Published on: January 1, 2026, at 10:58h.

Updated on: January 1, 2026, at 10:58h.

As 2025 concluded, Las Vegas casino gaming flourished, reflecting what once indicated an economic boom, yet visitor statistics revealed a contrasting reality.

The Nevada Gaming Control Board announced impressive results on Wednesday, revealing that the state’s 441 licensed casinos accrued $1.34 billion from gamblers, marking a 2.4% rise compared to 2024. This marked the second consecutive month of growth, highlighting the fourth-best month of 2025, and ranking as the second-best November ever recorded.

Conversely, key tourism metrics declined. The Las Vegas Convention and Visitors Authority (LVCVA) reported a 5.2% decrease in visitation for November 2025, equating to a loss of approximately 170,000 to 172,000 visitors compared to the previous year.

This represented the tenth straight month of year-over-year declines, resulting in a total visitation deficit of 7.2% through November.

The downturn persisted despite a busy November filled with high-profile events, including the third annual F1 Las Vegas Grand Prix, the Specialty Equipment Market Association (SEMA) automotive trade show, and multiple home games for the Raiders.

November’s drop was anticipated. As previously reported, air travel suffered considerably that month, with Harry Reid International Airport witnessing a 9.6% decrease in passengers—the sharpest monthly decline of the year—continuing a year-long trend in falling passenger numbers.

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The contrasting trends between gaming revenues and tourism figures have emerged as the focal narrative of Las Vegas’ evolving economy. Casinos continue to thrive by attracting high-spending clientele, while the area grapples with a sustained decline in middle- and working-class tourism—a trend that analysts now consider permanent, with significant economic consequences.

This persistent downturn in Vegas tourism affects hotel revenues, public funding, and the overall stability of a city historically reliant on visitor numbers.

Evidence of this strain is most apparent in hotel performance. In November 2025, Strip occupancy dropped to 82.0%, a decline of 2.3 percentage points year-over-year. The average daily rate (ADR) for the Strip fell to $205.57, a 2.4% decrease, while revenue per available room (RevPAR) dropped to $168.55, an annual decline of 4.6%—all indicative of operators lowering rates to fill rooms.

Downtown’s statistics were notably worse, with occupancy plummeting to 66.4% and RevPAR plunging 14.8%, representing more than three times the decline seen on the Strip and marking the steepest drop among major sub-markets in the area.

Looking forward, UNLV’s Center for Business and Economic Research forecasts approximately 40.1 million visitors in 2026, reflecting a projected 2.4% increase if economic conditions stabilize. Failure to meet these expectations could lead to more severe repercussions for Las Vegas, including ongoing layoffs and reduced working hours in the hospitality sector.