What the hell is going on in Las Vegas?
Las Vegas is facing its worst tourism downturn since the pandemic. Visitor numbers are plunging, thousands of hotel rooms are sitting empty, and casino revenue is falling.
In 2025, 1.5 million fewer people have visited Las Vegas compared to the same period last year. Gaming revenue declined year-over-year for five consecutive months to start the year. Even with discounted prices for the Fourth of July holiday weekend last month, hotel occupancy rates sat at 66.7% — a 15% decline from 2024. As a result, revenue per available room (RevPAR) fell 28.7% to $102.75, according to STR data.
Maybe you have already seen these numbers. Every major media outlet in the country has been talking about Las Vegas. Some argue that the numbers suggest a potential recession on the horizon, while others contend that President Trump’s inflammatory rhetoric on immigration is scaring international travelers and hurting local businesses.
But when you dig into the details, a more concerning trend is emerging. This isn’t just a rough offseason. Las Vegas has abused its heightened demand post-COVID, nickel-and-diming its way to record profits while destroying the city’s value proposition.