Las Vegas Strip casinos reported a significant 81% decline in net income for Nevada’s 2025 fiscal year, alongside a nearly 4% drop in total revenue, according to the Nevada Gaming Control Board’s latest report.
The 51 Strip casinos generating $1 million or more in gaming revenue posted a combined net income of $154.2 million before federal income tax and extraordinary items. This represents a decrease of $666 million compared to 2024. Total revenue for these properties fell by 3.7%, or $807.4 million, to $21.1 billion, marking the second highest total on record but down from the all-time high of $21.9 billion set in 2024.
Gaming revenue on the Strip declined by 3.7% to $5.5 billion, maintaining its share at 26.1% of total revenue for the 27th consecutive year. Non-gaming revenue, which includes room, food, beverage, and other services, accounted for 73.9% of total revenue and dropped 3.7% to $15.6 billion.
Room revenue decreased by 5.1% to $7.1 billion, the second highest total ever recorded, while occupancy rates slightly increased from 89% to 89.1%. The average daily room rate fell 2% to $250.72, the second highest on record. Food and beverage revenues also declined, with food revenue down 1.4% to $3.99 billion and beverage revenue decreasing 3.2% to $1.58 billion.
Other non-gaming revenue totaled $2.9 billion, down 3.6% from 2024’s record $3 billion. These decreases contributed to the overall revenue decline despite the Strip’s strong performance in previous years.
The report also highlighted a 0.4% increase in total general and administrative expenses, rising by $46.4 million. Meanwhile, the Strip’s workforce shrank by 3.2%, from 95,195 employees in 2024 to 92,130 in 2025, still below the 2019 pre-pandemic level of 96,037.
Statewide, Nevada casinos reported a 35% decrease in net income to $1.7 billion, driven by a 2.2% drop in total revenue to $30.8 billion and a 1.8% rise in administrative expenses. Net income represented a 5.5% return on total revenue, down from 8.3% in 2024. Most markets recorded lower net income compared to 2024, except for Elko County and Carson Valley, which saw modest increases of 1.6% and 2%, respectively.
Las Vegas area casinos focusing on local residents performed better, with slight revenue gains and smaller net income declines compared to the Strip properties. This contrast highlights differing market dynamics within Nevada’s gaming industry.
For additional context on regional casino performance, Delaware’s casino revenue grew 26.5% year-over-year to $47.3 million in May 2026, driven largely by video lottery terminals and table games, according to a recent CDC Gaming report. This growth contrasts with Nevada’s overall revenue decline and illustrates varied trends across U.S. gaming markets.
Further insights into casino developments and financial trends can be found in our coverage of the USA and Poker sectors. The full Nevada Gaming Control Board report is available via CDC Gaming. Additional industry updates, including Bally’s CFO’s comments on upcoming projects, can be found here.
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