Resort revenue shrank statewide and on the Strip in the last 12 months, compared with a stellar 2024, but casinos still put up some of the loftiest numbers in history, the Nevada Gaming Control Board reported Wednesday in its annual Nevada Gaming Abstract report.
The 163-page report provides a variety of financial information on the 305 Nevada casinos that grossed $1 million or more in gaming revenue for the year that ended June 30, 2025.
The comparisons to the 2024 fiscal year report show how much the state’s resorts are growing or shrinking statewide and in 13 submarkets across the state. The report compares statistics on balance sheets and income statements that reflect casino, hotel room, food, beverage and other revenue sources, the average number of employees, hotel occupancy rates, revenue per room per day and gaming revenue per square foot.
“Statewide, every market recorded lower net income totals when compared to Fiscal Year ‘24, with the exception of the Elko County and Carson Valley markets, which recorded increases to net income of 1.6 percent or $1.4 million, and 2 percent or $48,000, respectively,” said Control Board Senior Economic Analyst Shelley Newell.
“Net income on the Strip decreased 81.2 percent or $666 million compared to last year,” Newell said. “The decrease to net income compared to last year was the result of a 3.7 percent or $807.4 million decrease to total revenue and a 0.4 percent or $46.4 million increase to total general and administrative expenses. Net income decreased by 85.3 percent or $891.2 million compared to Fiscal Year 2019. Fiscal Year ‘20 recorded the highest net income total at $2.7 billion.”
While some of the statistics from the report are grim — the Strip income decline fell to $154.2 million, a decline of 758.6 percent and a net loss of $54.8 million in Laughlin, and a decline of 20.2 percent or $159.2 million for downtown Las Vegas — other numbers reflect growth.
Newell said total revenue generated in all departments statewide of $30.8 billion was the second best in history, topped only by the previous year’s total. She said gaming revenue of $11.2 billion was the sixth best all time, trailing last year’s total by 0.6 percent.
Nongaming revenue totaled $19.6 billion and represents the second all-time high, with Fiscal Year ‘24 setting the all-time high of $20.2 billion.
“Fiscal Year ‘25’s room revenue total is the second highest total ever recorded by the Abstract, with Fiscal Year ‘24 recording the all-time high of $8.8 billion,” Newell said. “The average daily rate was $214.75, (second all-time) with an occupancy rate percentage of 80 percent vs. Fiscal Year ‘24, which recorded an all-time high ADR of $218.35 and an occupancy rate percentage of 80.6 percent.”
Ups and downs
The Strip also experienced some ups and downs.
Total revenue generated in all departments was $21.1 billion (second all-time high), a decrease of 3.7 percent or $807.4 million when compared with Fiscal Year ‘24, which set the all-time high of $21.9 billion.
But gaming revenue on the Strip was down 3.7 percent, or $211.7 million to $5.5 billion. Gaming revenue accounted for 26.1 percent of total revenue, which was the same as last year. It was the 27th straight year that gaming revenue made up less than 50 percent of all revenue. Gaming revenue in 2025 exceeded Fiscal Year 2019 totals by 23.3 percent, or $1 billion.
Other highlights from the Gaming Abstract:
-Statewide, the number of casinos with revenue exceeding $1 million fell from 307 to 305. The average number of employees decreased 1.6 percent from 148,967 in Fiscal Year ‘24 to 146,645 in Fiscal Year ‘25. There were 162,066 total employees in Fiscal Year ‘19.
-Strip room revenue totaled $7.1 billion and decreased 5.1 percent, or $380.2 million from 2024. It was the second-highest room revenue recorded, trailing only last year’s $7.4 billion. Strip occupancy rates increased from 88.95 percent to 89.06 percent with the average daily rate of $250.72 per day, down 2 percent from $255.83 in 2024. The Fiscal Year ‘25 ADR is the second highest ever recorded, with Fiscal Year ‘24 recording the all-time high.
-The number of Strip locations generating $1 million or more in gaming revenue decreased from 54 to 51. The average number of employees decreased by 3.2 percent from 95,195 in Fiscal Year ‘24 to 92,130 in 2025. There were 96,037 total employees in Fiscal Year ‘19.
Contact Richard N. Velotta at rvelotta@reviewjournal.com or 702-477-3893. Follow @RickVelotta on X.