Las Vegas Visitation Dips Again, but Rising Gaming Revenue Keeps Casino Execs Optimistic

^{The sun rises on another day in Las Vegas, as it always has and always will, regardless of discouraging visitation numbers. (Photo: Troy Woudstra / Facebook)}

Visitation to Las Vegas dipped for the sixth consecutive month in June. Meanwhile, casino revenue reversed its recent decline with an increase for the first time in a few months.

Vegas isn’t and hasn’t been dead, but it hasn’t been firing on all cylinders for the tourist corridor. The typical summer slowdown has been more sluggish than usual.

However, there appears to be light at the end of the tunnel…err, year. 

Caesars and MGM both reported hotel occupancy well above 90% for the past three months. Executives from both companies see a brighter future heading into 2026. 

While the casinos in the tourist-heavy areas of the Vegas Strip and downtown saw a slowdown, locals showed up in droves this summer. Red Rock Resorts (Station Casinos) reported record earnings. Boyd Gaming’s casinos around Las Vegas saw better performance than its downtown casinos.

While Las Vegas is in flux, visitors are still finding plenty of deals. The good news is that these deals should continue as the turnaround is still a few months away.

Las Vegas Visitation Continues to Lag in June

Visitation in Las Vegas declined for the sixth consecutive month in June. The city welcomed just over 3 million visitors during the month, down 11.3% from a year ago, according to the Las Vegas Convention and Visitors Authority.

Through the first six months of the year, 19.55 million people have visited Las Vegas, a 7.3% decline compared to the 21 million visitors during the same period last year.

Convention attendance fell more than 10% in June, largely because of two major expos. InfoComm and Cisco Live, which brought in about 50,000 combined attendees in 2023, skipped Las Vegas this year. Despite the dip, convention visitation is still up 1.5% for the year.

The drop in visitation contributed to the lowest average daily hotel room rate since last July, when it hovered just above $150. In June, the average rate was $163.64, a 6.6% decrease from the $175.26 average in June 2023.

Hotel room rates have averaged $185.24 through June. While deals are out there, the year-to-date average is down only 5.5% compared to last year.

Gaming Revenue Rebounds in June

Nevada gaming revenue finally saw a turnaround in June. Statewide, casinos reported $1.5 billion in gaming revenue, a 3% increase over June 2023. All segments of Las Vegas posted gains despite the continued slowdown in visitation.

The Vegas Strip saw a tiny 0.88% increase in gaming revenue in June. Casinos saw a huge 32% increase in how much they won from Ultimate Texas Hold’ Em players. As usual, the multi-denominational slots, which include keno and video poker, were the machine game catalyst with a 22% increase for casinos.

These multi-denomination slot machines continue to gain popularity for their flexible betting options and are often found in high paying casinos known for generous slot payouts.

Downtown Las Vegas saw a big 10% increase in gaming revenue. While that’s impressive, the Boulder Strip area, which includes Henderson, saw a massive 19% increase in gaming revenue.

The increase in downtown gaming revenue can be attributed to an increase in multi-denomination slot machines like the Vegas Strip. Meanwhile, the Boulder Strip casinos saw a boost in both table games and slots.

Interest in online poker has remained strong in Nevada, where it's still one of the few states with a regulated and legal platform.

Casino Execs Say Turnaround Coming Soon

This might come as a surprise to some tourists, but there’s more to Las Vegas than the Strip and downtown. The casino business around town depends on Las Vegas residents, and they were out in force during the early part of the summer.

Most major casino operators reported second-quarter earnings this week. While casinos in the tourist corridor were slower than last year, those in the surrounding areas across the valley saw strong results.

Red Rock Resorts (Station Casinos) reported the highest quarterly net revenue in its 49-year history, driven by increases across the board, from dining to gambling. In addition to showing up at its casinos, the company said guests are spending more per visit.

Meanwhile, MGM Resorts’ Strip properties saw net revenue fall 4% compared to the second quarter of last year. Caesars reported a slightly larger dip.

The modest decline on the Strip shows that Las Vegas isn’t as dead as social media might suggest. Occupancy fell slightly, but Caesars filled 97% of its rooms and MGM reported 93% occupancy during the quarter. Room rates remained essentially flat for both companies.

There’s one change visitors will see sooner than later. The MGM Grand renovations will be finished before the holidays instead of next year.

Both companies said room reservations began picking up in July, and the outlook for the fourth quarter appears strong. They also noted that group business for conventions is trending upward heading into the new year.

In addition to CES returning in January, the ConExpo-Con/Agg construction convention will be back in Las Vegas in March after a year away. Each of these events is expected to bring more than 140,000 visitors to the city.

The dip isn’t done, but it appears as though a return to normal is around the corner.