From Macau Comeback to Vegas Slowdown – 2025 Has Been a Wild Ride for Global Gambling Hubs

Key Takeaways

• 2025 delivered uneven global results for both the Macau casino industry and Las Vegas, with sharp differences by jurisdiction as some markets rebounded strongly while others slowed.
• Macau staged a notable comeback driven by tourism returning toward pre pandemic levels and multiple post COVID revenue highs, though still below 2019 peaks.
• Macau’s recovery was supported by eased travel frictions, effective marketing, and diversification into non gaming attractions that broadened its appeal.
• Las Vegas experienced a meaningful visitor decline and softer convention activity, contributing to weaker occupancy and room rates, while gaming revenue trends were mixed.
• The year also featured major expansion projects and regulatory pressures, signaling continued investment alongside persistent compliance and policy risk heading into 2026.

There was a lot of cautious optimism around the global casino industry as 2025 kicked off. Several years of disruption due to COVID and regulatory shifts brought uncertainty, but many predicted 2025 would bring more stability. But as usual, the casino industry was anything but predictable through this year, and far from predictable.

If looking at the performance of different global casino hubs around the world, 2025 resembled a game of chance, when the wins and losses of one gambling jurisdiction couldn’t have been more different than the next.

While some places made a huge rebound from previous struggles, others went down a slippery slope. For example, huge growth in Asia and a slowdown in America, while operators tried to capitalize on the upswing in one part of the world and mitigate the slump in another.

Macau vs Las Vegas

These contrasts have been best shown in the differing fortunes of the Macau casino industry and Las Vegas casinos. In Macau, the market has been held in a state of near crisis since the pandemic and changes to regulations.

It went into 2025 facing intense scrutiny but ended the year by reemerging as one of the world’s most lucrative casino markets. A rise in tourism and mass market appeal has restored confidence and been one of the highlights of the year.

But unlike the Macau casino industry, Las Vegas wasn’t as lucky at the tables in 2025. While the famous Vegas Strip remains the most recognizable gaming destination in the world, Sin City has been suffering a visitor decline of more than 6%.

According to the Las Vegas Convention and Visitor Authority (LVCVA), the city saw 2.6 million fewer visitors during the 12 months leading up to October 2025 than the previous year.  Despite building momentum since the COVID pandemic, Las Vegas was still struggling to keep the momentum going in 2025. But this is not a sign of collapse, even if the industry must reassess its projections for constant growth.

The diverging fortunes of two of the industry’s most iconic destinations have shaped the global casino news in 2025. They point to broader trends and also set the tone for the shape of the market in 2026. So, join us as we take a closer peek at both major markets and look to the future in our casino industry recap.

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Macau Makes a Comeback

Macau has been one of the casino industry highlights during 2025, as it posted among the strongest performances in global gaming. This is a market that was hit hard by the COVID-19 shutdown and has been through years of struggle since.

But 2025 was a year where the city bounced back, driven by a surge in tourism. As the people came back, so did the casino market with more substantial gross gaming revenue (GGR).

Return to Pre-Pandemic Glory

Visitors have been the key to the Macau casino industry resurgence throughout the year. Projections from the Macau Government Tourism Office (MGTO) show that visitor numbers will reach 38.95 million in 2025, which is almost at pre-COVID levels and significantly up from 34.9 million arrivals in 2024. In other words, international and Chinese tourists are returning to the city.

And the trend is likely to continue. The MGTO projects steady growth through 2030, with long-term increases in both visitor count and per-visitor expenditure.

Seasonal peaks have seen growing numbers of people visiting the city. The Labour Day Golden Week holiday during May 2025 saw 850,000 people visit the city, up 40% year-on-year. More people mean more economic activity for the casino market in Macau.

Macau Gaming Revenues

There were also consecutive monthly peaks, signaling growth momentum during the year. May was a successful month thanks to the tourism around Labour Day Golden Week, with approximately $2.62 billion in GGR. This was a 5% year-on-year increase and the most considerable monthly revenue since before the pandemic.

During the holiday, the Gaming Inspection and Coordination Bureau estimated casino floor activity was reaching $124 million in revenue on peak days. July then saw the Macau casino industry again break post-COVID gross-gaming revenue records by generating MOP 22.13 billion (around $2.73 billion), a 19% year-on-year increase compared to July 2024.

While these are peak revenues, data from the rest of the year shows consistent revenues for gaming operations. It shows how the Macau casino industry resurgence comes from boosts in year-on-year revenue, suggesting resilience moving forward. But it is worth noting that GGR remains lower than 2019, when the pre-pandemic market was strong.

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What’s Driving Macau’s Casino Revival?

Growing tourism numbers are directly impacting Macau’s gaming revenue, with casino trends climbing through 2025. The number of visitors crossing from mainland China and cross-border travel from other countries in the region has gone up. Restrictions around flights and the relaxing of travel protocols have increased tourism.

Macau has also seen successful marketing campaigns that have helped to boost hotel occupancy rates and travel demands. People are once again more confident travelling, making holiday periods, like Labor Day Golden Week, busier times.

The casino industry has also adapted to struggles and changes and has been successful. Operators are diversifying to appeal to more people. The focus will stay on traditional gambling, but resorts now want more flexibility.

They are turning to non-gambling attractions, including amenities and entertainment, to encourage long-stay tourism. These include cultural events, luxury retail experiences, and family entertainment, which together help broaden Macau’s appeal beyond those playing table games.

The Future of Macau’s Casino Industry

2025 has been a positive return to form for the Macau casino industry, allowing the industry to look to 2026 with more optimism than in previous years. There is a consensus amongst analysts that growth will continue, and tourism numbers will increase to over 40 million by 2030. This will lead to a rise in non-gaming spending, including cultural attractions and retail. This diversity will help casinos attract more customers.

But Macau still faces economic and regulatory hurdles. A reliance on visitors from mainland China means that a change in the country’s overall economy could impact tourism. Equally, a shift in travel policies in Greater China could complicate future growth.

Japan and other markets in Southeast Asia also pose a risk as they seek their own expansions in resort resorts. Casino operators in Macau will look to continue to expand to increase customers with non-gaming attractions, while also putting focus on premium markets.

The Slowdown in Las Vegas

The casino news in Las Vegas is less positive than in Asia, as there has been a clear slowdown in the market during 2025.

While the city is still the most iconic gaming destination in the world, the 2025 data from casinos suggest visitor numbers are down, and gaming revenues are uneven. It is not a catastrophic decline, but it was consistent and big enough to make operators in Vegas take notice.

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Tourism and Visitor Decline

One of the most significant indicators of stress on Las Vegas casinos came from a decrease in visitor numbers. According to the LVCVA, the number of people visiting the city fell across multiple months in 2025. In June 2025, the visitor volume fell 11.3% year-on-year (3.1 million from 3.5 million in June 2024), the biggest monthly fall in years and the sixth consecutive monthly decline.

Las Vegas resorts do not only rely on gaming for revenue, but also take big business from the convention industry. Traffic to conventions in the city is also less than normal, with shows like Cisco Live and InfoComm skipping 2025. These contributed to a 10.7% year-on-year fall in convention visitors in June alone.

Hotel occupancy also softened with overall rates falling significantly in some months. In June, overall Las Vegas occupancy slipped to 78.7%, the lowest since 2022 for that month. Occupancy on the Vegas Strip as 81.8%, down from 88.3% in June 2024. Daily room rates declined 6.6% to $163.64 across the city.

This reduction in visitors is shown by data for Harry Reid International Airport also during June 2025. For that month, the airport saw a drop of 6.3% in passenger traffic and 10% when looking only at international arrivals. And it is a trend that goes beyond June because the slump was observed in other months, including an 8.8% year-on-year decline in visitor numbers through September, the ninth consecutive month of falling visitor numbers.

Vegas Gaming Revenue Trends

Despite the clear data of falling tourism during the year, casino trends in Las Vegas have been less worrying. Gaming revenue sustains the economy of casinos in the city, and the picture throughout 2025 has been mixed.

Gaming has been drawing over $1 billion per month in gaming win through the year in Nevada, but specifically in Las Vegas, the numbers are falling below previous years. March 2025 saw statewide gaming win of $1.27 billion, a 1.1% slip from the same period in 2024, and the lowest March since 2021.

The Strip contributed $681.7 million to this total, around 4.8% down on the previous year. Baccarat is interesting because it is a game associated with high-rolling tourists who spend more money. It was hit hard in March 2025, falling over 34% year-on-year.

It is not all gloomy for the Las Vegas gaming market. Downtown Vegas has had a solid growth period and increased its gaming revenue year-on-year by over 10% in June 2025. Other areas in the city region and across Nevada have reported similar performance. But these remain localized success stories, and it is hard to ignore that the main areas of the market have uneven results at best.

What’s Behind Vegas’ Slowdown?

It is definitely not the case of panic stations this year, but industry insiders and operators are looking into the reasons why 2025 was a year of struggle for Las Vegas.

• Economic issues were a central influence on the slowdown. Consumers are being more cautious amid rising costs of living and uncertain economic forecasts. This means people are cutting back on travel, especially as the cost of airfares and hotels remains high. Tourists are currently favoring more affordable alternatives, which impacts the out-of-state visitors to Las Vegas.

• Competition from other gaming markets is growing. While Vegas has traditionally had a significant dominance of gaming tourism, casino resorts in different regions are drawing more attention. Traditional rivals in New Jersey remain, but resorts are also growing in states like Florida, Pennsylvania, and Massachusetts. These provide closer-to-home alternatives to millions of people.

Operators are aware of the various pressures and admit that the emerging trends of shorter vacations were trending in 2025. But there is also cautious hope that some of the issues are temporary, and others are caused by structural changes. A good example is the closures of major casinos such as The Mirage and Tropicana, reducing the rooms available in the city.

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Where Vegas is Still Winning

Alarm bells are not ringing just yet because Las Vegas is still performing well in several major areas. The city remains a global destination for major events and conventions, which continue to attract millions of visitors each year. Flagship events include the annual Formula 1 race, NFL games, and marquee residencies such as Bruno Mars, Shania Twain, and several artists at The Sphere. These events help to keep occupancy stable and drive gaming revenue during weekends.

And even though gaming revenue has been uneven through much of the year, it is holding well against falling visitors. In October 2025, the casino win for Nevada rose to $1.35 billion, and the Strip grew its revenue almost 8% year-on-year.

The situation in Las Vegas is not dire, and there is a chance 2026 will see the fortunes reverse. Analysts point to a city that will adapt to changes and stabilize during the year in terms of international travel numbers and overall visitors. Las Vegas casinos will continue to provide entertainment for the people visiting residencies and conventions to offset revenue challenges.

Other Stand‑Out Global Casino New

Macau and Las Vegas have taken most of the news headlines for the casino market during 2025, but other stories have also shaped the industry. Whether it is major announcements, essential milestones, regulatory changes, or controversy, there are successes and challenges around the world.

New Casino Projects Around the World

There are ambitious global casino projects progressing or announced during 2025, showing geographic expansions and ongoing investment.

• MGM Osaka is one of the most prominent casino projects in the world. It is a planned mega resort that began construction in Osaka, Japan, in April 2025. It will reportedly cost $8.9 million and is scheduled to open by 2030. MGM Osaka will offer 2,500 hotel rooms, a full convention space, and a complete casino floor. It is a major development that represents a geographic expansion as the first major casino resort in Japan.

• Wynn Al Marjan Island in Ras Al Khaimah, United Arab Emirates, will have a similar impact in the Middle East. It has been in development since before 2025 but continues to take shape during the year ahead of its planned 2027 opening. The resort will feature over 1,500 guest rooms, a massive casino floor, and luxury amenities. It is designed to position the UAE as an emerging destination for gaming outside the traditional centers. 

• The United States will also embrace major changes, with New York City gaining authorization for three major resort casinos. Projects in Queens, the Bronx, and around JFK Airport, bringing Las Vegas-style resorts to the city. They will position New York City as a new major gaming destination and bring billions of dollars in private investment, while creating tens of thousands of jobs.

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Industry Records, Awards, and Milestones

Even with challenges across the industry, 2025 saw operational milestones and excellent financial performances, some bucking broader casino trends. Monarch Casino & Resort in Nevada enjoyed record financial results through the first quarter. This shows that now all properties in the state have seen a slowdown.

There has also been investment towards creating new casino markets that will drive tourism to new areas. Niagara Falls, Canada, has proposed multi-billion-dollar plans to develop casino and resort destinations. The aim is to increase tourism options and double annual visitors to the city.

Operational Challenges and Controversies

No year passes without regulatory challenges, and alongside the casino industry highlights in 2025, there were global changes that drew attention. Resorts World Las Vegas was fined $10.5 million for not complying with federal anti-money laundering laws. The action was the second-largest fine for gaming operations in Nevada’s history.

On a global level, there have been high-profile cases of major operators facing regulatory pressure. Bally’s Corporation was given a credit rating downgrade linked to risks associated with its Chicago casino project. Thailand’s efforts to legitimize casinos hit a roadblock in 2025, and the legislation has been postponed.

A Year of Contrasts & Looking Forward

2025 has provided a perfect snapshot of the complexities in the casino industry. Casino 2025 news has been all about contrasts, from the reemergence of Macau to the slowdown of Las Vegas.

But neither has gone through enough change to signify meaningful changes moving forward. As we head into 2026, the landscape remains largely uncertain in both markets, although casino trends point to ongoing growth in Macau and stabilization in Las Vegas.

On a global level, the industry continues to reflect regulatory challenges and positivity. From the successes in Japan and New York to the difficulties in Thailand and other regions, the gaming landscape continues to be one of contrasts.

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