A new report said a drop in Las Vegas tourism of nearly 8% in 2025 cut into spending by $4.3 billion, but visitors who came spent a similar amount as in 2024.
Overall visitation to Las Vegas declined year-over-year in every month, decreasing 7.5% to 38.5 million visitors, its lowest level since 2021’s 32.2 million visitors. This represents a loss of 3.1 million visitors compared to 2024 when visitation reached its closest point to pre-pandemic levels.
Air travel reflected this slowdown, with domestic passenger traffic at Harry Reid International Airport falling 5.9% and international traffic dropping 7.4%.
Performance varied throughout the year, with the steepest declines occurring in July (-12%), February (-11.9%), and June (-11.3%), while spring and fall months proved more resilient.
The downturn coincided with weakening consumer confidence and heightened economic uncertainty driven by international trade tensions.
Jeremy Aguero, a principal at Las Vegas research firm Applied Analysis that prepared the report, reminded members of the LVCVA Board of Directors Tuesday that he warned them a year ago that the stress being put on consumers had the potential to put downward pressure on tourism, not only in Las Vegas, but throughout the U.S.
“During last summer and going into the fourth quarter, there was a decline,” Ageuro said. “You’re not going to rise every year and there was some softness in some of the numbers.”
The report showed that visitors overall spent $50.8 billion in 2025, down from $55.1 billion in 2024 and $51.5 billion in 2023. The decline, however, isn’t because visitors are spending less. The average visitor spent $1,318 per trip in 2025, down only $4 from $1,322 in 2025. It was $1,261 in 2023.
“That’s remarkable for us overall, given some of the softness we saw,” Ageuro said. “Visitor spending remained stable and it has a lot to do with many things, including diversity within our tourism market and a recovery in our convention and related activities. Nonetheless, consumers are continuing to hold us up overall.”
The convention and trade show segment remained relatively stable, hosting six million attendees in 2025, a marginal decrease of 0.1% from 2024. Convention visitation has plateaued since 2023.
Leisure visitors spent $1,230, while convention goers spent $1,795 per trip. Spending on sporting events almost doubled, while shopping and sightseeing saw the greatest year-over-year decreases.
Gaming spending recorded the largest dollar increase, rising over $27 per visit (+11.2%), along with the largest gains in spender share.
“Notably, despite the visitation slowdown, southern Nevada set its fifth consecutive record for annual gaming revenue, a $13.7 billion total, propelled by locals establishments,” the report said.
Spending on sporting events increased by $10 per visit (+81.7%). Additional gains were observed in recreational activities (+26.6%) and paid attractions (+18.9%).
Shopping spending dropped to $222 per visit, a decrease of $59 (-21%). Sightseeing spending fell by $9 (-19.8%), while room spending decreased slightly by $2 (-1.2%).
Aguero was asked about high prices and consumers looking for value.
“We know consumers are increasingly value oriented, not just in terms of their travel decisions, but in terms of everything,” Aguero said. “Consumers are feeling squeezed a bit and we’re seeing the impact associated with that. People aren’t going to stop traveling. They’re going to look for ways to do it and get value out of it. We certainly want to make sure that continues to happen, with Las Vegas benefiting.”
The report said the industry had 250,630 direct jobs (about 2,000 fewer than 2024) or one in five jobs directly supported by tourism, paying $15.2 billion in wages, about 20% of those in the region. Overall, 382,320 jobs or one in three are supported by tourism, paying $22.1 billion.
The direct economic impact supported by tourism is $50.8 billion or one in four dollars of regional GDP. The total economic impact was $80.9 billion or four in 10 regional GDP dollars.
“All of those wages and salaries end up going back to our neighborhoods and spent in restaurants and movie theaters, doctors’ offices,” Aguero said.
The Las Vegas Convention Center hosted 17.7 percent of regional convention attendees in 2025, down 0.5 percentage points from 2024. Those attendees spent $1.9 billion, which directly supported 9,360 jobs and $567.7 million in wages. When the indirect and induced impacts are included, those totals rise to 14,280 jobs, $827.4 million in wages, and $3 billion in economic output.
Aguero cited tourism as the economic driver in Nevada with the wages, jobs, and salaries it generates.
“It continues to be the heart of our economy,” Aguero said. “While Nevada as a whole and southern Nevada specifically have made great strides relative to economic development and diversification, something we should be very proud of, it doesn’t mean we’re diversified. We’re still more reliant on our tourism industry than any other market depends on any other industry our size in the United States today.”
The Board approved a report that certified the economic impact of the College Football Playoff championship game at Allegiant Stadium exceeding $250 million. That approval allows the placement of signs, banners, and other markets bearing commercial advertising on any highway in accordance with state law.
