Las Vegas Strip casinos saw net income of $154.2 million in the state’s 2025 fiscal year. That was a decrease of $666 million or 81% compared to 2024. Total revenue decreased nearly 4% and expenses rose during a 12-month period when the number of employees continued to decline, according to a report released Wednesday by the Nevada Gaming Control Board.
By contrast, Las Vegas area casinos that cater to local residents fared much better, with slight gains in total revenue and a much smaller decline in net income when compared to 2024’s totals.
On the Las Vegas Strip, the 51 casinos generating $1 million or more in gaming revenue recorded net income of $154.2 million before federal income tax and extraordinary items, said Shelley Newell, the Board’s senior economic analyst, citing information from the Nevada Gaming Abstract. Some 54 casinos generated $1 million or more in 2024.
The decrease to net income on the Strip compared to last fiscal year was the result of a 3.7% or $807.4 million decrease in total revenue and a 0.4% or $46.4 million increase in total general and administrative expenses. The 2020 fiscal year recorded the highest net income total at $2.7 billion, Newell said.
Strip revenue — total revenue generated in all departments — was $21.1 billion, the second highest all-time, but a decrease of 3.7% or $807.4 million when compared to 2024, which set the all-time high of $21.9 billion.
Strip gaming revenue totaled $5.5 billion and was down 3.7% or $211.7 million. Gaming accounted for 26.1% of total revenues, the same percent as 2024. This is the 27th year in a row that gaming revenue made up less than 50% of total revenue, Newell said.
Strip non-gaming revenue — room, food, beverage, and other — accounted for 73.9% of total revenue, the same as 2024’s non-gaming revenue. Non-gaming revenue totaled $15.6 billion, down 3.7% or $595.7 million versus 2024, which totaled $16.1 billion.
Strip room revenue totaled $7.1 billion and decreased 5.1% or $380.2 million versus 2024. The room revenue represents the second highest total of all-time, with 2024 setting the all-time high of $7.4 billion, Newell said.
Strip occupancy rates increased from 89% to 89.1%, with an average daily rate of $250.72 per day, down 2% from $255.83 in 2024. The 2025 ADR is the second highest ever recorded, with 2024 recording the all-time high, Newell said.
Strip food revenue totaled $3.99 billion, second all-time, and decreased 1.4% or $55.5 million compared to 2024, with 2024 setting the all-time high of $4.05 billion.
Strip beverage revenue totaled $1.58 billion and decreased 3.2% or $51.7 million versus 2024, which set the all-time high of $1.63 billion.
Other Strip revenue totaled $2.9 billion and decreased 3.6% or $108.3 million versus 2024, which set the all-time high of $3 billion.
The report showed that Strip properties decreased their workforce by an average of 3.2% from 95,195 in 2024 to 92,130 in 2025. There were 96,037 employees in 2019 prior to the pandemic.
Statewide, Nevada’s casinos saw pre-federal-income-tax net income of $1.7 billion decrease by $905 million or nearly 35% during the 2025 fiscal year that ended June 30.
The statewide decrease in net income compared to 2024 was the result of a 2.2% or $691.6 million decrease in total revenue and a 1.8% or $256.7 million increase in total general and administrative expenses, Newell said. Net income amounted to a 5.5% return on total revenue compared to 8.3% in the 2024 fiscal year.
Statewide, every market recorded lower net-income totals when compared to the 2024 fiscal year, with the exception of the Elko County and Carson Valley markets, which recorded increases in net income of 1.6% or $1.4 million, and 2% or $48,000, respectively. Some 305 Nevada casinos generated $1 million and higher in gaming revenue.
Statewide revenue totaled $30.8 billion, second all-time, and decreased by 2.2% or $691.6 million compared to 2024, with 2024 setting the all-time high with total revenues of $31.5 billion.
Statewide gaming revenue accounted for 36.4% of total revenue versus 2024 when gaming revenue accounted for 35.8% of total revenues. Statewide gaming revenue of $11.2 billion decreased 0.6% or $70.2 million from 2024’s total of $11.3 billion.
In 2025, 52 casinos owned by public companies accounted for 62.1% of the total gaming revenue generated statewide during the fiscal year, Newell said.
Total revenue for the downtown Las Vegas, the Boulder Strip, the Reno/Sparks, the Elko County, and the Carson Valley markets recorded increases when compared to 2024.
Gaming revenue increased in several sub-markets across the state, which included downtown Las Vegas, the Boulder Strip, the Clark County balance of county, Washoe County, Reno/Sparks, Elko, and Carson Valley.
In downtown Las Vegas, the $159.1 million in net income fell 20.2% from 2024. Revenue of $1.62 billion rose 0.7%. Gaming revenue rose 1.8% to $812.2 million.
On the Boulder Strip, net income of $375 million fell 4.2%. Total revenue of $1.25 billion rose 0.2%, while gaming revenue of $860.7 million rose 1.2%.
For the balance of Clark County that includes many locals casinos outside the Boulder Strip category, net income fell 1.6% to $868.3 million. Total revenue rose 3.2% to $3.2 billion. Gaming revenue rose 4.7% to $2.1 billion.
In Washoe County, net income of $84.8 million fell 50%. Total revenue of $1.69 billion rose 0.5%. Gaming revenue of $766.3 million rose 1.9%.
In 2025, the number of statewide locations generating $1 million or more in gaming revenue decreased by two from 307 to 305.
The average number of employees decreased 1.6% from 148,967 in 2025 to 146,645 in 2025. There were 162,066 total employees in 2019.
