Caesars reported increasing gaming revenue despite decreasing Las Vegas visitation, the latest Nevada gaming operator to undertake this trend.
- Caesars increased net casino gaming revenue by more than 5% in 2025 despite declining Las Vegas visitation and lower hotel occupancy.
- Overall revenue growth was driven by regional property gains and strong gaming performance, offsetting a nearly 5% drop in Las Vegas revenue.
- The company is doubling down on high-end customers and digital gaming.
The company generated $6.62 billion in net casino gaming revenues across its properties in 2025, a more than 5% increase from the $6.27 billion it took in in 2024, according to its 2025 earnings release. The company-wide full-year net revenue dropped in its food-and-beverage as well as hotel division, which saw occupancy rates drop from 96% to 92% in Las Vegas – even as casino gaming revenues grew.
Overall, the strong gaming win helped it generate a slight net year-over-year company revenue increase. But that positive growth came from a nearly 4% increase from its regional properties, bolstered by the completion of large-scale projects in Louisiana and Virginia, and despite a nearly 5% year-over-year drop in Las Vegas.
Though the company generates more revenue from properties outside Las Vegas than it does from those along the Strip, the increase in gaming alongside the decrease in other areas underscores a shift in America’s gambling capital.
Las Vegas changes
Las Vegas tourism officials reported steep year-over-year declines in visitation, results reflected by declining hotel night stays and revenues. Economic uncertainty, rising costs, international geopolitics, and a host of other issues have been attributed to the decline.
Leading gaming stakeholders have remained publicly bullish the year-over-year visitation drops are temporary. Caesars CEO Tom Reeg wrote in a letter announcing the financial results that the company saw “a quarterly sequential improvement in operating trends in Las Vegas” and expected a “stable” operating environment for brick-and-mortar properties.
He also said Caesars is seeing strong traffic around major sports competitions, concerts, and other major events, but weakness in the gaps in between.
Caesars, the Strip's second-largest operator, posted the following year-over-year percentage declines from its Las Vegas properties between 2024 and 2025:
— Ryan Butler (@ButlerBets) February 17, 2026
Net revenue: (4.7%)
Net income: (19.6%)
Adjusted EBITDA: (8.6%)
Speaking during his company’s earnings call earlier this month, MGM CEO Bill Hornbuckle said Las Vegas was seeing a bifurcated customer base, bringing gains from higher-income earners with “softness” from the lower financial end. Reeg said during Tuesday's call the split was more so on Las Vegas geography, with central strip properties such as Caesars Palace remaining strong while properties at its north and south ends were not performing as strongly.
Still, Caesars led its call by outlining plans to invest in its marquee hotel rooms and high-end slot areas in Caesars Palace, its corporate namesake and most prominent Strip property.
In any scenario, The Strip’s two largest operators are doubling down on its high-end customers and properties in response, a trend that could help shape the gaming industry overall.
Digital growth
Online gaming’s growth has also been a factor attributed to the change in Las Vegas visitation.
Statewide mobile sports betting is live in 31 states representing over half the U.S. population. Caesars – which has typically trailed FanDuel, DraftKings, BetMGM, and Fanatics for nationwide sports betting handle – set company revenue and adjusted EBITDA records in 2025. Much of that growth was driven by its online casino gaming, where the company has taken advantage of its well-known gaming brands Caesars Palace and Horseshoe.
Caesars officials, like other online sportsbook and casino advocates, have testified in recent legislative hearings that digital gaming complements in-person gaming and is not a factor in visitation declines in Las Vegas or the rest of the country.
