Las Vegas 2025 Tourism Report: Spending Falls $4.3B, Gaming Hits Record

Las Vegas lost $4.3 billion in visitor spending in 2025 as tourism fell sharply, according to a report by Applied Analysis analyst Jeremy Aguero presented on Tuesday to the Las Vegas Convention and Visitors Authority.

Some of the key numbers from the report:

• The city drew 38.5 million visitors, down 7.5% and about 3.1 million fewer people than 2024, the lowest count since the post-pandemic rebound started.
• Total visitor spending slid to $50.8 billion from $55.1 billion a year earlier.
• Spending per person held near $1,318, so the damage came from fewer bodies, not thinner wallets.

Air traffic at Harry Reid International fell too, with domestic passengers off nearly 6% and international down more than 7%. Analysts blamed soft consumer confidence and trade uncertainty.

Gaming was the bright spot. On a per-visitor basis casino spending jumped, helping southern Nevada set a fifth consecutive revenue record at $13.7 billion. Conventions held steady with nearly six million attendees, and business travelers kept outspending tourists, roughly $1,800 a trip versus $1,230.

What Does a Softer Strip Mean Online?

When physical trips get pricier and confidence dips, discretionary gambling tends to migrate to phones. The Strip's dip lands as US iGaming keeps setting records, a reminder that the money is not disappearing, it is moving away from brick-and-mortar casinos to screens.

Tourism still underpins the region, supporting more than 380,000 jobs and about 40% of southern Nevada's output. Major 2026 events are being lined up to reverse the slide.