Resort revenue declined statewide and on the Strip over the past 12 months, compared to a bumper year in 2024, but casinos are still posting some of the highest numbers in history, the Nevada Gaming Control Board reported Wednesday in its annual Nevada Gaming Abstract report.
The 163-page report provides a variety of financial information on the 305 Nevada casinos that earned $1 million or more in gaming revenue for the year ending June 30, 2025.
The comparisons with the 2024 fiscal year report show how much the state’s localities are growing or shrinking statewide and in 13 submarkets statewide. The report compares balance sheet and income statement statistics reflecting casino, hotel room, food, beverage and other revenue sources, average number of employees, hotel occupancy, revenue per room per day and gaming revenue per square foot.
“Statewide, every market posted lower net income totals compared to FY ’24, with the exception of the Elko County and Carson Valley markets, which posted net income increases of 1.6 percent, or $1.4 million, and 2 percent, or $48,000, respectively,” said Control Board Chief Economist Shelley Newell.
“Net income on The Strip was down 81.2 percent or $666 million compared to last year,” Newell said. “The decrease in net income compared to last year was the result of a 3.7 percent or $807.4 million decrease in total revenue and a 0.4 percent or $46.4 million increase in total general and administrative expenses. Net income decreased 85.3 percent or $891.2 million compared to fiscal 2019. Fiscal ’20 recorded the highest net income of $20 billion USD.”
While some of the statistics from the report are bleak — the Strip revenue decline dropped to $154.2 million, a 758.6 percent drop and a $54.8 million net loss in Laughlin, and a 20.2 percent or $159.2 million drop for downtown Las Vegas — other numbers reflect growth.
Newell said the total revenue generated in all departments statewide of $30.8 billion was the second best in history, topped only by the previous year’s total. She said gaming revenue of $11.2 billion was the sixth best of all time, 0.6 percent worse than last year’s total.
Nongaming revenue totaled $19.6 billion and represents the second all-time high, with fiscal ’24 setting an all-time high of $20.2 billion.
“FY25 total room revenue is the second highest total ever recorded by Abstract, with FY24 at a record high of $8.8 billion,” Newell said. “The average daily rate was $214.75, (second all-time) with an 80 percent occupancy rate compared to FY ’24, which recorded a record ADR of $218.35 and an 80.6 percent occupancy rate.”
Ups and downs
The Strip also experienced some ups and downs.
Total revenue generated across all divisions was $21.1 billion (second record), down 3.7 percent or $807.4 million from fiscal ’24, which set an all-time high of $21.9 billion.
But gaming revenue on the Strip fell 3.7 percent, or $211.7 million to $5.5 billion. Gaming revenue accounted for 26.1 percent of total revenue, which was the same as last year. It was the 27th year in a row that gaming revenue made up less than 50 percent of all revenue. Gaming revenue in 2025 exceeded fiscal year 2019 by 23.3 percent, or $1 billion.
Other highlights from Gaming Abstract:
-Statewide, the number of casinos with revenues above $1 million decreased from 307 to 305. The average number of employees decreased 1.6 percent from 148,967 in fiscal year ’24 to 146,645 in fiscal year ’25. There were a total of 162,066 employees in fiscal year ’19.
-Strip room revenue was $7.1 billion, down 5.1 percent, or $380.2 million from 2024. It was the second-highest room revenue on record, trailing only last year’s $7.4 billion. The strip occupancy rate increased from 88.95 percent to 89.06 percent with the average daily rate of $250.72 per day, down 2 percent from $255.83 in 2024. FY ’25 ADR is the second highest on record, with FY ’24 the all-time high.
-The number of Strip locations generating $1 million or more in gaming revenue decreased from 54 to 51. The average number of employees decreased 3.2 percent from 95,195 in fiscal year ’24 to 92,130 in 2025. There were a total of 96,037 employees in fiscal year ’19.
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