The Las Vegas Convention and Visitors Authority released its annual visitor profile study this week, and the findings largely align with the trends that contributed to a sluggish year for America’s top casino market in 2025.
Last year’s performance was defined by fewer people spending more money, as visitation was down markedly while gaming revenue ebbed and flowed. LVCVA data showed that 38.5 million people visited Las Vegas in 2025, a 7.5% decrease year-over-year. Overall traffic to Harry Reid International Airport was down 6%. That said, gaming revenue for the state was up 1%, and the Strip was flat YoY at $8.8 billion.
As a consumer discretionary hub, the economic health of Las Vegas has been a national storyline since the beginning of last year. More recently, those conversations have only gotten louder as visitation and air travel continue to lag and Strip operators struggle to keep up business-wise. With Q1 of 2026 nearly complete, investors will be monitoring key metrics as YoY comparisons begin again.
With regard to 2025’s performance, some of the biggest takeaways from the report include:
- 10% of respondents were first-time visitors, lowest in the last five years. After hitting a multi-year high of 24% in 2022, the figure has declined in each of the last three years.
- In terms of lodging type, 89% of visitors booked hotels, the lowest in the last five years. At the same time, about 10% of visitors stayed with friends or relatives, the highest in that span.
- Average number of days (4.2) and nights (3.2) stayed were both the lowest in the last five years
- Approximately 81% of visitors gambled during their stay and average gambling budgets were $848.95; both figures were the highest in the last five years. The average gambling budget increased $28.80 or 3.5% from 2024.
Increased gambling budgets, higher-value clientele
For stakeholders, the gambling data is indicative of how hard properties are having to work to retain customers and market share. The trends also shed light on the city’s increasing reliance on high-net-worth players. The report featured a total of 5,409 respondents, about 3,600 of whom were interviewed in-person.
Since 2021, average gaming budgets have increased by 18%. But in addition to the higher spend, the average number of casinos visited (3.1) and gambled at (1.7) last year were lowest since 2021, although the questions were not included in the 2024 report. This dynamic was further highlighted by average time spent gambling (2.6 hours), which was less than 2021 (3 hours). As a result, there are indications that players are wagering more money in a shorter amount of time at a smaller number of properties than in prior years.
Officials from leading operators have said for several quarters that higher-net-worth play is holding up better in Las Vegas than lower-value segments, and that was shown in the data. Only a quarter of respondents (25%) reported household income of less than $100,000, while almost half (44%) came from the highest bracket of $150,000 and above.
“You’ve seen those high-value customers hold up, even as folks who are in a different income strata have not, and I think that we have been a real beneficiary of that,” Wynn CEO Craig Billings told analysts last month.
The amount of international respondents was listed at 12% for the third year in a row, despite significant air traffic declines. International traffic to Harry Reid International fell 7.5% YoY in 2025, especially from key feeder markets Canada and Mexico.
Sports fans gambling less but spending elsewhere
Visitation to Las Vegas from Canada dropped at least 25%, according to various reports, driven by a weak Canadian dollar and increased tariffs. Last month, Caesars Entertainment CEO Tom Reeg cited softness in Canadian travel as a factor for weaker than expected visitation in 2025.
Non-gaming spend patterns were also notable in 2025, as Las Vegas continues to try and evolve from strictly a gambling destination.
Average expenditures for dining ($582) and shopping ($222) were down in 2025 after increasing each of the previous two years. Conversely, spending on sporting events, entertainment and paid attractions all increased from 2024.
Of those categories, sports is perhaps the most notable, given the city’s continued investment in that area. Three professional franchises – the Golden Knights (NHL), the Raiders (NFL) and the Aces (WNBA) – have debuted in the last decade, and the Strip now hosts an annual Formula 1 Grand Prix race and other marquee events like the Super Bowl and March Madness. Looking ahead, the Athletics (MLB) are building a new stadium in Las Vegas, with the intent to move to Sin City for the 2028 season. As the NBA considers adding two expansion teams, Las Vegas has long been considered one of the frontrunners.
That said, about 5% of respondents said they had attended a sporting event last year, which was higher than 2024 but lower than each of the two preceding years. Among those who were sports visitors, the number of first-time visitors was slightly higher than the overall number (13%) and they stayed slightly longer than average (3.5 nights).
Reviews positive but prices causing friction
Fans of sports maintained gambling budgets about $50 less ($635) than non-sports visitors, but that difference in spending was largely made up in other areas like dining, transportation and shopping.
Sports-centred visitors were less likely to be “very satisfied” with their stay compared to non-sports patrons but were more likely to return for vacation/ leisure.
Speaking of satisfaction, the LVCVA said that in 2025, 87% of respondents indicated being “very satisfied” with their stay. A further 10% were “somewhat satisfied” and 3% were “dissatisfied”, and that breakdown among the three categories was identical from 2024 and within 1% of 2023.
In terms of expectations, a total of 60% said Las Vegas “exceeded expectations”, with 42% of that marking “significantly exceeded” and 18% marking “slightly exceeded”. Only a third (35%) said the city “met” expectations, which was the lowest number in the last five years.
Notably, a breakdown of those who were “somewhat satisfied” showed that complaints about hotels and crowdedness were at five-year lows, but complaints about prices, gambling and cleanliness were at multi-year highs. Complaints about pricing have increased every year from 14% in 2022 to 22% last year.
“When we think about pricing and things that got everyone’s attention, whether it’s the infamous ($26) bottle of water or Starbucks coffee at Excalibur that cost $12, shame on us,” MGM CEO Bill Hornbuckle told analysts last October. “We should have been more sensitive to the overall experience at a place like Excalibur. To those customers, you can’t have a $29 room and a $12 coffee.”
Jess Marquez
Jess has covered the global gaming industry since 2022. A native of Reno, Nevada, he’d like to note that it’s Ne-va-da, not Ne-VAH-da.
Original article: https://igamingbusiness.com/casino/las-vegas-visitor-report-2025/
