The Las Vegas Strip closed out 2025 the way it spent most of the year: down.

December gaming revenue came in at $827.7 million, according to the Nevada Gaming Control Board. That's a 6% drop from December 2024's $881.3 million. And it caps off a year where the Strip couldn't buy a break.

The Quick Hit

• What happened: Strip gaming revenue fell 6% in December
• The damage: $827.7M in December, 12 consecutive months of visitor declines
• Why you should care: Vegas tourism is in a real slump
• The move: Downtown and locals casinos are holding up better

The Numbers Tell the Story

Let's talk about what went wrong:

December specifically:

• Baccarat revenue dropped nearly 21% to $156.7 million
• Slot hold percentage was lower than normal
• New Year's Eve fell on a Wednesday, killing the party crowd

The full year:

• Las Vegas drew 38.5 million visitors in 2025
• That's down 7.5% from 2024
• Lowest annual total since 2021 (the COVID recovery year)
• 12 consecutive monthly visitor declines
• Strip gaming revenue up less than 1% for the full year

The timing of New Year's Eve on a Wednesday hurt. In years when NYE falls on a weekend, Vegas packs in extra visitors who can turn a three-day weekend into a five-day bender. A Wednesday? People either come for a quick midweek trip or skip it entirely.

Downtown's Doing Better

While the Strip struggled, the rest of Clark County actually had a solid December:

• Downtown Las Vegas: Up 4.67% to $86.1 million
• Boulder Strip: Positive growth
• Laughlin: Positive growth
• Mesquite: Positive growth

The Canadian dollar promotion at Circa makes more sense now. Derek Stevens sees the tourism slump and he's trying to pull visitors from north of the border while the big Strip properties wait for the tide to turn.

Speaking of Canadians, reports suggest visits from Canada dropped 20-50% to Vegas last year. When your northern neighbors stop showing up, that's a lot of baccarat and blackjack action walking out the door.

What's Going On?

A few theories are floating around:

The post-COVID hangover is real. Everyone rushed back to Vegas in 2022 and 2023 after being cooped up. By 2025, that pent-up demand was spent.

The Strip is expensive as hell. Room rates, resort fees, drink prices, food costs—everything adds up. Locals are hitting the off-Strip casinos. Tourists are finding other destinations.

Competition from legal sports betting. Why fly to Vegas to bet when you can do it from your couch? Online sportsbooks have changed the calculus for a lot of casual gamblers.

The Bottom Line

The Strip isn't dying, but 2025 was a wake-up call. Twelve straight months of declining visitors is a trend, not a blip. The M Resort expansion and other developments show operators still believe in Vegas long-term.

But if you're planning a trip, the silver lining is that deals might be easier to find. When rooms aren't selling themselves, casinos get a lot friendlier with comps and promotions.