Las Vegas Casinos See Profits Drop Huge In Fiscal Year 2025

The Nevada Gaming Control Board released financial statistics from the state’s gaming industry. The figures highlighted a downturn in Las Vegas casino profits.

Net casino profit for Las Vegas Strip properties saw a massive drop in the 2025 fiscal year, which ended on June 30, 2025. Operators reported net winnings of $154.2 million, down from $666 million in fiscal year 2024.

That equated to an 81% earnings dip and came after gross gaming revenue decreased 4% and expenses increased, according to the NGCB. GGR is the total a gaming operation brings in from sales before any expenses are deducted. Income is the profit remaining once expenses, operating costs, and taxes are subtracted.

Revenue Dip Comes With Tourism Drop

The falling numbers come after the city saw a significant fall in the number of gamblers heading to Sin City last year. Strip casinos generating $1 million or more in revenue fell from 54 properties in 2024 to 51 in 2025.

The falling revenue came despite some near-record gross revenue figures. Strip casinos reported the second-highest gross revenue total on record at $21.1 billion. That was a slight fall from the all-time high in 2024. The numbers were exacerbated by a 0.4% increase, worth $46.4 million, in general and administrative expenses.

Gaming produced 26.1% of total revenues, the same percentage from 2024. This marked the 27th straight year gaming brought in less than 50% of total revenue, according to CDC Gaming. Here’s some other Strip numbers from the report:

• Non-gaming revenue accounted for 73.9% ($15.6 billion) of total revenue, the same as the previous fiscal year. That total fell $595.7 million, a 3.7% decline.
• Room revenue reached $7.1 billion, falling 5.1% ($380.2 million). This was the second highest total of all-time, with 2024 responsible for a record of $7.4 billion.
• Occupancy rates increased from 89% to 89.1%. The average daily room rate was $250.72, the second-highest on record, but down 2% from $255.83 in 2024.
• Strip food revenue totaled $3.99 billion, declining 1.4% from 2024. Beverage revenue dropped 3.2% to $1.58 billion. Revenue from other Strip casino business totaled $2.9 billion, a 3.6% decrease from the previous fiscal year.
• Strip casinos saw workforce slide 3.2% to 92,130 from 95,195 in 2024.

More Fines Means Less Profit

For the state as a whole, income from the state’s casinos stood at $1.7 billion, falling 35% from 2024. The drop in income come as state gaming regulators have more strictly enforced anti-money laundering regulations recently.

As a result, major casino operators faced steep fines. Caesars Entertainment reached a $7.8 million settlement with the NGCB in 2025. Regulators fined Resorts World Las Vegas $10.5 million that same year for similar reasons.

Nevada casinos also increasingly face a more competitive landscape with growing gaming sectors in other parts of the country. The American Gaming Association (AGA) recently reported that the  country’s commercial gaming industry produced record-breaking casino revenue of $783.6 billion in 2025, a 9.1% increase from 2024.

Additionally, the Supreme Court overturned the virtual ban on sports betting outside Nevada in 2018. Consequently, sports bettors don’t need to visit Las Vegas to gamble on major sporting events. Some gamblers have complained over the last few years that Las Vegas has simply gotten too expensive.

Vegas is just too expensive to be any fun anymore. 25 dollar minimum tables, 15 dollar well drinks, every little thing is nickel and dimed to the max. I loved it 5 years ago. All the “new” hotels are boring as fuck. https://t.co/YS1YPH43QZ

— GrandPooBear (@GrandPOOBear) February 9, 2025

Almost halfway through 2026, Nevada gaming has seen a bit of a turnaround. The industry saw an 11% revenue drop in January, but the last few months have reversed that trend with growth of 1.5% in February and surging 12% in March. The upward momentum continued in May, with growth of 5.2%.