While Nevada’s top sportsbooks had their highest handle in the past 16 months, casinos suffered a sluggish start in 2025 and their poorest March since 2021, when the COVID-19 pandemic reached its peak.
Key takeaways
- Nevada gaming revenue dropped 1.11% last month, its weakest March since 2021.
- Las Vegas Strip earnings fell 4.78%, while downtown and Boulder Strip casinos saw gains.
- Room closures and fewer tourists may continue to pressure gaming revenues in the coming months.
March's statewide gaming win was $1.27 billion, 1.11% lower than a year ago for the same period. On the Strip, which traditionally accounts for well over half the state's gambling income, revenue fell even more sharply by 4.78%, to $681.67 million, according to the Nevada Gaming Control Board.
This drop follows a record-breaking month in Dec. 2024, when casinos generated $1.46 billion. Economic uncertainty since dampened momentum. Fewer tourists are behind the softer numbers, with the Las Vegas Convention and Visitors Authority reporting March saw about 3.39 million visitors—a 7.8% year-over-year decrease.
While the Strip slumped, some niches performed better. Downtown Vegas casinos took in $85 million, a 11.59% increase from last year. Boulder Strip also fared well, with Boulder Strip casinos generating $78.3 million, a 10.23% increase.
More challenges ahead
The next few months could put even more pressure on casino coffers as Las Vegas loses inventory of available hotel rooms. The Tropicana's shuttering in April and its subsequent demolition took 1,470 rooms out of circulation. Additionally, more than 3,000 rooms at The Mirage are out of commission for now while the property repositions as a Hard Rock resort.
Comparisons to prior years are also difficult due to other notable events, such as Super Bowl LVIII, which took place in Vegas, and the inaugural F1 Las Vegas Grand Prix, which both drove visitor and gaming activity.
High-stakes baccarat, one of the Strip's most popular games among high rollers, also plummeted in March. Baccarat losses totaled over $73 million last month, 34.27% lower than March 2024. That's a sharp contrast to how the game performed in December, which generated $197.2 million.
For the fiscal year from July 1, 2024, to June 30, 2025, Nevada's total gaming revenue is 1.14% behind last year's, while the state only collected $79.3 million in gaming percentage fees so far this month.
Although the Silver State's casino business is healthy by historic records, recent figures indicate it might continue to see pressure from fewer tourists, reduced hotel rooms, and tougher comparisons to an unusually robust previous year.
