Nevada’s casino markets diverged sharply in fiscal 2025.
While some posted gains and others held steady, profits collapsed on the Las Vegas Strip and in Laughlin, according to the Nevada Gaming Control Board’s annual Gaming Abstract.
The 305 Nevada casinos generating at least $1 million in gaming revenue posted combined net income of $1.7 billion in fiscal 2025, down 34.8% from fiscal 2024, the report showed.
Total revenue — money spent on gambling, rooms, food, beverage and other attractions — held flat at $30.8 billion, down 2.2%, while gaming revenue slipped 0.6% statewide to $11.2 billion.
No market’s swing was bigger than the Las Vegas Strip’s. The state’s largest casino corridor reported net income of $154.2 million, down 81.2% from the prior year, even as total revenue fell only 3.7% to $21.1 billion.
Clark County’s overall net income fell 34.7% to $1.5 billion, while total revenue declined 2.5% to $27.8 billion.
Downtown Las Vegas casinos posted net income of $159.2 million, down 20.2% from the prior year, while total revenue edged up 0.7% to $1.6 billion.
Laughlin swung to a net loss of $54.8 million, a 758.6% reversal from an $8.3 million profit the year before, even though total revenue slipped just 2.1% to $640.6 million.
Boulder Highway properties reported net income of $375.1 million, down 4.2%, on total revenue that rose slightly to $1.3 billion.
The balance of Clark County — outside the Strip, downtown, Laughlin and Boulder Highway — posted net income of $868.3 million, down 1.6%, on total revenue of $3.2 billion, up 3.2%.
Washoe County’s 34 casinos earned combined net income of $84.9 million, down 50%, on total revenue of $1.7 billion, up 0.5%.
Reno-Sparks accounted for much of that decline, with net income falling 62.7% to $47 million. South Shore Lake Tahoe, in Douglas County, posted a net loss of $50.1 million across seven licensees; that loss widened 65.1% from a $30.3 million loss the previous year.
Not every market weakened.
Elko County’s 22 casinos grew net income 1.6% to $93.3 million. The Wendover area rose 1.2% to $75.5 million, while the Carson Valley area’s 15 casinos increased net income 2% to $24.3 million.
The remaining 50 casinos scattered across the state earned a combined $43.1 million, down 6.2%.
The Strip’s profit drop came even as operations tightened. Average staffing fell to 92,130 from 95,195 a year earlier, and hotel occupancy edged up to 89.1% from 88.9%, while the average room rate slipped to $250.72 from $255.83.
Fifty-two casinos owned by publicly traded companies accounted for 62.1% of all gaming revenue generated statewide in fiscal 2025.
Yet size didn’t guarantee performance: Elko County’s casinos generated $668.05 in average slot revenue per room per day, compared with $253.11 in Clark County, home to the Strip’s much larger gaming floors.
The abstract, released June 10, compiles financial statements from casinos required to file with the Gaming Control Board when their gaming revenue reaches $1 million or more.
It captures not just gaming win but room, food, beverage and other revenue streams, plus expenses that determine profitability.