In September 2025, Nevada's gaming revenue saw a year-over-year decline, with the slump in Las Vegas tourism continuing. A decrease in tourist numbers and a downturn in international travel dragged down overall performance, but local market demand showed resilience. As the traditional peak season of the fourth quarter approaches, the industry will focus on whether events like the F1 race can drive a recovery.
Gaming and Tourism Data Decline in September
Data from the Nevada Gaming Control Board shows that the total gaming revenue for the state in September was $1.28 billion, a 2.2% decrease year-over-year. Gaming revenue on the Las Vegas Strip saw significant fluctuations, with baccarat revenue plummeting by 42%, and overall table game revenue decreasing by 17.5%. In terms of visitors, the visitor count in September was 3.09 million, a 9% decrease year-over-year, with air passenger traffic down by 6%, including a 13.5% decline in international travelers.
International Markets and Operators Under Pressure
Major international markets such as Canada and Mexico saw sharp declines in visitors, with several airlines experiencing significant drops in performance. Casino operators like Caesars Entertainment and MGM in Las Vegas saw significant contractions in their operations, with executives acknowledging pricing strategy issues and planning adjustments. In contrast, local enterprises like Red Rock Resorts saw net income growth, with strong performance in regional markets.
Local Market Shows Resilience
Despite the slump in Strip tourism, Nevada's local customer business grew against the trend. Boyd Gaming pointed out that its local business achieved the strongest quarterly growth in more than two years, with a profit margin close to 50%. Analysts believe that the trend in U.S. regional casinos is better than Las Vegas, with leisure and international customers likely remaining weak until the end of the year.
Fourth Quarter Recovery Key Lies in F1
The industry hopes to rely on the traditional peak season from Thanksgiving to Christmas, as well as the November F1 Las Vegas Grand Prix. The 2023 event set a record with a $1.5 billion economic impact, which dropped to $934 million in 2024. The Las Vegas Convention and Visitors Authority is actively promoting, optimizing transportation and communication, in hopes of attracting a rebound in visitors.
