‘Soft summer’ in Las Vegas, says one of Strip’s largest operators

One of the Strip’s largest casino operators acknowledged a recent slowdown in Las Vegas business and anticipates continued softness through the summer, with a rebound expected later this year and into 2026.

Caesars Entertainment reported a 3.7 percent year-over-year decline in net revenue and a nearly 21 percent drop in net income from its Las Vegas operations during the second quarter of 2025, according to public financial filings. Caesars generated $1.054 billion of net revenue from Las Vegas for the three-month period ending in June, down from $1.095 billion during the same quarter in 2024. The company reported $212 million of net income in the second quarter, compared to $268 million last year.

The Reno-based gaming and hospitality corporation operates eight casino resorts and one non-gaming hotel on the Las Vegas Strip.

During the company’s earnings call Tuesday, CEO Tom Reeg said the quarter started “strong” in April but “started to decline” in May and June. Reeg noted that this year’s calendar lacked the big-name entertainment headliners — Adele and Garth Brooks — who were performing in Las Vegas last year, which impacted non-casino revenues.

“Vegas started leaking as a market (at the) end of May. That leak accelerated into June,” he said Tuesday on the earnings call. “I’d expect the third quarter to be soft.”

Visitation and gaming revenue are sliding backward for the majority of operators on the Strip. While 2024 was a record-setting year for both metrics, international visitation is down by double-digit percentages, and domestic flights into Harry Reid International are down nearly 4 percent this year. Hotel occupancy is below 70 percent, and gaming revenue has declined in four consecutive months this year.

Nonetheless, Reeg remained optimistic about the Las Vegas market.

“I’ve been around Vegas a very long time…(and) this is normal seasonality that we haven’t seen in a while here. It’s nothing that leaves me concerned,” he said.

Through the first six months of this year, net revenue generated by the company’s Las Vegas operations is $2.057 billion, down 2.8 percent from the $2.12 billion in 2024. Caesars reported net income of $389 million in Las Vegas during the first half of 2025, compared to $462 million in 2024, a year-over-year decrease of 15.8 percent.

Contact David Danzis at ddanzis@reviewjournal.com or 702-383-0378. Follow @AC2Vegas_Danzis on X.