Nevada Casino Profits Plunge 34.8% Despite Steady Revenue

Nevada's casino industry posted a sharp decline in profitability for fiscal year 2025, even as revenue stayed near historic highs. The Nevada Gaming Control Board released its Nevada Gaming Abstract on June 10, 2026. Statewide, 305 casinos with $1 million or more in gaming revenue earned $1,697,540,577 in net income for the fiscal year ended June 30, 2025. That marked a 34.8% drop from the previous year. The decline was driven largely by a steep collapse on the Las Vegas Strip.

Las Vegas Strip Sees Sharpest Income Decline in Nevada

The Las Vegas Strip recorded the steepest losses of any Nevada gaming market. Net income on the Strip fell to $154,188,391, an 81.2% decrease from fiscal year 2024. That drop happened despite total revenue staying close to record levels, at $21,077,838,684, down just 3.7%. Gaming revenue also fell 3.7%, to $5,509,848,670.

Rising costs played a major role in the squeeze. General and administrative expenses rose 0.4%, adding $46.4 million in costs. Resorts also faced higher labor costs, pricier entertainment contracts, and rising maintenance expenses tied to aging buildings. These pressures hit just as visitor spending softened.

Non-gaming revenue, which makes up most of Strip income, declined across several categories. Room revenue dropped 5.1%, with average daily rates falling 2% to $250.72. Food revenue slipped 1.4%, and beverage revenue dropped 3.2%.

Gaming win made up only 26.1% of total Strip revenue, almost unchanged from the prior year.

Clark County and Public Companies Dominate State Totals

Across Nevada, the 305 qualifying casinos generated total revenue of $30,817,837,749 during fiscal year 2025. Gaming revenue accounted for $11,216,361,427, or 36.4% of that total, marking a 0.6% decline. Total revenue statewide dropped 2.2% compared with fiscal year 2024.

Casinos paid $1,140,863,260 in gaming taxes and fees, equal to 10.2% of gaming revenue. Clark County remained the state's largest market, with 177 casinos generating a combined net income of $1,502,015,332 from total revenue of $27,819,649,481. Net income in the county fell 34.7%, while total revenue dropped 2.5%.

Public companies also played a major role in the industry. The report found that 52 casinos owned by public companies accounted for 62.1% of total gaming revenue generated statewide during the fiscal year.

Mixed Results Across Nevada's Other Gaming Markets

Performance varied widely outside the Strip. Downtown Las Vegas casinos posted net income of $159,192,147, down 20.2% from the prior year. Total revenue there rose 0.7% to $1,621,861,159, while gaming revenue increased 1.8% to $812,244,965.

Laughlin casinos reported a net loss of $54,787,028, a 758.6% drop from fiscal year 2024. Washoe County's 34 casinos generated a combined net income of $84,853,787, a 50% decline, on total revenue of $1,691,284,605. Elko County's 22 casinos earned $93,294,672 in net income, up 1.6%.

South Shore Lake Tahoe in Douglas County reported a net loss of $50,060,592 across seven licensees. The Carson Valley Area's 15 casinos generated net income of $24,298,814, while the rest of the state earned $43,138,564 in combined net income.