2025 review: Las Vegas loses millions of visitors
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3 Feb 2026 •
Reading time: 3 minutes At the end of a year of high tension, Las Vegas, the entertainment capital of the world, ends 2025 on a difficult note. Official figures for the last month of the year show a significant decline in both tourism and gaming.
December: falling visitor numbers and declining revenues
December 2025 will go down in history as one of the most difficult months for Las Vegas. According to figures published by the tourism authorities, the city only welcomed around 3.09 million visitors, a drop of around 9% compared with December 2024.
What’s more, key tourism performance indicators have plummeted: total hotel room occupancy is down by almost 6%, revenue per available room is down by 12%, and average room rates are down by around 5%. These declines go to the heart of the Las Vegas economy, where the hotel and casino industries are interdependent.
A year of declining tourism
The annual figures published by the Las Vegas Visitors Authority confirm a general decline in tourist numbers in 2025. With a total of around 38.5 million visitors, the city recorded a drop of around 7.5% on the previous year.
This decline is all the more significant as it marks the twelfth consecutive monthly drop in visits, a sign that the city has not regained the growth momentum seen after the COVID-19 pandemic.
The Strip in trouble
The gaming sector, the city’s economic mainstay, has not been spared. Casinos on the Las Vegas Strip recorded a significant drop in revenue, with a total of $827.7 million in gaming winnings, down by more than 6% compared with December 2024.
This decline significantly dragged down results in Clark County, one of the state’s most important economic areas. However, not all segments are at half-mast. Peripheral markets have shown some resilience:
- the local market (+4%),
- downtown Las Vegas (+5%),
- Boulder (+9%),
- Laughlin (+10%).
These performances reflect a trend already observed in recent years, whereby areas outside the Strip are gradually becoming more dynamic in the face of stagnation in the historic heart of entertainment.
Statewide, gaming revenue for December still exceeded $1.43 billion, marking an annual decrease of approximately 1.5%. Nevertheless, for 2025 as a whole, gross gaming revenue (GGR) climbed by around 1.2% to $15.8 billion. This shows that despite a difficult year, the industry was able to generate overall growth, albeit modest.
What are the strategies for bouncing back in 2026?
Faced with these challenges, various players in the market are looking for ways to adapt. Some major Strip operators, such as Wynn, have outperformed their traditional competitors, while other regional operators have taken advantage of local markets. Analysis of fourth-quarter results should provide further clues as to the overall financial health of companies in the sector.
Financial analysts remain cautious. However, some companies could exceed market expectations.
The end of 2025 in Las Vegas illustrates a delicate turning point for one of the world’s most emblematic tourist destinations. Between declining key indicators, growing economic pressure and calls for bold reforms, the city is at a crossroads. The next few months will be crucial in determining whether the city can turn these challenges into opportunities for renewed growth.