Las Vegas Strip Casino Revenue Plummets as February Presented Difficult Comparable

Posted on: April 1, 2025, 12:01h. 

Last updated on: April 1, 2025, 08:56h.

Devin O'Connor @CasinoorgDevinO Read More
Expertise: Asia Pacific Gaming, Commercial Gaming, Legislation, Politics.
  • Las Vegas casino revenue fell sharply in February 2024
  • February 2024 was a tough comparable since Las Vegas hosted the Super Bowl
  • Concerns about Las Vegas’ outlook are heightening

Gross gaming revenue on the Las Vegas Strip and across most of Nevada was down year over year in February, as the same month last year had the upper hand in a variety of ways.

Las Vegas Strip casino revenue GGR
The Las Vegas Strip struggled in February compared with February 2024. That wasn’t a surprise, however, as February 2024 saw the Super Bowl come to Las Vegas’ Allegiant Stadium. (Image: Shutterstock)

Las Vegas hosted Super Bowl LVIII on Feb. 11, 2024. The NFL title game made a typically slow month vastly busy, as Strip hotels were booked solid and gaming floors were busy with high-value players.

Last month was different. Along with not hosting the biggest sporting event in the country, February 2025 had one less day, as February 2024 was a Leap Year with 29 days.

The Nevada Gaming Control Board (NGCB) reports that the difficult comparable resulted in expected year-over-year gross gaming revenue declines. Statewide, GGR tumbled over 9% to $1.21 billion. Things were even worse on the Strip.

Strip Struggles 

The NGCB’s February filing showed that GGR on the Las Vegas Strip crashed almost 14% to $690.3 million, as fewer high-value players were in town because of the absence of the Super Bowl. Numbers for baccarat, the game of choice for many high rollers, proved that by GGR slashing more than half from a year ago.

The softer GGR was driven by declines in baccarat (-52%), table games (-27%), and one less calendar day,” said gaming analyst Barry Jonas of Truist Securities.

Baccarat saw 31% less money wagered. Paired with a weaker hold (12.5% compared to almost 18% in February ’25), the tables led the year-over-year losses. 

Jonas says the February report doesn’t mean the near-term outlook is grim for the country’s gaming capital.

While we expected a softer February, underlying Vegas trends remain mostly positive (for now), and we expect to see improvements in March,” Jonas wrote.  

Strip oddsmakers kept $24.1 million of the bets placed, a 2% drop. Slot machines on S. Las Vegas Blvd. were flat from a year ago at $381.9 million.

Growing Concerns

Las Vegas Strip casinos are reporting strong hotel bookings for March and April, but visitor reports suggest a slowdown in the market could be looming.

The Las Vegas Convention & Visitors Authority (LVCVA) disclosed Monday that visitor volume dropped 12% in February to below three million guests. Las Vegas hotel occupancy was 3.4% lower, with average nightly room rates on the Strip crashing 26% to below $200.

The room occupancy rate’s downturn comes despite there being roughly 4,500 fewer rooms on the Strip after Tropicana and The Mirage closed last year. The Tropicana has since been demolished while The Mirage is being renovated by Hard Rock International into a new resort planned to open in 2027.

Harry Reid International served 7.5% fewer passengers at a little more than four million arriving and departing travelers. Through two months of 2025, the LVCVA says visitor volume is down 6.5%.

As Casino.org continues to report, there are growing anxieties across Southern Nevada that a tightening economy, possibly caused by President Donald Trump’s tariffs war, could be making Las Vegas less attractive to the general public. Many on social media have criticized the destination for becoming out of touch with ever-increasing resort fees, costly cocktails, poor odds like 6:5 blackjack, and the continued elimination of perks and comps.