Las Vegas Strip Gaming Revenue Sets Record in 2025 Despite Fewer Visitors

^{Visitation fell in Las Vegas even though gaming revenue set a record on the Strip. (Photo: Maverick Helicopter on X)}

LAS VEGAS — Las Vegas casino visitation and gaming revenue ended about as expected if you’ve been following the monthly reports: visitation was down, while gaming revenue edged higher for the year.

According to data from the Las Vegas Convention & Visitors Authority (LVCVA), visitation fell 7.5% for the year. Despite the dip in visitation, Strip casinos collected $8.8 billion in gaming revenue in 2025, up just 0.03% from 2024.

In December, 3.09 million people visited Las Vegas, down 9.2% from December 2024. According to the Nevada Gaming Control Board (NGCB), Strip casinos won $827 million during the month. That was down 6.07% from the same period a year earlier.

The data looks stronger when viewed statewide. December marked Nevada’s 58th consecutive month with gaming revenue above $1 billion.

More than 300 casinos across the Silver State collected nearly $15.8 billion in 2025, a new annual revenue record for the fifth consecutive year in Nevada.

Strip properties accounted for 56% of Nevada’s gaming revenue, which is why the area remains the main focus.

Big Dip in Visitation

December’s drop in visitation put an exclamation point on a rough year in Las Vegas. Total visitation in 2025 fell 7.5% to 38.54 million, the lowest annual total since the tourism rebound in 2021 after the peak of the COVID-19 pandemic.

For comparison, that total was 11.4% lower than 2016, when a record 42.9 million people visited Las Vegas.

Discounted rooms and the LVCVA’s Fabulous 5-Day Sale may have helped prevent an even sharper decline. Hotel occupancy averaged 80.3% for the year, even though hotel room rates were down 5% for the year. Strip hotel rates fell 4.7% and downtown rates fell 5.9%.

The average daily room rate in 2025 was $183.52. Hotels on the Strip averaged $196.54 per night, while downtown hotels averaged $97.98.

Don’t expect major discounts next year, as hotel operators move forward with casino and room renovations on and off the Strip. Updated rooms typically come with higher rates.

Baccarat Drives Strip Gaming Revenue

Baccarat continued to be the Strip’s top table-game revenue generator for both the month and the year. Baccarat started strong in 2025, but revenue slipped 0.35% during the final three months of the year. Revenue from the game fell more than 20% in December, but it was the top revenue producer among non-slot games.

Strip casinos collected $1.4 billion in baccarat revenue in 2025, up 3.8% from the previous year. 

The baccarat win percentage was 16.25%, representing the share of total money wagered that casinos retained as revenue after payouts. In 2024, casinos held 15.69% of the game's revenue.

Multi-denomination slots, including video poker and keno bar tops, were the top overall revenue generator on the Strip. Casinos won $3.9 billion from those games in 2025, an increase of 13.78% from 2024.

Table game revenue fell by less than 1%, while machine games rose slightly. Overall, Strip gaming revenue rose just 0.03% to $8.89 billion for the year.

Rough Year for Slot Machines on The Strip

2025 was a difficult year for traditional slot machines on the Strip, with every denomination down from the previous year. 

Penny slots remained the biggest revenue generator among casino games, but saw revenue fall 35.55% to $577 million. Quarter slots posted the highest win percentage at 11.27%, but revenue dropped 25.55% to $70 million. Reminder – the casino “win” is a player's “loss.”

Casinos won 7.83% from machine games in 2025, down slightly from 8.03% in 2024.

Electronic table games are classified as slot machines in Nevada. Along with video poker, these games typically hold less than traditional reel and video slots.

Downtown Casinos Post Positive Gaming Revenue In 2025

While the Strip is primarily tourist-driven, downtown casinos cater to locals as well as visitors.

Downtown gaming revenue rose 4.67% to $82.2 million in December and increased 2.14% for the year to $931 million.

Similar to the Strip, multi-denomination games saw the biggest revenue increase at 19.26%. Penny slot revenue dropped 29.7% for the year.

Revenue from both table games and machines increased in 2025. The table-game win percentage was 9.62%, while machines held 8.3%.

Once again, downtown Vegas casinos held more from machine games than those on the Strip.