Las Vegas Visitor Numbers Drop 6.5% in May and Gaming Revenue Declines

For the fifth consecutive month, Las Vegas visitor numbers declined in May 2025, with hotel occupancy, room pricing, and passenger traffic at Harry Reid International Airport all underperforming compared to the same period last year.

According to Nevada Gaming Control Board data, the Strip’s gaming revenue continued its four-month decline, falling 3.9% year-over-year to $713.7 million, down from $742.5 million in May 2024.

This downturn underscores challenges facing the nation’s entertainment industry. Statewide casino revenue decreased by 2.2% to $1.29 billion, though venues catering to locals saw a slight 0.2% revenue upturn.

Worsening Tourism Numbers

Las Vegas faced more tourism decline in May 2025, with visitor numbers plunging to 3.41 million, marking a 6.5% year-on-year decline from 3.65 million. This drop aligns with a 3.9% drop in passenger volume at Harry Reid International Airport and a 5% drop in vehicle traffic at the Nevada-California border.

The hospitality sector mirrored this trend, with hotel occupancy falling 3.1% to 83%, while room rates decreased by 2.2%. This erosion mainly impacted downtown properties. The Las Vegas Convention and Visitors Authority attributes the downturn to broader economic instability. It noted that year-to-date visitation had receded by over 1.1 million to 16.45 million compared to 2024.

Resilience in the Convention Sector

Amid tourism challenges, Las Vegas’ convention segment showcased robust performance with attendance surging 10.7% year-on-year to 511,200 participants. While representing the lowest monthly turnout of 2025, this growth was fueled by major events like the Bitcoin Conference, LightFair International, and the NAMA Show.

Calendar changes from other months to May contributed significantly: The Antique Jewelry & Watch Show moved from June 2024 and Petzone360 Live from April. Year-to-date convention attendance remains positive at 3.3% above 2024 levels.

Regional Occupancy and Revenue Divergence

Nevada’s hospitality sector experienced varying trends overall. Las Vegas Strip occupancy fell to 85.3%, down by 3.2%, and average room rates declined to $198.20. Downtown Las Vegas experienced steeper losses, with occupancy sliding to 74.8% and room rates plunging 12.4% to $109.39. This dropped revenue by 11.3% to $66.3 million. On the other hand, North Las Vegas revenue grew 6.5% to $26.3 million.

Beyond urban centers, Mesquite’s gaming wins surged 9.7% to $17.8 million and Laughlin enjoyed a 17% upturn to $43.2 million, partially offsetting the Strip’s decline. Regional results varied, with Reno dipping 2.8%, neighboring parks rising 11.8%, and South Lake Tahoe plummeting 23.4%.