According to the Las Vegas Convention and Visitors Authority, the Nevada Gaming Control Board, and Harry Reid International Airport, casino revenue is once again on the downturn in the Las Vegas Strip this March, hitting just $1.27 billion. The Strip is experiencing a slowdown, and it is affecting not just gaming revenue but also visitation numbers and hotel reservations.

Nevada casinos posted gross gaming revenue of $1.27 billion in March 2025, marking the 49th consecutive month that the Silver State surpassed the billion-dollar threshold, according to data released by the Nevada Gaming Control Board. However, the broader headline masks deeper concerns on the Las Vegas Strip, which continues to experience a notable slowdown in gaming, visitation, and hotel performance.

The Strip's casinos were able to keep $681.7 million of players' wagers in March, representing a 4.8% year-over-year decline - or $34.2 million less - compared to the same month in 2024. The March figures follow a troubling February that saw a 13.8% YoY decline in Strip gaming win.

Visitor numbers and hotel performance dip

The Las Vegas Convention and Visitors Authority reported that overall visitor volume to Las Vegas declined 7.8% in March compared to last year, with approximately 3.39 million people traveling to the city. The drop is attributed to a lighter event calendar and mounting economic uncertainty both domestically and internationally.

Hotel bookings on the Strip also took a hit, falling more than 6%, with average nightly room rates remaining under $200 before fees and taxes. While affordable on paper, visitors may be feeling squeezed by resort fees, higher food and beverage prices, and increasing parking charges.

Harry Reid International Airport, the city's main gateway, handled nearly 200,000 fewer passengers in March 2025 than in the same month a year earlier - a 4% decline that demonstrates the softening in travel demand.

Baccarat revenue plummets, pulling Strip totals down

A significant factor in the Strip's downturn was a sharp drop in baccarat revenue. Long favored by international high rollers, particularly Asian gamblers, the game generated just $72.8 million in March - down 34% from March 2024. This dramatic decline played a central role in the Strip's overall GGR slide.

Still, there were bright spots elsewhere in Clark County. Downtown Las Vegas saw GGR climb 12% to $85 million, while the Boulder Strip posted a 10% increase to $86.3 million. These gains helped cushion the statewide numbers but were not enough to offset the Strip's continued struggles.

The Strip's rocky start to 2025 has tempered optimism after a strong January. Year-to-date Strip revenue stands at $2.2 billion through the first quarter - roughly flat compared to Q1 2024. However, momentum has clearly slowed:

  • January 2025: $840.1 million, up by 22.5%
  • February 2025: $690.3 million, down by 13.8%
  • March 2025: $681.7 million, down by 4.3%

February's decline was anticipated, given the difficult comparison to February 2024 when Las Vegas hosted the Super Bowl. March, however, had one fewer weekend day compared to last year, further skewing year-over-year comparisons.

Economic and political factors weigh on tourism

Several external factors have been blamed for the downturn. Economists and analysts cite inflationary concerns and President Donald Trump's ongoing trade policies, which some argue are reducing consumers' discretionary spending. Trump's contentious remarks about 'making Canada the 51st state' have also reportedly turned away some Canadian visitors, a traditionally strong segment for Las Vegas. Additionally, persistent complaints about increasing costs for basic services on the Strip - including meals, drinks, and entertainment - may be deterring budget-conscious travelers.

With March in the rearview mirror, many in the industry are eyeing April as a more stable month for comparative analysis. The current month features the same number of weekend days as April 2024, potentially allowing for a more accurate year-over-year performance snapshot.

Analysts hope that April's report will better illuminate the trajectory of the Strip and, by extension, the broader Nevada gaming economy. For now, the Strip's sluggish start to 2025 remains a key concern in an otherwise resilient statewide industry.