A Challenging Start to the Year for Nevada Gaming (Image Credits: Unsplash)
Las Vegas Strip – Gaming operators on the famous boulevard recorded their steepest drop among Nevada’s monitored markets last month.
A Challenging Start to the Year for Nevada Gaming
The Nevada Gaming Control Board released figures showing statewide gaming win fell 6.6 percent to $1.34 billion in January.[1][2]
This marked a downturn from the previous year’s strong performance. Tax collections from gaming reached $100.9 million, the highest so far in the fiscal year.[1]
Senior economic analyst Shelley Newell highlighted the context. She noted that the numbers faced a tough comparison against extraordinarily high figures from January of the prior year.[1]
Despite the decline, revenues remained well above pre-pandemic levels, exceeding January 2019 by 36.7 percent or $360.9 million statewide.
Strip Properties Bear the Brunt
Gaming win on the Las Vegas Strip plunged 11 percent to $747.7 million, the largest decrease among the state’s 20 tracked markets.[1]
This represented a loss of roughly $92 million compared to $840.1 million in January 2025.[3]
Baccarat and table games drove much of the shortfall. Baccarat drop rose 17.8 percent to $950.2 million, but the hold percentage dropped to 12.98 percent from 26.66 percent a year earlier. Table drop increased 7.1 percent to $3.3 billion, with hold at 13.08 percent versus 17.23 percent previously.[1]
Slot machine win edged up 0.5 percent, while sportsbook revenue declined 11.1 percent.
Mixed Results Across Nevada Markets
Clark County overall saw an 8.4 percent drop to $1.16 billion. Downtown Las Vegas fell 5.2 percent to $79.4 million, and the Boulder Strip decreased 7 percent to $81.2 million.[1][4]
Laughlin recorded a 3.3 percent decline to $40.9 million.
| Market | January Win | YoY Change |
|---|---|---|
| Las Vegas Strip | $747.7M | -11% |
| Downtown Las Vegas | $79.4M | -5.2% |
| Mesquite | $19.8M | +14.1% |
| Wendover | $25.7M | +14.7% |
Some areas bucked the trend. Mesquite achieved a record with a 14.1 percent increase to $19.8 million. Wendover rose 14.7 percent to $25.7 million, Elko County gained 12.9 percent to $36.9 million, and Sparks and South Lake Tahoe posted double-digit growths as well.[1]
Tourism Slowdown Adds Pressure
Harry Reid International Airport reported 7.9 percent fewer passengers, about 345,000 less than January 2025. International arrivals dropped 19.2 percent, with steep declines from Canadian carriers like WestJet and Air Canada.[3]
Casino operator Derek Stevens responded with promotions for Canadians. He announced deals where “$500 Canadian goes off as $500 American to give you a good shot,” adding that Las Vegas misses its northern neighbors.[3]
- Airport passengers down for 12 straight months.
- Canadian traffic hit hard by WestJet (-27.9%) and Air Canada (-34.2%).
- Operators targeting international visitors with special offers.
Key Takeaways
- Strip’s 11% drop stems from lower table game holds against tough prior-year comps.
- Statewide win still surpasses 2019 levels significantly.
- Gains in smaller markets like Mesquite signal regional resilience.
The January figures underscore a cooling after peak post-pandemic growth, yet Nevada’s gaming sector shows enduring strength. Operators now eye strategies to lure back tourists amid softer visitation. What steps should Vegas take next? Tell us in the comments.
