Even with declining visitation to Las Vegas prompting fears of a major economic slowdown, Strip casinos saw a 5.6 percent increase in gaming revenue in July, a positive indicator for a tourism market that has recently attracted its fair share of bad headlines.

“We think this is likely better than expected, especially given visitation trends,” J.P. Morgan gaming analyst Daniel Politzer wrote in a research note Friday.

The Gaming Control Board on Friday said that Strip resorts collected $749 million from customers during the month, just the third time this year the market fell onto the positive side of the ledger. In June, Strip casinos saw a less than 1 percent gaming revenue increase, while January’s 22.4 percent increase to $840 million was the market’s second-highest total ever for the month.

Through seven months, the Strip casinos have seen $5.08 billion in gaming revenue, a less than 1 percent increase compared to the same seven months in 2024. 

The positive results came despite declines in visitation, especially from international markets. Harry Reid International Airport has seen almost 1.5 million fewer passengers through July compared to a year ago.

The Las Vegas Convention and Visitors Authority (LVCVA) also reported Friday that visitation fell 12 percent in July compared to last year, to just under 3 million visitors. For the first seven months of 2025, visitation to Las Vegas is down 8 percent, with roughly 2 million fewer visitors.

Strip casinos were helped by high-end baccarat play, which accounted for $114.5 million of the overall revenue total, a 79 percent increase from a year ago. Wagering on baccarat was down 10 percent, but the casinos held 17.5 percent of all bets. A year ago, the hold percentage was 8.8 percent.

Citizens Bank gaming analyst Jordan Bender wrote in a research note that Strip gaming revenue would have been down 3 percent without the higher baccarat hold.

“We knew July could present some level of softness, and we expect this trend to carry over into August and September,” Bender wrote. “There is an ongoing summer slowdown.”

The LVCVA said overall Strip occupancy was down 7 percent compared to a year ago, while average daily room rates declined 3.4 percent to $164.57. Revenue per available room, a metric used to gauge profitability, was down 11.2 percent to $130.83.

Convention attendance was the only positive figure in July (up 10.7 percent to 278,400) primarily because of the World Market Center's summer show. 

Gaming totals were positive throughout much of Nevada. The state reported a 4 percent gaming revenue increase to $1.36 billion, of which $1.15 billion came from Clark County, a 3.2 percent jump from a year ago. The largest increase statewide was attributed to South Lake Tahoe, which saw a 21.5 percent jump to nearly $37.7 million.

In Southern Nevada, Laughlin saw a 7 percent gaming revenue decline, and the Boulder Strip — which includes Henderson — fell 1 percent. Casinos in the unincorporated areas of Clark County experienced a 3 percent drop. 

In Northern Nevada, Reno gaming revenue was up almost 10 percent to $76.1 million while Sparks casinos saw a 3.3 percent increase to $15.6 million.

Airport totals continue to drop

Passenger volume at Harry Reid International Airport declined for the sixth straight month in July, with the Clark County Aviation Department reporting almost 4.8 million passengers came through the airport during the month, a nearly 6 percent overall decrease from a year ago. 

The last time the airport experienced six straight months of passenger declines — other than pandemic-affected 2020 — was in 2008. The year marked the beginning of three straight years of annual passenger declines caused by the Great Recession.

Through the first seven months of 2025, Reid Airport has seen a 4.4 percent drop in total passengers compared to 2024, which set the single-year record of 58.4 million travelers.

Southwest Airlines, the airport’s leading air carrier, saw relatively flat passenger volume compared to a year ago. In the first seven months of 2025, the airline has experienced a 1.7 percent drop in passenger totals.

International passenger volume is now down almost 2 percent for the year. Reid Airport saw post-pandemic international travel bounce back by more than 13 percent in 2024, which has now been erased.

Direct airline service from Canada continued to decline at Reid. Through seven months, Air Canada passenger volume is down 14.5 percent, WestJet is down 23.1 percent and low-cost air carrier Flair is down 62.5 percent.

Updated at 12:00 p.m. on 8/29/2025 to include July visitation results for Las Vegas.