Las Vegas tourism in 2025 showed softer visitor volume and air traffic, but room rates stayed elevated, keeping overall gaming and non-gaming revenues relatively resilient despite some challenges. Notably, macroeconomic and price-sensitivity factors weighed on mass-market visitation trends during the year. Visitation to Las Vegas is estimated to have fallen in the mid-single digits through the first 11 months of 2025, and the average citywide occupancy of 80.7% was down about 3 percentage points from 2024.
Inside casinos, gaming win growth in downtown Las Vegas outpaced the sluggish gaming win growth on the Las Vegas Strip, where a decline in high-roller international tourism was a major factor.
Looking ahead, analysts generally expect Las Vegas visitation and casino revenue to stabilize and modestly rebound in 2026, with tourism volume anticipated to be near, but slightly below, the peak levels. Gaming win numbers are forecast to improve for both Strip and downtown casinos.
The completion of the MGM Grand full tower remodel is expected to provide a boost for MGM Resorts International (MGM), while Caesars Entertainment (CZR) has a potential catalyst with the rebrand of The Cromwell into The Vanderpump Hotel in partnership with Lisa Vanderpump. Off the Strip, Red Rock Resorts’ (RRR) Durango Casino & Resort expansion in 2026 will be the start of a major $385 million north podium build-out that will add substantial non-gaming amenities such as bowling, cinema, dining, and hundreds of new slots over a roughly 18-month construction window beginning in January. In downtown Las Vegas, Derek Stevens is looking at launching construction on a second Circa-branded casino.
Also working in the favor of casino companies, analysts see 2026 as a potential record year for convention and group business, anchored by the nearly completed $600 million Las Vegas Convention Center renovation program and a stronger calendar of big trade shows and meetings. Sports will again provide a boost in Las Vegas, with the NFL, NHL, Formula One racing, WrestleMania, NCAA Frozen Four, Rugby League 2026, and Las Vegas Bowl game spread across the calendar. 2026 residencies point to a broad mix of A-list and legacy acts such as the Backstreet Boys, Jennifer Lopez, Bruno Mars, No Doubt, Dolly Parton, Carín León, The Eagles, Phish, Kenney Chesney, Cyndi Lauper, and others spread across the Sphere, Dolby Live, the Colosseum, and other major Strip venues.
Tale of the tape: The two casino stocks with the best 2025 share price performances were Wynn Resorts (WYNN) +40% and Red Rock Resorts (RRR) +37%.
Sector watch: Caesars Entertainment (CZR), MGM Resorts (MGM), Boyd Gaming (BYD), Wynn Resorts (WYNN), Full House Resorts (FLL), Bally’s Corporation (BALY), VICI Properties (VICI), Golden Entertainment (GDEN), Sportradar (SRAD), Genius Sports (GENI), Gaming & Leisure Properties (GLPI), Red Rock Resorts (RRR), Sphere (SPHR), Light & Wonder (LNW), and International Game Technology (IGT).