Las Vegas visitation falls for 11th month, down 5.2% in November

Visitation to Las Vegas fell 5.2% year on year in November, marking the 11th consecutive month of declines, even as casino gaming revenue across Nevada posted another monthly increase, according to data from the Las Vegas Convention and Visitors Authority (LVCVA) and the Nevada Gaming Control Board.

The city welcomed about 3.1 million visitors during the month, despite hosting major events including the Formula One Las Vegas Grand Prix, the SEMA/Automotive Aftermarket Industry Week trade show, and three NFL home games for the Las Vegas Raiders. Average visitation for 2025 to date is down 7.4% to 35.5 million people over the first 11 months.

Convention attendance slipped slightly, down 0.2% from a year earlier to around 547,000. The SEMA show drew about 160,000 attendees, remaining the largest convention Las Vegas hosts annually.

Hotel performance weakened across most metrics. Citywide occupancy fell two percentage points to 79.4%, while the average daily room rate declined 2.9% to $193.04. Revenue per available room dropped 8.4% to $153.27. Total room inventory edged down 0.6% to 149,971 rooms, and occupied room nights fell 2.9% to 3.57 million.

On the Las Vegas Strip, hotel occupancy declined 2.3 percentage points to 82.0%, with average daily rates down 1.9% to $208.39. Downtown hotels recorded steeper drops, with occupancy falling 3.8 percentage points to 66.4% and average daily rates down 10% to $94.08.

Air travel also weakened. Passenger traffic at Harry Reid International Airport fell 9.6% in November to about 4.3 million, the steepest monthly decline of the year. Year-to-date passenger volumes are down 5.5% to 50.6 million. By contrast, highway traffic into Las Vegas increased, with average daily vehicle counts up 2.4% on major routes and border traffic from California up 2.5%, though the data does not distinguish tourists from local traffic.

Despite softer tourism indicators, Nevada’s casinos generated $1.34 billion in gaming win in November, up 2.4% from a year earlier. It was the fourth-best gaming month of 2025 and the second-strongest November on record, extending the streak of monthly statewide gaming win above $1 billion to 57 months. For the year to date, statewide gaming win is up 1.5%.

The Las Vegas Strip accounted for $784.3 million, or 58.2% of the statewide total, though Strip revenue was down 0.6% from November 2024. Clark County as a whole posted gaming revenue of $1.19 billion, up 2.0%.

Several Clark County submarkets recorded double-digit gains. The Boulder Strip rose 20% to $79.5 million, downtown Las Vegas increased 10.3% to $87.2 million, Laughlin climbed 11.6% to $38.0 million, and Mesquite advanced 10.7% to $18.2 million. Of the 19 submarkets tracked statewide, only five recorded declines, including South Lake Tahoe, which fell 4.6% to $13.8 million.

“[Strip volumes] were solid and consistent with operator commentary,” said Daniel Politzer, a gaming industry analyst at J.P. Morgan, adding that results from the Formula One Las Vegas Grand Prix were slightly higher than last year. Baccarat hold stood at 14.7% in November, compared with a more favourable 17% a year earlier.

For the calendar year, statewide gaming win is up 1.5 percent from a year earlier, said Shelley Newell, senior economic analyst with the Nevada Gaming Control Board.