Las Vegas kicked off 2025 with a surge in revenue. According to the Nevada Gaming Control Board, Las Vegas revenue in January crossed the $1.43 billion mark.
There are many potential causes for this impressive revenue figure. With some speculating this is the result of broader citywide rebound and developments, which may have led to an increased influx of visitors into the state.
According to numbers published by the Nevada Gaming Control Board, the state generated $1.43 billion in gross gaming revenue (GGR) for January. That is a 12.5% year-on-year increase and slightly short of the record $1.46 billion posted in December.
The strong start means Nevada is on even footing for the fiscal year, which is welcome news for an industry with its share of ups and downs.
While there was an inflow of Las Vegas casino revenue in January, the Strip’s overall generated revenue had been declining for six consecutive months on a year-over-year basis. That all changed in January. Of the $1.43 billion in state-wide revenue reported for January, the Las Vegas Strip accounted for a whopping $840 million GGR, up 22.4% from last year.
It was the Strip’s third-best month on record, following only the previous two December ($905 million in 2023 and $881.2 million in 2024). Though the year-to-date figure remains behind by a whisker (-1.6%), January results indicate the Strip is back in business.
Other areas of Las Vegas, though, did not perform as well. Downtown casinos declined 2% to $83.7 million, and the locals’ market was flat at $170.6 million. Those markets have been strong performers recently, with the locals’ market increasing 8% on a fiscal-year basis, the best in Nevada.
What fueled the Strip’s resurgence? One key factor was baccarat’s performance. The game alone is a major contributor to the Las Vegas gambling revenue, generating $214.2 million in GGR, a 121% increase from last year.
Baccarat’s revenue rollercoaster has dramatically affected the Strip’s overall performance. The game brought in $1.48 billion over the past 12 months but maintained year-over-year levels even by keeping figures flat through its boom-or-bust swings.
Slots also performed well, though not at the same level as table games. The Strip’s slot machines brought in $424 million, a 6% increase from last year.
January wasn’t just a win for the Strip – Northern Nevada markets also performed well. Winter storms can make or break the region’s casino business, but everything worked in their favor this year.
One of the biggest surprises? South Lake Tahoe. The region had the state’s second-best month behind the Strip, collecting $22.2 million, a 22.3% increase.
While the casinos enjoyed a good run, Nevada’s sports betting industry was not left behind, as was learned on sports betting news. Nevada sportsbooks collected $72.6 million in GGR, 12% more than last year. Most of these came from mobile gambling, which brought in $42.7 million, a rise of 42%.
Las Vegas Strip sports wagering continued to grow, with revenue increasing 18% to $33.6 million year-on-year. Mobile sports wagering also helped with $17 million, a staggering 97% of last year.
The Super Bowl and NFL playoffs took place in January and February, which were among the most profitable times for sports books.
January’s figures prove that Nevada’s gaming business is as healthy as ever. The Strip’s return to business as usual is a huge win, but concerns are raised over the sustainability of this momentum. Baccarat, as profitable as it may be, is a fickle revenue generator, and other markets within the state are seeing mixed performances. In the meantime, though, the Silver State is starting strong in 2025. Whether it can maintain this performance or even break new ground is the question for the next few months.
