Nevada’s gaming industry concluded December 2025 on a mixed note, with overall gaming revenue declining slightly compared to the previous year. The total gaming win for the state amounted to approximately $1.44 billion, marking a decrease of 1.55% compared to December 2024, according to the latest data released by the Nevada Gaming Control Board (NGCB). This reduction comes after 58 consecutive months of statewide gaming revenue exceeding the $1 billion mark.
Las Vegas Strip Sees Significant Decline
A closer look at individual regions within Nevada reveals that the Las Vegas Strip faced the most considerable downturn in gaming revenue. Strip casinos generated $827.7 million in December 2025, which is a decline of more than 6% from the previous year’s $881.3 million. This drop was attributed to a lower hold percentage, particularly in slot machines and baccarat games. Hold percentage refers to the amount of money casinos retain after winning wagers are paid out. Shelley Newell, Senior Economic Analyst at the NGCB, noted that these declines were due to weaker performance in key games such as slots and baccarat.
Despite the Strip’s struggles, other areas within Clark County showed positive growth. Submarkets including Downtown Las Vegas, Laughlin, and the Boulder Strip experienced year-over-year increases. For example, Downtown Las Vegas saw a 4.67% increase, reaching $86.1 million in gaming revenue. The increase was primarily driven by a surge in table game revenue, which rose 17% due to a higher hold percentage.
As reported by the Las Vegas Review-Journal, while the Strip’s downturn impacted Clark County’s overall results, other areas within the county reported strong performances. North Las Vegas, Mesquite, and Laughlin all posted year-over-year revenue increases. North Las Vegas saw a 5.33% rise, totaling $26.6 million, while Laughlin reported a 9.83% increase, bringing in $37.9 million. The Boulder Strip also experienced a notable increase, with a 9.03% rise, reaching $95.7 million. These figures reflect the continued strength of certain gaming submarkets outside of the heavily dependent Strip area.
In Northern Nevada, Washoe County saw a modest increase in gaming revenue, rising by 1.5% to $91.4 million. However, Reno, one of the largest markets in the region, experienced a slight dip, with revenue falling by 1.61% to $64.8 million. In contrast, South Lake Tahoe’s gaming win surged by 7.47%, totaling over $20.8 million. Elko County also saw a small uptick, increasing by 1.9% to $34.8 million.
Impact of Special Events and Calendar Factors
The NGCB also pointed to several factors that likely contributed to the mixed results in December, including a favorable events calendar. Notable events such as the National Finals Rodeo, concerts at Strip resorts, and two home games for the Las Vegas Raiders likely provided a boost to gaming activity. These events helped offset some of the challenges faced by casinos, particularly those on the Strip.
In addition, December 2025 had one extra weekend day compared to the previous year, which may have helped to mitigate the overall decline in revenue. However, despite this, the Strip still lagged behind in revenue, with a 6.1% decrease in gaming win compared to December 2024. This decline in the flagship area of Las Vegas is a point of concern for the industry, especially when considering the strong performance of other regional markets.
Despite the slight overall decline in December’s gaming revenue, the state collected nearly $88.5 million in gaming-related taxes, which represents a 2.26% decrease year-over-year. For the fiscal year-to-date, Nevada has collected more than $601.8 million in taxes, a 3.78% increase compared to the same period in 2024.
Looking ahead, the NGCB’s data suggests that Nevada’s gaming sector will need to continue adapting to changing market conditions. While the Strip’s performance was underwhelming, the steady gains seen in other parts of Clark County and Northern Nevada indicate that regional gaming hubs are thriving. Moving forward, operators on the Strip may need to reassess their strategies, focusing on improving game performance and increasing hold percentages to regain their footing in the highly competitive market.
