For Las Vegas, the last time both gaming and tourism data saw an increase was back in 2024. This "gap" has finally been bridged this February. According to the latest data from the Nevada Gaming Control Board, the total gaming revenue for the state in February reached $1.24 billion, a 1.5% increase year-over-year. Although the Las Vegas Strip remained roughly flat, the data for the entire Clark County and the state stayed within 1% of last year's figures. The PASA website noted that this stability is actually quite comforting for the gambling city, which experienced fluctuations throughout the past year.
Even more relieving is that the tourism data finally "turned red." According to the Las Vegas Convention and Visitors Authority, visitor arrivals in February reached 3.03 million, a 2% increase year-over-year, marking the first time in at least 15 months. The performance of hotels on the Strip was also decent, with average daily room rates and revenue per available room increasing by 4% and 6%, respectively. This rhythm of "people coming and money being spent" is indeed long-awaited.
However, air traffic still lagged a bit. Harry Reid International Airport saw a total passenger decline of 3%, with international travel down by 10%. The bankruptcy of budget airline Spirit directly led to a 72% plunge in its passenger volume, while major Canadian airlines WestJet and Air Canada both dropped by more than 20%.
Baccarat holds the fort, Super Bowl "overturns"
A closer look at the gaming data shows that the Las Vegas Strip was able to hold steady in February, thanks to baccarat "carrying the flag." This high-ticket game contributed $119.9 million in revenue to the Strip, a whopping 37% increase year-over-year. Those in the know understand that baccarat can swing the entire month's data with a single win or loss—thus, it has always been the "barometer" of the Strip's monthly performance. Although baccarat on the Strip has fallen by 21% over the past three months, a 3% decline over 12 months is still acceptable.
Apart from baccarat, other markets also performed well. Reno grew 7% year-over-year to $60.6 million, while Boulder City and the local Las Vegas market each increased by 3.5% and 3%, respectively. However, downtown Las Vegas fell by 4%, becoming the "laggard."
Sports betting was not so lucky. The 60th Super Bowl was a "Waterloo" for Nevada's gaming companies. The total sports betting revenue for the state was $35.3 million, a 14% decline year-over-year. Football betting revenue plummeted nearly 70%, leaving just $4.3 million. Most heartbreakingly, the total betting amount for the Super Bowl was $133.8 million, the lowest in at least a decade. The impact of the prediction market is an unavoidable factor. Although Nevada could not prevent Kalshi from "getting a piece of the action" at the Super Bowl, it has temporarily halted Kalshi's sports, entertainment, and election contract trading within the state through a temporary restraining order, with the next hearing scheduled for April 3.
Q1 earnings season is approaching, how analysts view the "double rise"
The first quarter of 2026 is about to end, and Las Vegas operators are once again under Wall Street's "review." Last year, the "big three"—Wynn, MGM, and Caesars—felt varying degrees of pressure in Las Vegas, with Caesars particularly "hurt," and rumors of its potential acquisition never ceased. On the other hand, Boyd and Red Rock, focusing on the local market, attracted many budget-conscious players with their price advantages, living quite comfortably.
Macquarie analyst Chad Beynon, in his report to investors, directly interpreted February's data as "positive." He believes that this positive growth data provides "room for upward revision" in Q1 earnings expectations. Beynon's judgment is that high-end properties will continue to lead, with Wynn likely to be more stable than MGM and Caesars. However, he also threw some cold water: "We still like the long-term logic of Las Vegas, but the weakness of leisure and international guests may continue this year. After all, the growth of the past three years post-pandemic has been mostly digested." For this reason, he had already placed the Las Vegas sector in the "least favorable" position in his 2026 industry outlook.
By contrast, Beynon is more confident in the non-Strip local market. He believes that the retail operations of Red Rock and Boyd are likely to outperform the current market consensus for Q1. PASA's website observed that this "cold Strip, hot local" pattern has become increasingly apparent over the past year, suggesting that the city's recovery might be shifting from "tourist-driven" to "local-driven."
Although air data and international visitors are still "dragging their feet," February's "double rise" at least shows one thing: Las Vegas's foundation is still there. Whether it will be a "flash in the pan" or a "steady rise" might be clearer after the Q1 earnings season.
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This article is from "PASA-Global iGaming Leader," a gambling industry news channel:https://t.me/pasa_news
Original deep gambling channel:https://t.me/gamblingdeep
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PASA official website: https://www.pasa.news
