The Real Story on Visitors, Casinos & LAS VEGAS in 2025
We’ve all seen the same headlines: “Vegas is over.” “Tourists vanished.” “Casinos empty.” But from where Dave and I live — and play — it’s way messier, way more interesting, and honestly more important than a hot take. There’s a quiet tension in the air, a feeling that something is shifting beneath the surface of all the glitz and neon. It's a complex picture, and to understand it, you have to look beyond the bright lights and dig into the real numbers.
Alright y’all — let’s talk about what’s actually going on in Vegas right now.
The Real Pressure on Vegas (Fast Facts)
The data tells a clear story, and it’s not a pretty one for tourism.
Visitors slid hard in June: We saw a pretty hard drop this summer. Las Vegas welcomed only 3.09 million visitors in June, a sharp 11.3% decline year-over-year. Hotel occupancy fell to 78.7%, and the average daily room rate (ADR) dipped 6.6%. This was the sharpest monthly drop of the year. That’s not just a dip — that’s like your favorite slot machine eating your $20 before you’ve even found your drink.
Fewer people flew in: Harry Reid International Airport counted 4.73 million passengers in June, down 6.3% from last year. The decline in international travel to Vegas was even more dramatic, falling roughly 13% for the month. This isn't just a blip; it's a trend, especially with one of our most reliable overseas markets, Canada, pulling back hard. According to airport data, seats from Canada to LAS were down more than 18% year-over-year. And Canadians usually love Vegas — they basically treat the Strip like their backyard vacation. So when they pull back, you know it’s serious.
The jobs picture hurts: On a statewide level, Nevada’s unemployment rate is 5.4% as of July 2025, tying for the highest among all U.S. states. The Las Vegas metro area is driving a significant portion of that weakness. While the tourism and hospitality sectors are usually a bedrock of employment, a slowdown in visitor traffic has a ripple effect across the entire economy, from service jobs to retail. When tourists don’t show up, the ripple hits everyone — from the dealer who used to get tipped every hand, to the bartender pouring your $22 margarita.
Housing is stuck in molasses: The local housing market is feeling the pressure, too. Listings have surged as buyers hesitate. The Realtors’ group reports that inventory is up almost 59% from a year ago, and the “months of supply” is climbing, hitting 4.6 in April and remaining elevated. Meanwhile, notices of default in Clark County, which are an early indicator of distress, rose 28% in the first five months of 2025. It’s a clear sign that more homeowners are under pressure, and homes are taking much longer to sell. The housing market? Stuck in molasses. Homes are sitting longer, sellers are sweating, and some buyers are looking at listings like they’re priced in Monopoly money.
The Math That Doesn't Add Up (Until It Does)
So how are casinos making more with fewer tourists? It’s a classic case of making up for volume with margin. While Strip gaming revenue has faced a consistent year-to-date decline, the statewide numbers are propped up by a few key factors.
The big clue is hold — the share casinos keep from every dollar gambled. Analysts have noticed that Strip slot hold has jumped to about 8.2% from 7.5% year-over-year. This means that even with fewer visitors, casinos are keeping a larger percentage of the money that is played. Doesn’t sound like much, right? But trust me — that’s the difference between you cashing out for dinner money, or asking if ketchup packets count as a meal.
This isn't just limited to slots. The quiet switch from 3:2 to 6:5 payouts on blackjack tables is now everywhere on the Strip. That one small tweak adds about 1.39 percentage points to the house edge, effectively doubling the casino’s advantage on many low-limit games. Translation? When you hit blackjack, you’re basically winning a sadder prize than you should be. Like ordering champagne and getting sparkling water.
A few operators are pushing back, though, which is a big sign. The Palms moved to 3:2 on all blackjack tables, and The STRAT added more 3:2 tables and even single-zero roulette. This is a deliberate effort to attract gamblers who are looking for a better value.
The New Vegas Experience
Let’s be real: it just doesn’t feel like a deal anymore. You see a promo rate online, and then the total bill balloons with taxes, fees, and “gotchas” — resort fees, parking, early/late check-in, and water that costs more than your Uber. At that price, I’ll just drink from the Bellagio fountains, thank you very much. Even after the government stepped in and forced hotels to show mandatory fees up front, it didn’t eliminate them; it just made the sticker price honest.
And it’s not just about the money. Service is shrinking at the same time. MGM eliminated in-person concierge desks at six properties. The Excalibur pared back bell, valet, and door positions. These aren’t just “cheap hotels”; these are cuts to core service that people notice. Vegas used to make you feel like royalty the second you rolled up with your suitcase. Now? You’re lucky if someone points you toward the luggage cart.
For many visitors, a trip to Vegas isn’t just about the gambling; it’s about the full experience, and that experience is being trimmed back. The average visitor stay in Las Vegas is about 3.4 nights, and when a large portion of that time is spent navigating a system of fees and reduced service, it tarnishes the trip.
Who’s Still Showing Up? (Hint: Locals and Younger Players)
While the Strip wrestles with falling occupancy and price fatigue, the locals market is absolutely buzzing. Red Rock Resorts (Station Casinos) just posted record Q2 results, driven by their brand new Durango property and consistent play from locals. Durango is already one of their highest-margin properties, and their customer base is skewing younger. Boyd Gaming also reported a strong Q2, with the Las Vegas Locals market being a key driver. Yep — while tourists grumble about $45 resort fees, locals are over at Durango playing penny slots and cashing in free buffets.
The LVCVA’s visitor study backs this up. Millennials make up about 46% of visitors, and Gen Z is already a significant part of the mix. This aligns with what we’re seeing on the casino floors: more social, faster, and digital-leaning play. And honestly? Walk through Circa on a Friday night and you’ll feel it — it’s like half the floor is running on Red Bull and TikTok energy. These younger players are often spending less time at the tables and more money on experiences like shows, concerts, and sports events.
The Rise of a Sports Capital
Vegas is actively courting this new generation of visitors by reinventing itself as a global sports capital. The Las Vegas Raiders and Vegas Golden Knights were just the beginning. The city is now expected to be the future home to the A’s, with a new stadium planned on the horizon, and has hosted major events like the NFL Draft and the Super Bowl.
Quick peek from inside Formula One Las Vegas
Click the photo to watch
But nothing symbolizes this shift more than the Formula 1 Grand Prix. The economic impact of the inaugural race was estimated at a whopping $934 million. That’s not just pocket change — that’s like building ten giant Spheres and still having money left over for overpriced hot dogs. While some local businesses and residents have complained about the traffic and disruption, the race drew in a high-spending crowd and generated billions of global media impressions. The Sphere, a groundbreaking entertainment venue, has become a symbol of this transformation, proving that Vegas can still push the boundaries of entertainment. Love it or hate it, the Sphere has basically become the world’s most expensive nightlight — and people can’t stop looking at it.
The sports betting market is also playing a huge role in the city's evolution. While mobile sports betting is now legal in many states, Vegas still offers a unique experience with massive sportsbooks like those at Circa and Westgate. This, combined with the new stadiums and arenas, creates a compelling reason for sports fans to visit. The rise of these major events helps fill the void left by a decline in traditional tourism, and it’s a strategy that’s clearly paying off.
Is Vegas “Done”?
No. It’s adjusting. Sometimes clumsily, sometimes boldly. The city is splitting in two.
Tourists are coming less often and spending more carefully, balking at all-in pricing and service erosion.
Locals and a younger generation of visitors are keeping the city humming, especially off the Strip, while some operators unfortunately quietly tighten odds and while others lean on new tech like cashless systems and mobile wallets to lift revenue.
If you know where to look — the right table rules, the fee-free promos, the off-Strip gems — you can still have a trip that feels like classic Vegas without the “death by surcharge” hangover. Because who wants to come home from Vegas with nothing but receipts and regrets? The Vegas we grew up with might be evolving, but the core of what makes this city so exciting is still here. You just have to know where to find it. Vegas isn’t dead, y’all. It’s just shape-shifting again — and if history’s any clue, it always finds a way to deal itself back in.
