Las Vegas Tourism and Hotel Revenue Slump Deepens

Las Vegas experienced a significant decline in tourism in June 2025, with visitor numbers dropping by over 11% year-over-year and hotel occupancy rates falling sharply across both the Strip and downtown. Major resorts including Caesars Entertainment and MGM Resorts reported notable declines in revenue and net income, especially at midmarket and budget properties, while luxury resorts remained relatively resilient. The downturn has been attributed to ongoing economic uncertainty, weaker consumer confidence, decreased international travel—particularly from Canada—and new U.S. policies such as increased visa fees and changes to gambling loss tax deductions. Gaming revenues have largely held steady or increased, but hospitality workers are facing reduced tips and incomes. Despite the challenging environment, local officials remain cautiously optimistic due to strong event and group bookings for the remainder of the year. The Las Vegas decline mirrors broader struggles within the U.S. tourism and hospitality sectors.