Nevada Gaming Revenue Dips In September, Year-To-Date Gains Remain Solid

Nevada’s gambling industry saw a slight drop in September, as revenue across the state was down just over 2% from the same period in 2024.

Despite the decline in monthly results, the industry continued to advance, rising 1-2% from July through September 2025 to approximately $11.7 billion.

The latest data, released on October 31, 2025, points to a challenging visitor market but a robust industry.

Las Vegas is battling shrinking attendance, as reported by the Las Vegas Convention and Visitors Authority (LVCVA). 

Dominant figures from August also revealed a decrease, continuing a trend of weakening results that has been evident over the past few months.

Revenue on the iconic Las Vegas Strip was down 5% in September, the first decline since May 2025. The shortfall was attributable to lower baccarat wins, although slots remained strong and softened the impact.

Gaming Industry Defies the Odds

The strip remains the highest-grossing area of Nevada and is a key part of the state's economy. 

Across Nevada, regional disparities in performance were evident, with the majority of markets exhibiting growth or stability. 

Clark County and nearby regions experienced overall increases, with some exceptions on the Strip and in Sparks. 

A softer 2% drop was reported from downtown Las Vegas, bringing in $89m. The Boulder Strip, Laughlin, Mesquite, and other Clark County areas experienced modest gains while North Las Vegas remained unchanged.

Sparks suffered the steepest decline, of around 10%, earning approximately $14 million.

North Lake Tahoe was the only primary market to exhibit notable year-to-date weakness, falling 8%. 

Due to smaller winnings and rescheduled events, sports betting revenue declined 33% month-over-month; however, it is up 8% for the year.

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September marked the 55th consecutive month that Nevada's gaming revenue exceeded $1 billion, a streak that underscores the industry's enduring strength despite seasonal influences such as Labor Day comparisons and broader market fluctuations. 

This consistency reflects Nevada's status as the world's gaming powerhouse, despite some short-term headwinds.

Visitor numbers tell a similar story. Arrivals in Las Vegas are down 8% this year compared to 2024, with a 9% decrease in September. 

Reasons include the absence of large conventions, the non-holding of meetings such as MINExpo, midweek bookings slumping, and reduced international travel. 

Leisure travel remains sluggish, and some resorts attribute at least some of the slowdown in spending to high prices.

Industry observers say the vibe in Las Vegas has remained upbeat, as residents and remaining tourists help keep the city lively. 

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Experts Call Vegas Slowdown

Fewer people are coming, but the ones that are keep coming, so it’s not like everything has just stopped. 

Experts view this current lull as a return to normalcy after an extraordinary year in 2024 and predict that 2025 will still be one of the best years ever for the city in terms of visitor numbers.

Looking forward, Nevada expects variable visitation levels through 2025, followed by incremental growth. 

The city’s gaming markets outside the marquee areas have proved critical, tempering Strip vulnerabilities. 

As the "Welcome to Fabulous Las Vegas" sign, built in 1959 and seen by more than 1.5 billion visitors, continues to embody its lasting allure, the industry is turning its attention to meeting the demands of future travelers.