The Las Vegas Strip had a problem in 2025, and it wasn't the odds. It was the people — or rather, the lack of them.

UNLV's Center for Business and Economic Research projects that Las Vegas will host about 39.1 million visitors in 2025, down roughly 6% from 2024's 41.6 million. That's the kind of drop that makes casino executives sweat more than a degenerate on a five-team parlay.

The Quick Hit

• 2025 visitors: 39.1 million (projected)
• 2024 visitors: 41.6 million
• The drop: Roughly 6% decline year-over-year
• November decline: Harry Reid Airport posted its sharpest monthly passenger drop of 2025

What Went Wrong

The conventional wisdom said Vegas was bulletproof. Post-pandemic revenge travel would keep the Strip packed. Formula 1 and the Super Bowl would bring new crowds. The city had never been hotter.

Then reality showed up.

International travel slowed as global economic headwinds hit discretionary spending. Domestic travelers pushed back on resort fees, parking charges, and the nickel-and-diming that has become standard practice. And the younger generation proved they'd rather spend on experiences that don't involve a casino floor.

Harry Reid International Airport posted its sharpest monthly decline of 2025 in November, continuing a year-long slide that even F1 couldn't stop. When the planes stop filling up, the casinos feel it.

The Pricing Problem

Casino executives have started admitting what everyone already knew: they pushed prices too high.

After the pandemic boom, the Strip got greedy. Room rates skyrocketed. Resort fees climbed to absurd levels. And the same experience that cost $500 in 2019 now costs $1,200 or more. At some point, customers do the math and decide to stay home.

The response has been a slow acknowledgment that things need to change. Promotional pricing is returning. Loyalty rewards are improving. And there's a quiet admission that maybe, just maybe, the industry overplayed its hand.

What It Means for Degenerates

Lower visitor counts don't necessarily mean worse odds or fewer comps — but they do mean casinos are hungrier for your business.

If you're planning a Vegas trip in 2026, expect more aggressive promotions, better room deals, and properties fighting for your action. The days of the Strip charging whatever it wanted might be fading.

The smart play? Wait for desperation deals in the slower months. The casinos need bodies on the floor, and that need gives you leverage.

The Bigger Picture

Las Vegas had a great run post-pandemic. The revenge travel boom was real, and the casinos cashed in. But every boom has a correction, and 2025 was Vegas getting humbled.

The city isn't dying. It's not even close to dying. But the unlimited demand that let casinos charge $75 resort fees and $40 parking is gone. The market has spoken, and the Strip is listening.

The Bottom Line

39.1 million visitors is still a lot of people. Vegas remains one of the most visited cities in America, and the gambling economy is fundamentally sound.

But the narrative has shifted. Instead of "Vegas can do no wrong," it's "Vegas needs to work for it." And for degenerates who've been priced out over the past few years, that's actually good news.

The Strip is coming back down to earth. Plan your trips accordingly.