The Nevada Gaming Control Board (NGCB) has reported that Nevada casinos grossing at least $1m in gaming revenue generated $1.7bn in net income during FY2025, down 34.8% from the previous fiscal year.
The annual Nevada Gaming Abstract covers 305 casinos for the year ended June 30, 2025. Those properties generated $30.8bn in total revenue, a 2.2% year-on-year decline, while gaming revenue slipped 0.6% to $11.2bn.
Gaming represented 36.4% of total casino revenue, with rooms, food, beverage and other attractions accounting for the balance. Operators paid $1.14bn in gaming taxes and fees, equal to 10.2% of gaming revenue.
The results show pressure on profitability across the state’s largest casino markets, particularly on the Las Vegas Strip. Strip casinos reported net income of $154.2m, down 81.2%, while total revenue fell 3.7% to $21.1bn and gaming revenue decreased 3.7% to $5.5bn.
Clark County remained the dominant market, with 177 casinos generating $27.8bn in total revenue and $1.5bn in net income. However, its net income also fell 34.7% year-on-year.
The Strip decline came during a weaker Las Vegas tourism year. LVCVA data showed Las Vegas visitation fell 7.5% in 2025 to around 38.5 million visitors, while hotel occupancy, average daily room rate and revenue per available room also declined.
Regional Nevada markets were more mixed. Downtown Las Vegas gaming revenue rose 1.8% to $812.2m, while the Boulder Strip increased 1.2% to $860.8m. Elko County gaming revenue rose 5% to $319.4m and the Carson Valley Area increased 5.3% to $127.7m.
South Shore Lake Tahoe reported a $50.1m net loss, while Laughlin posted a $54.8m net loss.
The abstract also showed continued concentration among publicly owned operators, with 52 casinos owned by public companies accounting for 62.1% of statewide gaming revenue.
The annual report contrasts with stronger recent monthly figures. In May, Global Gaming Insider reported that Nevada gaming revenue rose 5.3% in April 2026 to $1.3bn, with Clark County increasing 4.8% and Washoe County growing 12.7%.
The Nevada Gaming Abstract also includes employee counts, room occupancy data, revenue per room per day and gaming revenue per square foot of casino floor space
