Nevada May 2025 gaming report: Strip revenue declines 2.2%
The Nevada Gaming Control Board have released their latest figures following the publication of their May 2025 gaming revenue report, and the news isn’t great. BonusFinder, a casino bonus comparison site, dives in to give you the debrief on Nevada’s May 2025 revenue performance.
Nevada’s nonrestricted gaming licensees reported a gaming win of $1.29bn in May 2025, but this was a 2.2% decrease year-on-year (YoY) according to the data in the recent report.
This isn’t just a one off, as March saw a 1.1% YoY fall, while April’s 0.5% drop suggests that this trend could well continue, unless measures are taken.
The Las Vegas Strip – which is Nevada’s largest gaming region, visited by millions each year – saw a notable drop in revenue. The region saw revenue fall to $713.8m in May, which was a decrease of 3.9% YoY.
Several regions did see some improvement regarding revenue across the state, including North Las Vegas, all areas in Elko County, Laughlin, Sparks and Carson Valley, but the overall picture suggests pressure is on to turn things around in the Silver State.
In this report, we take a deeper look into the figures to examine what regions are underperforming compared to those that have posted an increase in revenue.
Las Vegas Strip revenue continues to slip
Taking a closer look into the state’s biggest gaming region and its underperformance over the previous three months is a perfect place to start.
In February, a notable 13.8% decrease in Las Vegas Strip casino revenue was reported compared to that of a year ago. As mentioned previously, both March and April saw a small decline, before May’s 3.9% decrease was reported. Reflecting that the region has consistently been on the decline, when compared to last year.
Why is the Las Vegas Strip reporting decreases in revenue?
The biggest aspect is the sheer volume of tourists has slowed down since May 2024. Twelve months ago 3.65 million people visited the region compared to the 3.41 million visitors who travelled to the Strip in May 2025 – representing a footfall decline of 6.5%, heavily impacting the revenue throughout casinos in the region.
Another key aspect to note is hotel occupancy, with fewer people staying in the area, especially with average room rates slightly increasing. Indeed, hotel occupancy at 83% was down from 86.1% in May 2024, decreasing 3.1% YoY.
With visitor numbers dropping, this led to a decrease in slot and table play. Slot win on the Strip fell 5.4% to $381.2m, while table game win was down 2.1% to $332.6m in May 2025.
Baccarat – a staple in Las Vegas – saw an alarming decline of 10% year-over-year, roulette also saw a huge decline of 28.7% and this is arguably the most worrying aspect.
May did mark the 51st straight month of statewide wins exceeding $1bn and this means the Strip does remain above the levels seen before the Covid-19 pandemic.
However, things must change if this growth streak is to continue throughout the summer months.
The Strip may have seen a decline in performance throughout May, compared to 2024, but there were several regions which did perform rather well.
Things are not all doom and gloom in Nevada
Casinos on the Boulder Strip and Downtown Las Vegas did also see a drop in gaming wins compared to May 2024, but several regions did see an increase.
North Las Vegas
North Las Vegas was certainly one of the few bright spots in the May 2025 Nevada gaming revenue report.
This region reported a gaming win of $26.3m in May 2025, which marked an increase on the $24.7m which was reported just 12 months ago. As such, this meant that the region saw a year‑over‑year increase of 6.5%.
North Las Vegas saw rises in both slots and table game revenue, with slots revenue increasing by 6% YoY to $23.8m and table games revenue rose 11.3% to $2.6m.
Laughlin
Compared to the rest of the state, Laughlin demonstrated a strong performance in May 2025.
The region recorded $43.2m in gaming win, up from $36.9m in May 2024 and this was a staggering 17% year-over-year increase in total gaming revenue.
Visitors may have fallen in the Las Vegas Strip over the previous few months, but in Laughlin, visitor volume soared. A total of 129,000 visitors saw a percentage increase of 11.2%, which in turn, helped boost gaming revenue in this area.
Slots saw a large increase when compared to the same period last year; rising 19.2% YoY, up to $39.8m, meanwhile table games revenue decreased slightly by 3.8%, down to $3.4m.
Mesquite
Mesquite recorded a 9.7% increase in gaming wins in May 2025, with $17.9m being won compared to $16.3m from a year ago.
This area in Clark County, alongside Laughlin, has seen one of the biggest increases in revenue highlighting the desire for visitors to embrace regional markets.
Despite making smaller revenues than other areas, both slots and table game revenue was on the up. Slots made $15.8m, up 8.1% YoY, and table games brought in $2.1m, up 24% YoY.
Key takeaways from the Nevada gaming revenue report
The overall picture reveals a mixed performance across Nevada’s gaming sectors compared to May 2024.
A 3.9% overall drop in revenue on the Las Vegas Strip was the most notable aspect, and this represented a fourth month in a row of decline.
Elsewhere, Downtown Las Vegas also saw a decrease in revenue (11.4%), as did South Lake Tahoe, which posted a worrying 23.4% revenue decline.
Although the major areas saw an underperformance, it was in regional zones such as North Las Vegas and Mesquite where plenty of positives can be taken.
With fewer visitors making the trip to the Las Vegas Strip, more and more people were taking full advantage of regional areas, hence the gaming revenue increases of 17% and 9.7% in Laughlin and Mesquite.
These may be positive, but unless something changes in the major areas over the next few months, the revenue will only continue to decline, despite a surge in sports betting, which accounted for a 29.7% increase in the state.
There is plenty of work to do, that’s for certain.
