Nevada's gaming industry reported $1.4 billion in gaming win for December 2025, which was 1.6% less than the same month in 2024, according to figures published by the Nevada Gaming Control Board. The Las Vegas Strip reported the largest decline, but some smaller markets reported increases.
Key Takeaways
- Nevada reported $1.4 billion in gaming win for December 2025, down 1.6% year-on-year.
- The Las Vegas Strip declined more than 6%, while smaller markets, including Mesquite and Laughlin, recorded growth.
- Las Vegas tourism fell nearly 7.4% in 2025, weighing on hotel revenue and visitation totals.
Despite total gaming win declining year-on-year, it remained higher on a fiscal year-to-date basis, recording $8 billion compared to the previous year’s total of $7.8 billion, up 2% year-on-year. Clark County was up 1.6% through July to December, as well as Washoe County (4.5%), and Elko County (3.2%).
Looking back at December’s revenue, the Las Vegas Strip generated $827.7 million in gaming win, a 6.1% decline from $881.3 million a year earlier, and the largest revenue decrease seen in the state last month. Clark County as a whole reported $1.3 billion in December gaming win, down 2.2% year-on-year.
Yet, outside the Strip, other markets in Clark County reported year-on-year increases, with Mesquite posting the strongest growth at 11.2% to $17.8 million. This was followed by Laughlin with a 9.8% increase to $37.9 million, and the Boulder Strip, up 9% to $95.7 million.
Gaming win in Washoe County increased 1.5% last month, rising from $90 million to $91.4 million year-on-year. South Lake Tahoe was up 7.5% to $20.8 million, Elko County increased 1.9% to $34.9 million, and Carson Valley Area declined 0.5% to $11.7 million.
Nevada collected $88.5 million in gaming percentage fees during January 2026, based on December's taxable gaming revenues. That figure was down 2.3% from the $90.5 million collected in January 2025. For the fiscal year through January, the state collected $601.8 million in gaming percentage fees, up 3.8% from $579.9 million in the prior-year period.
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Las Vegas tourism declines in 2025
The softer December gaming results aligned with a broader slowdown in Las Vegas tourism across most of 2025. Visitor numbers declined by nearly 7.4% compared to 2024, according to figures released by the Las Vegas Convention and Visitors Authority (LVCVA).
There were more than 35.4 million visitors in Las Vegas during the first 11 months of 2025, showing weaker visitor numbers across various segments.
The LVCVA reported that Las Vegas tended to follow the broader economy and that spending fluctuations were felt there first due to its size and diversity. Its January through November tourism report confirmed a cooling trend that persisted throughout the year, following a sustained rebound period after the COVID-19 downturn.
Las Vegas last reached its tourism peak in 2019, when the city welcomed 42.5 million visitors. Travel restrictions cut visitation to 19 million in 2020. The recovery began in 2021, when visitor volume rose 69.5% to 32.2 million, and continued through 2024, when visitation reached 41.7 million.
The decline in visitation also affected hotel performance. Average daily room rates fell 5% year-on-year, while revenue per available room declined 8.5%. The LVCVA identified reduced international travel as a major factor, including an estimated 24% decline in Canadian visitors.
