Las Vegas Visitation Falls Again in November as Gaming Revenue Softens

^{Overall visitation was down in November, but thousands made it to the SEMA convention once again. (Photo: courtesy of SEMA)} 

LAS VEGAS —Despite a sold-out Las Vegas Grand Prix, the SEMA convention, Thanksgiving weekend and three Raiders home games, Las Vegas visitation declined again in November. The Formula One race is marketed as an international draw, but the number of international passengers arriving at Harry Reid International Airport fell sharply.

While gaming revenue on the Las Vegas Strip slipped slightly, many areas outside the main tourist corridor posted gains compared with a year ago.

Not all of the numbers were negative. Statewide gaming revenue rose 2.4% in November to $1.3 billion, making it both the fourth-best month of the year for Nevada and the second-best November on record.

Once again, lower visitation translated into reduced hotel occupancy and room rates. Even with an increase in convention attendance, hotel revenue failed to improve.

Las Vegas Visitation Falls Again in November

Just over 3.1 million people visited Las Vegas in November, according to the Las Vegas Convention and Visitors Authority. That figure was down 5.2% from a year ago, a decline of about 170,000 visitors.

Visitation for the first 11 months of 2025 is down 7.4% to 34.5 million visitors, a decrease of 2.8 million compared with the same period last year. If the trend continues in December, annual visitation will fail to reach 40 million for the first time since 2022, when 38.8 million people traveled to Las Vegas.

Hotel room rates continued to fall. Average Strip room rates declined 1.9%, while downtown hotels were hit harder with a 10% drop. The average downtown hotel room rate fell to $62.47 in November.

Visitors arriving by car increased 2.4%. However, passenger traffic at Harry Reid International Airport declined 9.9% to 4.2 million, according to monthly airport data. Airport traffic is down 5.5% for the year overall, a decrease of 2.9 million passengers. The airport recorded 239,500 international passengers in November, a 21.2% decline from a year ago. The Las Vegas Grand Prix reported selling 300,000 tickets, but attendance must have been U.S.-based high rollers rather than those visiting from abroad like in previous years

Visitation to nearby Laughlin and Mesquite increased 10.6% and 3%, respectively.

Slots Up, Tables Down on Vegas Strip

Las Vegas Strip gaming revenue fell 0.56% to $784.3 million in November, despite a 5.5% increase in slot machine revenue to $421.6 million. The largest gain in slot revenue came from $5 machines, which generated 32.71% more revenue than a year ago.

While Strip casinos benefited from higher slot play, table games struggled. Baccarat, a key driver of Strip revenue, declined 5.72%. In other words, baccarat players lost less than they did last November. Overall table game revenue on the Strip fell 6.68%. Craps posted the largest year-over-year gain among table games, with an 18.15% increase in revenue.

Off-Strip casinos lifted overall Clark County gaming revenue 2.04% to $1.19 billion.

Downtown casinos recorded a 10.32% increase in gaming revenue. That increase was largely driven by $5 slots and multi-denomination machines often found at bartops, which surged 35.83%.

Elsewhere, the Boulder Strip and Henderson posted a 20% revenue increase. Laughlin and Mesquite also reported double-digit gains.

Look Ahead: Big Sports Bets, Quarterly Casino Earnings,

January will bring a fresh set of macro and micro data points. December visitation and gaming revenue reports will provide a full picture of the year.

Publicly traded casino operators will begin reporting fourth-quarter and full-year earnings, offering insight into how much the decline in visitation affected company performance.

On a smaller scale, downtown sportsbook revenue in December will be worth watching as some bettors hedged Circa Survivor entries with large wagers. A noticeable shift in revenue is likely.