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Nevada casinos generated $1.7 billion in net income during fiscal year 2025, though earnings on the Las Vegas Strip fell 81.2%, contributing to a statewide profit decline of 34.8%, according to the Nevada Gaming Control Board.
The board’s Nevada Gaming Abstract – 2025 shows that the state’s 305 casinos grossing at least $1 million in gaming revenue produced net income of $1,697,540,577 during the fiscal year ended June 30, 2025. According to a report by Fox 5, the casinos generated total revenue of $30,817,837,749 during the period.
Statewide total revenue declined 2.2% from fiscal year 2024, while gaming revenue fell 0.6% to $11,216,361,427. Gaming revenue accounted for 36.4% of total revenue.
The casinos paid $1,140,863,260 in gaming taxes and fees, equivalent to 10.2% of gaming revenue.
The Nevada Gaming Control Board defines total revenue as money spent by patrons on gaming, rooms, food, beverages and other attractions. Net income represents money retained after expenses are paid but before federal income taxes and extraordinary expenses.
Las Vegas Strip records steepest decline
The Las Vegas Strip generated total revenue of $21,077,838,684 during fiscal year 2025, down 3.7% from the previous year.
Gaming revenue on the Strip also declined 3.7% to $5,509,848,670.
Net income fell to $154,188,391, representing an 81.2% decrease from fiscal year 2024, the largest decline among Nevada’s major gaming markets.
Clark County remains Nevada’s largest gaming market
Clark County’s 177 casinos generated combined net income of $1,502,015,332 from total revenue of $27,819,649,481.
Gaming revenue in the county reached $9,649,547,734, down 1.1% from the prior fiscal year. Net income declined 34.7%, while total revenue decreased 2.5%.
Within Clark County, Downtown Las Vegas casinos reported net income of $159,192,147, down 20.2% from fiscal year 2024.
The downtown market generated total revenue of $1,621,861,159, up 0.7%, while gaming revenue increased 1.8% to $812,244,965.
The Boulder Strip reported net income of $375,084,534. Total revenue increased 0.2% to $1,255,339,273, while gaming revenue rose 1.2% to $860,794,501.
The balance of Clark County generated net income of $868,337,288. Total revenue increased 3.2% to $3,224,044,329, and gaming revenue rose 4.7% to $2,118,385,618.
Laughlin posted a net loss of $54,787,028, compared with positive results a year earlier. The market’s net income change was reported at -758.6%. Total revenue declined 2.1% to $640,566,036, while gaming revenue fell 3.0% to $348,273,980.
Regional markets deliver varied results
Washoe County’s 34 casinos reported combined net income of $84,853,787 from total revenue of $1,691,284,605.
The county’s net income declined 50.0%, while total revenue increased 0.5%. Gaming revenue rose 1.9% to $766,364,938.
Within Washoe County, Reno-Sparks casinos generated net income of $47,006,800, down 62.7%, on total revenue of $1,499,926,375. Gaming revenue increased 1.9% to $660,336,711.
Elko County’s 22 casinos generated net income of $93,294,672 from total revenue of $472,578,333. Net income increased 1.6%, while gaming revenue rose 5.0% to $319,434,467.
The Wendover market generated net income of $75,454,800. Total revenue totaled $302,630,775, while gaming revenue reached $194,795,795. Net income increased 1.2% and gaming revenue rose 0.4%.
The Carson Valley Area’s 15 casinos reported net income of $24,298,814 from total revenue of $186,241,589. Total revenue increased 4.3%, while gaming revenue rose 5.3% to $127,685,195. Net income increased 2.0%.
The balance of the state generated net income of $43,138,564 from total revenue of $273,660,337. Gaming revenue totaled $187,397,089. Total revenue increased 1.6%, gaming revenue rose 2.0%, and net income declined 6.2%.
Tahoe market remains in the red
South Shore Lake Tahoe in Douglas County, consisting of seven licensees, reported a net loss of $50,060,592.
The market generated total revenue of $374,423,404 and gaming revenue of $165,932,004. Total revenue declined 3.7%, while gaming revenue decreased 3.9%.
According to the Nevada Gaming Abstract – 2025, 52 casinos owned by public companies accounted for 62.1% of all gaming revenue generated statewide during fiscal year 2025.
In addition to balance sheet and income statement data, the annual report includes information on average employment levels, hotel occupancy rates, revenue per occupied room, gaming revenue per square foot of casino floor space and operating ratios for Nevada casino properties.