In May 2025, the gambling industry in Nevada experienced its third consecutive month of decline, with the total gaming revenue falling to $1.29 billion, a year-on-year decrease of 2.18%, setting a new annual low. As a key driver of the state's gaming economy, Las Vegas Strip performed particularly weakly, recording only $713.8 million in revenue for the month, down 3.87% year-on-year, becoming the main reason for the decline.
Other areas in Clark County were also frustrated, with downtown Las Vegas revenue plummeting by 11.4%, and South Lake Tahoe even more severely, with a 23.4% drop, the largest decline in the state. In contrast, some smaller markets performed strongly, such as Laughlin, which saw a counter-trend increase of 17%, Mesquite grew by 9.7%, and Sparks achieved an annual growth rate of 11.8%, becoming a bright spot in a gloomy environment.
Gaming tax revenues also declined. Based on the revenue in May, the gaming tax in June was only $79.2 million, a decrease of 7.67% from the same period last year, further increasing financial pressure. More worryingly, March and April of this year also recorded year-on-year declines of 1.1% and 0.5% respectively, with the overall decline reaching 1.18% for the fiscal year 2024 to date, making the recovery situation of the gaming industry increasingly severe.
Despite a 35.3% surge in mobile gaming driven by the NBA playoffs in April, it was difficult to reverse the overall downturn. Industry insiders point out that the decline in traditional tourist spending power, slow recovery of international visitors, high inflation, and regional economic instability all pose long-term threats to the gaming market.
The myth of Las Vegas, the "City of Gambling," is facing an unprecedented challenge.
