Las Vegas Faces Uneven Tourism Recovery With Strong Strip Profits Fueled by Big Spenders and Grand Prix Events While Overall Citywide Visitation Drops

Published on November 26, 2025

As the Thanksgiving holiday travel season kicks off, Las Vegas is seeing a stark contrast between the Strip’s booming casino revenue and the city’s broader tourism slowdown. While high-stakes gaming continues to drive record earnings on the Strip, overall visitor numbers show that Las Vegas’ recovery remains uneven.

According to the Nevada Gaming Control Board, October gross gaming revenue (GGR) reached $1.35 billion, up 5% from the same month last year. The Las Vegas Strip accounted for the largest share of growth, generating $748 million in revenue, an 8% increase year-over-year. Over the first four months of the fiscal year, Strip revenue is 3.3% higher than last year, putting Las Vegas on track for its fourth annual revenue increase in five years.

Despite these gains, overall visitation to the city continues to lag. The Las Vegas Convention and Visitors Authority (LVCVA) reported 3.4 million visitors in October, a 4.4% decline from last year. This extends a 13-month streak without a significant year-over-year increase in citywide visitors, showing that while high-value tourists are spending more, total attendance is shrinking. Hotel occupancy on the Strip fell 2%, with average daily room rates down 5.5% and revenue per available room dropping 7%, reflecting the challenges in drawing a larger, more diverse visitor base.

Convention and business travel showed slight improvement, with attendance rising 8% to 603,600, fueled in part by the annual Global Gaming Expo. However, attendance remains below levels seen in 2022 and 2023, highlighting that the city’s business tourism has not fully rebounded. Conventions are vital for weekday hotel occupancy and ancillary spending, including restaurants, entertainment, and retail, making this slower growth a key concern for Las Vegas’ economic recovery.

A significant contributor to the Strip’s revenue strength remains baccarat. The game brought in $116 million in October, marking a 69% increase from last year. Baccarat revenue has grown 20% over the past three months, though the year-to-date increase is just 2%. The game’s fluctuations are driven primarily by high-stakes bets from a smaller group of elite players, unlike other games such as slots or roulette, which rely on broader participation.

In contrast, slot revenue fell 2.3% in October, underscoring the Strip’s reliance on table games to sustain overall growth. This pattern illustrates a broader trend in Las Vegas tourism: while total visitor numbers decline, those who do come are spending more, particularly on high-value table games. The city’s casinos continue to focus on attracting affluent players to balance weaker performance in mass-market gaming.

The recent Las Vegas Grand Prix also offered a boost to tourism. The third edition of the Formula One race attracted thousands of fans and is projected to generate at least $1 billion in economic impact. High-profile events such as this not only drive revenue during traditionally slower periods but also elevate Las Vegas’ global profile, attracting visitors who spend on luxury accommodations, dining, and entertainment.

Even with these highlights, Las Vegas faces challenges in achieving balanced growth. Infrastructure demands for large events, seasonal fluctuations in tourism, and the volatility of high-stakes gaming all affect overall performance. While the Strip continues to deliver strong revenue, broader citywide visitation remains below previous years’ levels, pointing to a slow and uneven recovery.

Looking ahead, Las Vegas’ success will depend on attracting a wider mix of visitors. Leisure travelers, convention attendees, and high-value gaming clients all play a role in supporting revenue growth and boosting citywide tourism metrics. The holiday season will be critical for testing the city’s ability to combine strong casino earnings with broader visitor recovery, ensuring Las Vegas remains a premier destination for travelers from around the world.