In May 2025, Las Vegas gaming revenue on the Strip fell once again, continuing a downward trend that has been evident for the past four months. According to the Nevada Gaming Control Board (pdf), the Strip experienced a 3.9% decrease in gaming win, bringing in $713.7 million, compared to the $742.5 million reported during the same month last year. This marks a persistent downturn in gaming revenue for the area, signaling challenges in the city’s key entertainment sector.

Meanwhile, statewide gaming revenue dropped by 2.2% year-over-year, down to $1.29 billion from $1.32 billion in May 2024. Despite these losses, gaming establishments catering to Las Vegas locals saw a modest 0.2% increase in revenue during the same period.

Tourism and Visitor Numbers Decline

A key contributor to the Strip’s downturn is a noticeable decrease in tourism. May 2025 brought just 3.41 million visitors to Las Vegas, which marks a 6.5% drop from the 3.65 million visitors recorded in May 2024. This decline in visitors is mirrored by a 3.9% reduction in passenger numbers at Harry Reid International Airport, and a 5% drop in vehicle traffic at the Nevada-California border.

The Las Vegas Convention and Visitors Authority (LVCVA) attributes these declines to broader economic uncertainties, as well as decreased overall visitor numbers for the year. Year-to-date visitation stands at 16.45 million, showing a reduction of more than 1.1 million compared to last year.

Convention Attendance Shows Positive Growth

However, amid these setbacks, Las Vegas has seen some positive developments. Convention attendance continues to thrive, with a 10.7% increase in May 2025, bringing the total to 511,200 attendees. Notable events like the Bitcoin Conference and the National Automatic Merchandising Association Show contributed to this boost, further reinforcing Las Vegas’ position as a hub for business meetings and conventions. Overall, convention attendance has increased by 3.3% year-to-date.

Hotel and Casino Performance Mixed Across Areas

Hotel occupancy rates across Las Vegas have also dipped in May. The average occupancy for hotels on the Strip was 85.3%, down from 88.5% a year earlier. Additionally, the overall average daily room rate (ADR) fell to $198.20, down from $202.59 in May 2024. Downtown Las Vegas was hit the hardest, with occupancy dropping to 74.8%, and the ADR falling by 12.4% to $109.39.

In terms of revenue, downtown Las Vegas saw a significant drop of 11.3%, from $74.8 million in May 2024 to $66.3 million this year. Conversely, North Las Vegas saw a positive performance, with revenue rising by 6.5% to $26.3 million.

Local Casinos Record Positive Growth Outside the Strip

Beyond the Strip, the smaller casino markets in Mesquite and Laughlin outperformed expectations in May. Mesquite casinos experienced a 9.7% increase in gaming win, reaching $17.8 million, while Laughlin casinos saw a 17% boost to $43.2 million. These gains helped offset the decline on the Strip.

Other regions in Nevada saw mixed results. Reno casinos saw a slight dip of 2.8%, while neighboring Sparks posted an 11.8% increase. In South Lake Tahoe, however, gaming revenue fell by 23.4%.

Detailed Performance Breakdown

The decline in Strip gaming revenue was most noticeable in the slot sector, with slot revenue falling by 5.4% to $381.2 million. However, table games performed somewhat better, with revenue rising by 2.4% to $222.6 million, excluding baccarat. Baccarat, on the other hand, experienced a significant drop in both revenue and drop rate, with baccarat revenue falling by 10% year-over-year.

Local casinos, while also impacted by the overall downturn, showed a stronger performance in table games, where revenue rose by 21.3%. Slots at these properties, however, struggled, falling by 4.2%.