Nevada’s End of Year Revenue Surge

The return of Formula One to Las Vegas in November was not enough to alter the city’s broader tourism and revenue trajectory, according to newly released gaming, visitation and air traffic data from Nevada regulators and tourism officials. Statewide gross gaming revenue (GGR) rose modestly in November even as visitor volumes continued to fall. The Nevada Gaming Control Board reported $1.34 billion in GGR for the month, an increase of just over 2% year over year. That growth, however, did not come from Las Vegas’ core markets. Revenue on the Strip slipped 0.5% to $784.3 million, while the locals market was essentially flat at $154 million.

Instead, gains were driven by smaller southern Nevada markets, including downtown Las Vegas, where revenue rose 10%, Boulder Strip properties, up 20%, and Laughlin, which posted an 11.6% increase. Through the first five months of the fiscal year, statewide gaming revenue and Strip revenue are each up roughly 3% compared with fiscal 2025. That performance contrasts with a sustained slowdown in tourism, a dynamic that has increasingly defined Las Vegas’ post-pandemic normalization.

 

The Developments

Visitation data from the Las Vegas Convention and Visitors Authority (LVCVA) showed November visitation declined 5% year over year to 3.14 million. Every major tourism metric tracked by the authority—including hotel occupancy and convention attendance—posted annual declines for the month, continuing a pattern that has persisted since late 2024.

Air traffic figures underscored those challenges. Harry Reid International Airport reported 4.3 million passengers in November, a 9.6% year-over-year decline and the 10th consecutive month in which traffic fell by more than 1%. Passenger volumes are down approximately 5.5% year to date. Officials pointed to the bankruptcy of Spirit Airlines as a significant factor, noting that the carrier’s November passenger count fell 70% from a year earlier.

Despite the global profile of the Formula One Las Vegas Grand Prix, international air traffic dropped sharply. Nonstop international arrivals fell 21% in November, although airport officials cautioned that the data excludes charter flights and passengers arriving via domestic connections.

The race, held ahead of the Thanksgiving holiday, had been viewed as a potential catalyst to close the year on a stronger note after months of declining visitation and uneven revenue trends. The event generated an estimated economic impact of at least $1 billion in each of its first two years, raising expectations that it could again provide a meaningful boost.

LVCVA President and CEO Steve Hill acknowledged both the strength and the limitations of the event in December comments to Nevada Newsmakers. He described the 2025 race as “the best race we’ve had,” while noting that its capacity to drive citywide volume is inherently constrained.

“It fills about half the [city’s 150,000 hotel] rooms,” Hill said. “It is a great event around the circuit. But you need alternative programming. You need everything that Las Vegas has to offer — in addition to Formula One — for Las Vegas to be Las Vegas.”

From a historical perspective, 2025 still ranks as a solid year for the market, even if it marked the end of a multi-year stretch of record-setting performance following the pandemic. Industry stakeholders are already looking ahead to major 2026 events, including the Consumer Electronics Show and the CONEXPO-CON/AGG trade show, as potential drivers of renewed momentum.

 

It fills about half the city’s hotel rooms, but Formula One alone can’t carry Las Vegas — the city still needs its full slate of entertainment, conventions and attractions to drive visitation.

 

The Future

Within the Strip’s gaming mix, November’s flat performance was largely shaped by baccarat results. Casinos won $137 million from baccarat during the month, a 5.7% year-over-year decline. The game, which is heavily favored by international high-end players and often produces volatile results, showed little evidence of an F1-related lift. Baccarat revenue on the Strip has now been flat over the past three months and is up about 5% over the last 12 months.

Sports betting provided a brighter spot. With the NFL and college football seasons in progress, statewide sportsbook GGR increased 8% year over year to $72.8 million. Football betting accounted for $48.3 million of that total, a 19% increase from November 2024. On the Strip, football betting revenue rose to $22 million, also up 19%.

Taken together, the November data suggest that while marquee events like Formula One continue to deliver localized economic benefits, they are no longer sufficient on their own to offset broader shifts in travel demand, airline capacity and visitation patterns shaping Las Vegas’ current cycle.