In December 2025, Las Vegas tourism and gaming data declined again, marking the end of a challenging year for the industry. Nevada's gaming and tourist data shows that gaming revenue on the Las Vegas Strip fell by 6% year-over-year, remaining flat at $8.8 billion for the year; tourist numbers, hotel occupancy rates, and other tourism indicators declined, while peripheral markets and sports betting saw growth against the trend. This divergence reflects the transformation pressure of the Las Vegas tourism industry, and related trends in the American gaming tourism industry can be referenced on the PASA official website.
Gaming Data Divergence: Weakness on the Strip, Growth in Peripheral Markets
The Las Vegas gaming market in 2025 showed a stark contrast between a "cooling core area and an exploding periphery":
Las Vegas Strip: December gaming revenue $827.7 million, down 6% year-over-year, annual revenue of $8.8 billion flat compared to 2024; baccarat performance significantly dragged down, December winnings of $156 million, a 20% plummet year-over-year, although flat over the past three months but still a slight increase of 3% for the year;
Peripheral markets: Southern Nevada's auxiliary markets performed brightly, with local markets up 4%, downtown up 5%, Boulder up 9%, and Laughlin up 10%, and all four markets achieving year-over-year growth for the year;
Statewide and other regions: Nevada's total gaming revenue in December was $1.43 billion, down 1.5%; the total for 2025 reached $15.8 billion, a slight increase of 1.2%; the Reno area slightly declined by 1.6% in December ($64.7 million), but annual gaming revenue was $786.2 million, up 3.6% year-over-year.
Weak Tourism Data: Annual Visitors Drop 7.5%, Multiple Indicators Decline
Las Vegas tourism faced a significant decline in 2025, with December data further exacerbating the downturn:
Visitor numbers: December hosted 3.09 million visitors, down 9% year-over-year; the total for 2025 was 38.5 million visitors, a sharp decline of 7.5% year-over-year;
Core tourism indicators: Except for a 9% increase in conference attendance, all other indicators declined — revenue per available room down 12%, total occupancy rate down 6%, average room rate down 5%;
Employment impact: December saw 2,000 new jobs in Las Vegas, but a cumulative reduction of 4,700 jobs from September to November, still 9,800 fewer jobs compared to December 2024, with the catering union expressing increasing unease among workers due to the tourism slump.
Sports Betting Shines, 2026 Outlook Under Pressure
In the overall weak situation, sports betting has become an important growth engine, but the industry still faces multiple challenges in 2026:
Strong Growth in Sports Betting
December statewide sports betting total revenue $67.5 million, a 350% surge year-over-year, with mobile betting contributing $42.5 million;
The total sports betting revenue for 2025 was $601.4 million, up 25% year-over-year, serving as a "cardiotonic" for the gaming industry.
Challenges and Divergence Expected in 2026
Economic and policy pressures: UNLV's Southern Nevada Business Confidence Index fell to its lowest since the Great Recession, with business leaders expecting the economic situation to worsen; the catering union blames the "Trump recession" for the tourism downturn, believing the president's trade and tourism policies have had a negative impact;
Operator performance divergence: In 2025, Wynn Resorts performed better than major competitors like MGM and Caesars, with local operators Boyd and Red Rock Resorts growing strongly in peripheral markets; Macquarie analysts predict a downside risk to Las Vegas segment earnings in the fourth quarter of 2025, with Boyd and Red Rock's retail segments potentially outperforming expectations.
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This article is from "PASA-Global iGaming Leaders" gaming industry news channel:https://t.me/pasa_news
Original in-depth gaming channel:https://t.me/gamblingdeep
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PASA Matrix: @pasa002_bot
PASA official website: https://www.pasa.news
