Nevada’s gaming industry continued to generate higher revenue in November, even as visitation and travel volumes declined across the state.
The latest figures suggest that the long-running trend of fewer visitors spending more per trip remains firmly intact.
This dynamic persisted despite the return of the Las Vegas Formula One Grand Prix for a third consecutive year.
Gaming revenue edges higher statewide
The Nevada Gaming Control Board reported gross gaming revenue of $1.34 billion for November, representing a year-over-year increase of more than 2%.
That growth came even as the Las Vegas Strip posted a slight decline, with revenue slipping 0.5% to $784.3 million.
The locals market was also flat, generating $154 million during the month.
Smaller markets including downtown Las Vegas, Boulder, and Laughlin provided much of the upside.
Fiscal year trends remain positive
Through the first five months of the fiscal year, statewide gaming revenue is up roughly 3% compared with the prior year.
The Strip has mirrored that performance, despite ongoing softness in tourism metrics.
These results underscore the resilience of gaming spend even as visitor counts fall.
Visitation and air travel continue to slide
According to the Las Vegas Convention and Visitors Authority, November visitation declined 5% year over year to 3.14 million people.
Every major tourism indicator tracked by the agency posted a negative result for the month.
Air travel figures were particularly concerning, with passenger volume at Harry Reid International Airport down 9.6%.
This marked the tenth consecutive month of declines exceeding 1%.
Airline disruption weighs on traffic
Total passenger traffic is down approximately 5.5% year to date.
The collapse of budget carrier Spirit Airlines has played a significant role in the downturn.
Spirit’s November traffic fell 70% year over year, leaving a noticeable gap in capacity.
International arrivals dropped 21%, despite the global draw of the Formula One event.
F1 impact proves limited
Hopes that the Las Vegas Grand Prix would reverse broader trends did not materialise.
The event generated significant economic activity but was unable to lift overall visitation meaningfully.
“It fills about half the [city’s 150,000 hotel] rooms,” LVCVA CEO Steve Hill said in December.
“It is a great event around the circuit.”
Need for broader attractions
Hill emphasised that Formula One alone cannot carry the city’s tourism performance.
“But you need alternative programing,” he said.
“You need everything that Las Vegas has to offer — in addition to Formula One — for Las Vegas to be Las Vegas.”
Despite the challenges, 2025 remains strong by historical standards.
Casino trends show mixed signals
On the Strip, baccarat revenue declined 5.7% to $137 million during November.
The game, favoured by high-rolling international players, showed little benefit from F1-related travel.
By contrast, sports betting delivered stronger results.
Statewide sportsbook revenue rose 8% to $72.8 million, driven primarily by football wagering.
