year.
Revenue Concerns Beyond Gaming
While the Las Vegas Strip maintained its gaming revenue in 2025, other revenue streams across resorts struggled to perform.
Per the LVCVA, the average nightly rate for hotel rooms in Strip casinos fell to $196.54 in 2025, a decline of 4.6% from $206.12 in 2024.
Revenue per available room (RevPAR) on the Strip, an important metric for assessing hotel performance through occupancy and nightly rates, decreased by 8.2%, dropping from $178.09 to $163.52.
Occupancy rates in Strip hotels declined by 3.2 percentage points to 83.2%. This downturn occurred despite a reduction in available hotel rooms following the closures of Tropicana Las Vegas (1,467 rooms) and The Mirage (3,044 rooms) in 2024.
Looking forward, gaming analysts from Citizen Bank predict a recovery for Las Vegas in early 2026. The bank noted that New Year’s Day falling on a Thursday could lead to extended holiday vacations.