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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.

The US Court of Appeals for the Third Circuit has just denied an appeal in a case brought forth by self-proclaimed 'problem gambler' and heir to an electronics company fortune, Sam Antar. Antar has sued MGM Resorts International, BetMGM, and Borgata Hotel and Casino for allegedly engaging in unacceptable business practices as they continued to offer incentives and bonuses even while they knew he was suffering from a gambling addiction.

In a decision that could shape the future of litigation against casino operators, the US Court of Appeals for the Third Circuit has ruled that casinos do not owe a special duty of care to individuals suffering from gambling addiction. The ruling affirms the dismissal of a lawsuit filed by Sam Antar, a self-identified problem gambler and heir to the 'Crazy Eddie' electronics fortune, who accused several major casino companies of exploiting his addiction for profit.

The appellate court's opinion, issued Monday, solidifies a lower court's January 2024 ruling that dismissed Antar's claims against MGM Resorts International, BetMGM, and Borgata Hotel Casino and Spa.

Allegations of exploitation and unconscionable practices

Antar's complaint centered on the casinos' use of aggressive promotional tactics, particularly through their VIP host programs. According to court documents, he wagered over $24 million and made over 100,000 bets online between June of 2019 and January of 2020. Antar claimed that despite being aware of his compulsive gambling behavior, casino employees persistently offered him bonuses, credits, and other incentives to keep him gambling.

Matthew Litt, Antar's attorney, previously argued that the casinos' actions amounted to predatory behavior, calling the current legal framework "prehistoric" in its treatment of online gambling. He contended that the New Jersey Casino Control Act was outdated and failed to protect vulnerable individuals from being exploited by operators.

Court finds no fraud or negligence

However, the appellate court disagreed. Writing for the three-judge panel, Circuit Judge Jane Richards Roth stated that the casino's communications with Antar were not deceptive under New Jersey law. "Antar was fully aware that the text messages from his VIP hosts offering bonuses, credits, and deposit matches were exactly as the hosts represented - enticements to continue to gamble," Roth wrote.

Judges Cindy Chung and Stephanos Bibas joined in the unanimous opinion, which concluded that the casinos' conduct did not meet the threshold for fraud. Specifically, the panel determined that the messages Antar received lacked the "capacity to mislead," a requirement under the New Jersey Consumer Fraud Act.

Addressing the negligence claim, the court reinforced established legal precedent, stating that gambling establishments do not owe a special duty of care to problem gamblers. The opinion noted that courts nationwide have "uniformly rejected" the notion of holding casinos liable for individual gambling behavior.

"Metaphysical" causation and industry protections

The court also pointed to the inherent challenges in proving direct causation for gambling losses, referencing prior case law to emphasize the complexity involved. "[G]ambling losses present almost metaphysical problems of proximate causation," the opinion stated, quoting precedent that acknowledges the house's built-in advantage in all standard betting transactions.

The decision demonstrates New Jersey's regulatory approach, which the court described as "comprehensive and minutely elaborate." While the Casino Control Act provides strict oversight of gaming operations, it deliberately limits private legal remedies in order to protect both consumers and the financial sustainability of the industry.

Next stop: The Supreme Court?

In response to the ruling, Antar's attorney signaled that the legal battle may not be over. Litt confirmed that a petition to the US Supreme Court is under consideration. "This is a non-precedential opinion based on the old pre-amended version of the New Jersey Consumer Fraud Act," said Litt. "While I'm very disappointed for Mr. Antar, this does nothing to slow our fight to protect addicted gamblers and their families from the predatory practices of the casinos."

Still, the court's affirmation deals a major setback to efforts aimed at holding casinos civilly liable for encouraging excessive gambling. With the debate over the responsibilities of gambling operators in the digital age, the ruling may have implications for similar lawsuits across the country.

The next step is imminent: after the long journey involving the legalization of gambling in Japan, the very first casino in the country, MGM Osaka, has officially broken ground. More than 20 years after the vision first materialized, MGM Osaka's groundwork is now being laid, and it is an $8.9 billion collaboration between MGM Resorts International and Orix Corporation, a Japan-based financial services firm.

After more than two decades of planning, MGM Osaka, Japan's first integrated casino resort, has officially broken ground. The nearly $9 billion project, spearheaded by Las Vegas-based MGM Resorts International and Japan's Orix Corporation, is now under construction on the artificial island of Yumeshima in Osaka Bay. Company executives and dignitaries gathered on the 24th of April to celebrate the start of a development that Japan hopes will significantly boost its tourism sector.

The massive $8.9 billion venture is projected to take five years to complete, with a grand opening slated for 2030.

A milestone years in the making

For Ed Bowers, CEO of MGM Resorts Japan, the groundbreaking marked a particularly emotional milestone. "I've been working on this for more than 15 years, and no one is happier than I am to see this happen," Bowers said during the ceremony. "It's not been an easy road, and we will continue to see challenges until and after this opens."

Despite the hurdles, MGM remained committed while other major operators - including Caesars Entertainment, Las Vegas Sands, and Wynn Resorts - exited Japan's drawn-out gaming approval process. MGM's perseverance now positions it to dominate the emerging Japanese market.

MGM holds a 42.5% ownership stake in the Osaka development, with Orix Corporation holding an equal share and the remaining stake split among local investors. The company projects MGM Osaka will become Asia's top-grossing casino, with an estimated annual gross gaming revenue of approximately $6 billion - surpassing the current leader, Galaxy Macau, which generates about $4.5 billion annually.

A destination resort for Japan and the world

MGM Osaka is all set to redefine Japan's tourism landscape. The integrated resort will offer 2,500 hotel rooms spread across three distinct brands: MGM Osaka, MUSUBI Hotel, and MGM Villas. Guests and visitors will also enjoy a sprawling 3,500-seat theater, over 400,000 square feet of exhibition and meeting space, a world-class spa and fitness center, a wide array of restaurants and bars, a lush public park, a shopping mall, and a facility dedicated to promoting tourism throughout the country.

The casino itself, by law, will occupy no more than 3% of the total indoor space. While specific gaming floor details are yet to be disclosed, MGM officials anticipate hosting around 200 table games and 2,000 slot machines.

To safeguard against potential gambling addiction, Japanese nationals must pay a ¥3,000 (about $21) entrance fee to gain access to the casino. Residents of Osaka will pay an additional municipal charge, doubling the entry cost to $42.

A long journey to Japan's casino market

The idea of integrated resorts in Japan first gained momentum under the leadership of Shinzo Abe, the late Prime Minister, who championed the legalization of casinos to stimulate tourism and economic growth. Following years of legislative debate, Japan's 2018 gaming law allowed up to three integrated resorts to be licensed nationwide.

Although the slow pace and strict regulatory environment discouraged many international operators, MGM remained steadfast. Former MGM Chief Executive Officer Jim Murren was among the earliest advocates, publicly supporting a Japanese expansion as early as 2014 and identifying Osaka as an ideal location.

With construction finally underway, MGM Osaka is positioned to hold a monopoly on casino gambling in Japan when it opens in 2030. However, there is growing speculation that the Japanese central government may open a second bidding period for additional casino projects in 2026.

As Japan looks to diversify its tourism offerings beyond traditional cultural attractions, MGM Osaka represents a bold step into the world of integrated resort entertainment. Once complete, the megaresort is expected to draw millions of visitors annually, transforming Yumeshima into one of Asia's premier leisure destinations.