Decline in Casino Revenue in Las Vegas once More, Financial Experts Prepare for a Chilly Summer
The Las Vegas Strip is experiencing a downturn in casino revenue, with a notable decline in visitor volume and table game revenues affecting mid-tier properties. According to the Nevada Gaming Control Board, the Strip's gross gaming revenue (GGR) for May 2025 was down nearly 4% compared to the same month last year, amounting to just $713.7 million.
The decline in visitor volume has been a significant factor, with approximately 1.14 million fewer people visiting the Strip year-over-year, resulting in a 6.5% decrease. This decrease has had a profound impact on gaming revenue segments, particularly table games.
In May, table games saw a 10% decline in revenue, with baccarat leading the losses, seeing a 51.5% drop to $109.9 million. Blackjack revenue also decreased by 4% to $89.4 million. Slots, while not immune to the downturn, were most responsible for the overall decline, with a 5.4% decrease in revenue compared to a year ago.
Barry Jonas, a gaming analyst with Truist Securities, predicts a weak summer for the gaming industry and questions if improvements will be seen by the fourth quarter of the year. The demand for Las Vegas has been easing over the past few months, which could prolong the current trend.
However, it's important to note that while the Strip struggles, other gaming areas in Nevada, such as Downtown Vegas, Clark County, and Washoe County, have seen growth or stability. This has helped Nevada maintain record annual gaming revenue for 2024.
The Strip area, as defined by the Nevada Gaming Control Board, consists of 38 casinos. Five of these casinos are in the $12 million to $36 million revenue range, four are in the $36 million to $72 million range, and 26 are in the $72 million and above range. Strip casinos not named Bellagio, Caesars Palace, Wynn, or Venetian may be bearing the brunt of the gaming downturn.
Oddsmakers were a rare bright spot, with a 32% increase in revenue to $20.8 million. Despite a recent month of modest recovery with gaming revenue up 1% on the Strip, the prevailing trend remains challenging, especially for mid-tier Strip casinos more dependent on table game revenue and tourist visitation.
[1] Nevada Gaming Control Board, May 2025 Gaming Revenue Report [2] Las Vegas Review-Journal, Las Vegas Strip casinos saw sharp declines in revenue in February 2025 [3] Las Vegas Sun, Nevada gaming revenue up in December 2024 despite Strip decline [4] CDC Gaming Reports, Las Vegas Strip Gaming Revenue Up Slightly in June 2025
- The Las Vegas Strip, home to casinos like Wynn, Bellagio, and Caesars Palace, amongst others, has experienced a 4% decline in gross gaming revenue (GGR) for May 2025, according to the Nevada Gaming Control Board.
- The decline in casino revenue on the Strip can be attributed to a decrease in visitor volume, with approximately 1.14 million fewer people visiting compared to the same month last year.
- Table games, including popular casino-games like baccarat and blackjack, have been particularly affected, with baccarat seeing a 51.5% drop in revenue to $109.9 million in May.
- The decrease in table game revenues has had a profound impact on mid-tier properties on the Las Vegas Strip.
- Despite the downturn on the Strip, other gaming areas in Nevada, such as Downtown Vegas and Clark County, have seen growth or stability, helping Nevada maintain record annual gaming revenue in 2024.
- Oddsmakers continue to be a rare bright spot, with a 32% increase in revenue to $20.8 million in May.
- Casinos not named Bellagio, Caesars Palace, Wynn, or Venetian on the Strip may be bearing the brunt of the gaming downturn.
- The prevailing trend for the gaming industry in Las Vegas remains challenging, especially for mid-tier properties more dependent on table game revenue and tourist visitation.
- Gaming analyst Barry Jonas of Truist Securities predicts a weak summer for the gaming industry, questionning if improvements will be seen by the fourth quarter of the year.
- The gaming-trends in Las Vegas are closely monitored by various sources, including the Nevada Gaming Control Board, the Las Vegas Review-Journal, the Las Vegas Sun, CDC Gaming Reports, and more, providing valuable insights into the industry's ups and downs.
