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Las Vegas hotel rates on the Strip have shown a steady decline through 2025, despite marketing efforts by the Las Vegas Convention and Visitors Authority (LVCVA) to counter the city’s growing reputation for high prices. According to a recent report from Truist Securities, the ongoing promotional campaigns have had only a modest effect on reversing weakening demand.
The firm’s latest survey found that average daily rates across the Las Vegas Strip fell about 5 percent year-over-year. The decline was more pronounced for major resort operators, with room prices down 7 percent at MGM Resorts International properties and 17 percent at Caesars Entertainment hotels. Weekend rates fell 3 percent, 6 percent, and 18 percent respectively, while weekday prices dropped 8 percent, 7 percent, and 13 percent for the same operators.
Truist analyst Barry Jonas said the results were weaker than expected and below figures from the firm’s previous survey, which had already indicated a slowdown. He noted that while the LVCVA’s recent “Only Vegas” promotional campaign sought to challenge perceptions that the city had become too expensive, early results suggest the initiative has not yet produced a significant rebound in bookings or pricing.
Data from early October showed the same downward trend, with Strip rates down another 5 percent overall. MGM properties reported a 15 percent decline, while Caesars rates fell 12 percent. However, preliminary November data suggested a small improvement, with average rates inching up between 1 and 3 percent depending on the operator.
Jonas said the fourth quarter could mark a turning point as several major conventions and events are expected to draw visitors back to the Strip. He also pointed to early 2026 as a possible recovery period, provided consumer sentiment improves and international travel picks up.
In contrast to the weakening Las Vegas hotel rates, regional U.S. casino markets held steady in September, with overall gaming revenue up about 2 percent year-over-year despite lower visitation. That performance highlights the uneven recovery within the domestic gaming industry, as Las Vegas operators continue to face pricing pressures even amid a busy event calendar.
