Nevada Gaming Hits Record-Breaking Numbers to Start 2025

Vegas is kicking things off. Nevada’s gaming industry has started the year with remarkable momentum, as January saw the state post its second-highest monthly total for gross gaming revenue (GGR), led by a strong performance on the Las Vegas Strip.

According to data released on February 27 by the Nevada Gaming Control Board, the state generated $1.43 billion in GGR for January, marking a 12.5% year-on-year increase. While this figure fell just short of December’s record $1.46 billion, it represents the second-best monthly performance in Nevada’s history. As a result, Nevada’s fiscal year-to-date performance has leveled out, bringing it back into balance despite prior fluctuations.

 

Las Vegas Strip’s Remarkable Rebound

The Las Vegas Strip, historically the heart of Nevada’s gaming revenue, emerged as the driving force behind this strong performance, reversing a six-month streak of year-on-year revenue declines. In January, the Strip brought in $840 million in GGR, a 22.4% jump from the previous year. This marked the third-best month in Strip history, trailing only the two previous Decembers, which had posted $905 million and $881.2 million in GGR, respectively.

This resurgence was enough to pull the Strip’s fiscal year-to-date performance to just -1.6%, a notable recovery after months of struggle. Experts point to the significant increase in baccarat revenue as a key factor in this reversal of fortune.

Baccarat, a high-stakes casino favorite, posted an astonishing 121% year-on-year increase in GGR, reaching $214.2 million in January. This uptick alone was enough to push the Strip's overall GGR higher. While baccarat's performance has been volatile in the past, the January results were among the most significant seen in recent memory, with baccarat alone generating more revenue than some entire markets.

Beyond baccarat, the Strip also saw strong performance in other table games, including craps (+11% YoY) and roulette (+35% YoY), driving an overall 45.6% increase in table game GGR to $415.6 million. Slots also posted a positive but more modest performance, with $424 million in GGR, a 6% increase compared to January 2024.

 

Mixed Results for Downtown and Locals Markets

While the Strip’s return to form was the standout story, not all parts of Nevada’s gaming landscape shared in the prosperity. The downtown Las Vegas market posted a 2% year-on-year decrease, with GGR falling to $83.7 million in January. However, despite this dip, downtown’s fiscal year-to-date performance remains strong, showing a 3% increase.

The Las Vegas locals market, typically a stable performer, also posted flat results, with GGR holding steady at $170.6 million. That said, the locals market has been a standout performer over the course of the fiscal year, up 8% so far—the highest growth of any region in Nevada.

 

Northern Nevada's Solid Start

January proved to be a promising month for Nevada’s northern markets, which are often subject to volatility due to seasonal weather patterns. Reno led the way with $67 million in GGR, a 2.5% increase year-on-year. Overall, northern markets showed strong growth, with Sparks (+3%), Carson Valley (+7%), and Elko County (+14%) all posting solid gains.

South Lake Tahoe, traditionally a smaller market, also showed impressive growth, posting a 22.3% year-on-year increase with $22.2 million in GGR. The region is now up 1.4% for the fiscal year, reflecting its resilience in a competitive gaming environment.

In addition to traditional casino games, Nevada’s sports betting market had a strong showing in January, further bolstering the state’s overall gaming revenue. The state posted $72.6 million in GGR from sports betting, a 12% increase from the previous year. Mobile betting continued to play a major role in this performance, with mobile GGR reaching $42.7 million, a 42% year-on-year increase.

On the Las Vegas Strip, sports betting saw a particularly strong performance, with GGR increasing by 18% to $33.6 million. The Strip’s mobile sports betting revenue surged, jumping 97% to $17 million, driven in large part by the NFL playoffs and the lead-up to the Super Bowl.

However, challenges remain for mobile sports betting in Nevada. State law mandates that bettors register in person to use mobile sports betting apps, a restriction that has kept some of the largest national platforms out of the market. This limitation is seen as a roadblock to potential growth, as it hinders the ability of major companies, like FanDuel and DraftKings, to compete in Nevada’s lucrative sports betting market.

 

Baccarat alone generated more revenue in January than some entire markets, driving the Strip’s remarkable comeback.

 

A Strong Start to 2025

Overall, Nevada’s gaming industry has kicked off 2025 with a remarkable performance, fueled by the resurgence of the Las Vegas Strip and solid contributions from northern markets and sports betting. While the downtown and locals markets saw some challenges, the broader landscape remains resilient, and with strong baccarat and table game results, the outlook for the remainder of the year appears promising.

As the year progresses, the key question for Nevada’s gaming industry will be whether the Strip can maintain this momentum and whether emerging trends, like mobile sports betting, will continue to bolster revenue in the months to come. For now, the Silver State can celebrate its strong start to 2025—an encouraging sign for the industry moving forward.