Visitor numbers may be down from last year, but officials and analysts at the Las Vegas resort say it’s not time to hit the panic button.
After all, 2024 was a banner year for Southern Nevada and, by many measures, 2025 is shaping up to be among the strongest ever. According to the Las Vegas Convention and Visitors Authority, more than 41.6 million people visited the city in 2024, the highest number since 2019 and the sixth best year ever. Meanwhile, gaming revenue from Clark County casinos, which include the Strip, downtown Las Vegas and dozens of local properties, surpassed an all-time $13.5 billion in 2024.
Through August, more than 25.8 million people have visited Las Vegas, according to the LVCVA, down 7.8 percent from the same period last year. State gaming revenue is up 1.45 percent year-to-date, based on data from Nevada regulators, making it another record year.
But the mixed signals have raised a bigger question among industry watchers: Does Las Vegas really need to recover, or is the market already as strong as it needs to be?
No rebound needed because Vegas is “packed”
To Jonathan Jossel, CEO of the Plaza hotel-casino in downtown Las Vegas, the answer is clear.
“I don’t think Vegas needs to recover,” Jossel said. “I think there’s still a tremendous amount of business coming to town. There’s a portrayal that maybe we’re sitting here empty waiting for people to come. And this past weekend we’re sold out. Next weekend we’re sold out. It’s packed.”
Jossel said 2024 was one of Plaza’s best years, and 2025 is producing similar results. He cited robust food and beverage sales, busy gaming floors and steady demand in the downtown market.
“To say (Las Vegas) needs a recovery is tough, because we’re probably on pace for our second or third best year ever,” he said.
The calendar of events favors Las Vegas
That confidence is not limited to downtown.
Major upcoming events, such as the Formula 1 Las Vegas Grand Prix in November, the National Finals Rodeo in December and the return of CONEXPO-CON/AGG in March, are expected to draw huge crowds, boosting bottom line for operators on The Strip and throughout the Valley.
At a recent gaming conference in Las Vegas, MGM Resorts International President and CEO Bill Hornbuckle said the upcoming schedule is favorable.
“When I look to the future, I literally think that the next 16 months are going to be the best convention months this city has ever had or ever seen,” Hornbuckle said during the Global Gaming Expo (G2E) at the Venetian Expo Center earlier this month. “We remain bullish on Las Vegas. Basically, I don’t think it’s broken in any way, shape or form.”
Analysts note Vegas
Industry analysts have a more measured approach.
Barry Jonas, an analyst at Truist Securities, said midweek demand and lower-end leisure travel have lagged in recent months, but weekends and luxury resorts continue to perform strongly. Based on conversations with gaming executives at G2E, Jonas also believes F1 will surpass last year’s “second slump,” as the race enters its third year in Las Vegas.
“Comments appear to be improving with a more positive outlook for (the fourth quarter) and into 2026, led by a strong event calendar. Everyone we spoke to expected record group business in full-year 2026,” Jonas wrote in a recent investor note. “While many operators believe Vegas’ (public relations) concerns may be overblown, there is one operator increasing focus on the importance of delivering more value to all price points paid for experiences.”
The group business has long been a stabilizing force for Las Vegas, helping fill hotel rooms midweek and supporting restaurants and entertainment venues that depend on predictable foot traffic. The city hosted more than 5.8 million conventioneers in 2024, the highest number in five years. Trends at the beginning of 2025 suggest that the figure could rise again next year.
“Revenue and EBITDA (earnings before interest, taxes, depreciation and amortization) should remain meaningfully above pre-covid levels,” wrote Chad Beynon, analyst at Macquarie. “The fourth quarter of 2025 and 2026 will benefit from better demand from the group, and we expect broad-based growth across the market.”
Fluctuating perception of “news bias”.
The recent optimism comes on the heels of a citywide acknowledgment of a less-than-ideal summer. Casino executives and tourism officials characterized the period as “soft”, “rough” and “slow”, before springing into action with deals, promotions, offers and sales.
LVCVA’s recent “Fabulous Five Day” promotion drew nearly four times the typical weekly web traffic and generated 7.5 times more booking interest than Black Friday and Cyber Monday combined, according to the agency. Positive online sentiment about the city rose by six percentage points during the campaign.
Anthony Lucas, a UNLV professor of casino management and former Las Vegas casino manager, said the perception of a slowdown is likely overstated.
“Part of this is just recency bias,” Lucas said. “From the post-pandemic surge, any return to normal looks like a downturn. But Las Vegas remains remarkably resilient. The city has diversified its entertainment and leisure offerings, strengthening its long-term position.”
Lucas acknowledged mild consumer uncertainty due to policy and tariff concerns but emphasized that the city’s leisure experience offers a unique value that continues to attract visitors.
“The thing that gives me the most peace of mind is just the historical resilience of the (gaming and hospitality) industry,” he said. “When I look around the city, I see so many great things happening and great things on the horizon. Vegas is still the most interesting and fun city in the United States. And until I don’t see it, I’m really not that worried.”
With gaming revenue rising, major conventions on the horizon and strong weekend and high-end demand, executives and analysts say Las Vegas isn’t recovering so much as finding a sustainable rhythm.
“Maybe that’s what can take away all this social media frenzy (about Las Vegas dying),” Jossel said. “Vegas needs to remember how to take care of people, have a fun time and send them home with great memories. And I think that’s happened, and I think that’s probably something that’s going to be a big focus going forward.”
Contact David Danzis at ddanzis@ theplayerlounge.com or 702-383-0378. Follow @AC2Vegas_Danzis on X.
