Las Vegas Casino Revenue Down Again, Analysts Brace for Cool Summer
Posted on: June 27, 2025, 04:27h.
Last updated on: June 27, 2025, 04:27h.
- Las Vegas Strip casino revenue was down again in May
- May marked the Strip’s fourth consecutive gaming revenue loss
- Analysts aren’t bullish on a quick summer rebound
Las Vegas casinos saw gaming revenue further slow in May.
On Friday, the Nevada Gaming Control Board (NGCB) posted May numbers for statewide gross gaming revenue. The report shed more light on dark concerns about a tourism and gaming slowdown in the nation’s gambling capital.
For a fourth consecutive month, GGR on the Las Vegas Strip was down year-over-year. Strip casinos won just $713.7 million, a nearly 4% decline from May 2024. Last month marked the lowest Strip tally since May 2021 amid the pandemic recovery.
Slots were most responsible for the downturn, as the machines kept $381.2 million of players’ bets — down 5.4% from a year ago. Despite slightly loosening the machines, Strip casino slots took considerably fewer bets to drive net win down.
Tables also didn’t fare well, with baccarat leading the losses. The player-banker game, popular with high rollers and Asian clientele, saw GGR slide 10% to $109.9 million. Roulette win slowed 29% to $26.6 million, and blackjack was down 4% to $89.4 million.
Oddsmakers were a rare bright spot, as Strip sportsbooks kept $20.8 million of the bets — up 32%.
Statewide, GGR was $1.29 billion, down over 2%. The May result pushes Nevada GGR down almost 1% over the past 12 months.
Las Vegas Softness
A demand easing for Las Vegas has been felt over the past few months in and around the Strip. May’s disappointing result comes despite the month having an extra weekend day compared to May 2024.
However, Barry Jonas, a gaming analyst with Truist Securities, said in his May report that the month had a “net one-day negative impact to slot revenue (not handle)” reporting due to how casinos report their daily numbers through the week. Regardless, Jonas says the industry should be braced for a weak summer.
We think the summer softness is well understood,” Jonas wrote.
The analyst said the question is now whether improvements will be seen by the fourth quarter of the year. While the NGCB’s May gaming revenue report highlighted the statewide locals market being slightly up in the second quarter, it’s the Strip, which heavily relies on visitors and convention traffic, that’s most dragging the industry down.
Through May, visitor volume in Las Vegas is down 6.5% year-over-year, or a difference of approximately 1.14 million people. Fewer guests forced the casinos’ hand to cut rates, with the average room on the Strip going for about $10 less in 2025 than in 2024.
Mid-Tier Properties Most Impacted
The Nevada Gaming Control Board’s May filing suggests Strip casinos not named Bellagio, Caesars Palace, Wynn, or Venetian might be bearing the brunt of the gaming downturn. The Board groups Strip casino revenue by each property’s monthly revenue, from $1 million to $12 million, $12 million to $36 million, $36 million to $72 million, and $72 million and over.
Last month, Strip casinos in the $72 million and up range saw GGR slow 1.5% year-over-year. Meanwhile, Strip area casinos in the $36 million to $72 million range saw their gaming income slow by 16.5%, while Strip properties in the $12 million to $36 million revenue range plummeted 54%.
The Strip area is defined by the NGCB as casinos directly on S. Las Vegas Blvd. and its immediately surrounding areas. As of May, there were 38 casinos grouped in the market. Five were in the $12M-36M range, four were in the $36M-$72M range, and 26 were in the $72M and above range. The three other casinos won less than $12 million.
Last Comments ( 6 )
Corporate greed needs to be put in check
I don't trust the government...I don't trust the Nevada Gaming Commission. They don't treat gamblers good anymore. Back in the day, low table limits encouraged the big bettors to show off and the little guys to bet more. Went to a big conference in Vegas...the CEO asked a 200 person group to raise their hand if you were gambling...about 75%...then asked who is winning....maybe 1%. That's your problem. Back when...if you lost 10% of annual income...it was ok because you were treated with all the perks and felt like a King. Buffets were part of the fun with your friends...now gone.
Wind Creek definitely a good casino with regards to blackjack. I did lose my interest in going to that casino after I found $600 in chips on a floor.. not even near a blackjack table.. so of course I picked it up and put it in my pocket.. unbeknownst to me I didn't know that doing that was a crime. Until I was surrounded by casino security. To make a long story short I thought it best to just give him their cash back but I haven't been back there in over 9 months.
It is no wonder the town is struggling. I have been coming to Vegas since the '80s. In the era of corporate ownership of the casinos, the business model seen in the airline industry is in full force: nickel and dime the consumer to within an inch of their lives. So the cost of doing anything in Vegas has become ludicrous. It is widely recognized that the area needs to diversify to survive economically. Yet, the state failed to pass the bill to bring in a film studio that would have provided thousands of jobs (yet, while building a baseball stadium at taxpayer's expense). Just astounding stupidity all around.
They are chasing away gamblers like me. I was in vegas this past april and the BJ table mins were high even during the week. Cosmopolitan was all $50 and higher table mins. take a hike!! And the odds for BJ suck!!!! 6:5 everywhere on the strip. I live in NJ and the best casino in the country for BJ is Windcreek in Bethlehem PA. 3:2 $15 mins even on the wekends and dealer has to stay on soft 17!!
Appreciate the insight, Frank. No wonder Wind Creek is among the most successful casinos in PA — it treats its guests right!