Las Vegas tourism and gaming revenue fall in September

Las Vegas tourism and gaming revenue fell in September, extending a nine-month decline in visitor volume, even as Nevada’s overall gaming win for the fiscal year remains above last year’s pace, according to data released Wednesday by the Las Vegas Convention and Visitors Authority (LVCVA) and the Nevada Gaming Control Board.

The LVCVA said visitation dropped 8.8% from a year earlier to 3.1 million, about 300,000 fewer than in September 2024. It marked the ninth consecutive monthly decline in tourism to the city.

The downturn was attributed to weaker midweek volumes and fewer conventions. Attendance fell 18.7% to 428,400, reflecting the absence of MINExpo, which draws about 45,000 attendees, and the rescheduling of Oracle CloudWorld to October.

Hotel performance also softened. Occupancy dropped 5.2 percentage points to 78.7%, with midweek stays down 6.7 points to 74.4% and weekends nearly flat at 90.3%. The average daily room rate slipped 2.9% to $190.56, while revenue per available room fell 9% to $149.47.

Passenger traffic at Harry Reid International Airport declined 6.4% to 4.5 million, though auto traffic into Las Vegas rose 3.4% on Interstate 15 and 2.5% across all major highways, according to the Nevada Department of Transportation.

Despite the slowdown on the Strip, Laughlin and Mesquite reported gains, with visitation up 9.6% and 7.3%, respectively.

Gaming revenue also slipped after four months of growth. Statewide win fell 2.3% to just over $1 billion, while Clark County, home to the Las Vegas Strip, was down 2.9%. The Strip recorded a 5.5% decline to $687.8 million, and downtown Las Vegas dipped 2% to $89.2 million.

For the first quarter of the 2025–26 fiscal year, gaming revenue is still up 2.3% statewide to $3.9 billion, and up 1.7% in Clark County to $3.3 billion, with the county accounting for 85% of Nevada’s total win.

Tax collections from gaming totaled $87 million for September, down 12.3% from a year ago, though quarterly receipts rose 7.6% to $347.2 million.

JP Morgan analyst Daniel Politzer said: “Given the Strip’s soft leisure backdrop, the Strip’s stable gaming trends continue to stand out.” He added that Strip slot performance was strong but offset by volatile baccarat play, which flipped unfavorably because of lower hold percentages for the game.

Casino operators have also felt pressure. Caesars Entertainment reported a 9% year-over-year decline in Las Vegas Adjusted EBITDA through the first three quarters of 2025 and nearly 90,000 fewer hotel room nights in the third quarter.

The LVCVA said its “Fabulous Las Vegas” promotional campaign launched on September 22, aimed at boosting bookings, though any impact will likely appear in October data. The agency noted that “slower midweek volumes” accounted for most of the decline.