Does Las Vegas need to rebound from dip in tourism? Officials say key metrics are solid

Visitor numbers may be down compared with last year, but Las Vegas resort officials and analysts say it is not time to hit the panic button.

After all, 2024 was a banner year for Southern Nevada and, by many measures, 2025 is shaping up to be among the strongest ever. According to the Las Vegas Convention and Visitors Authority, more than 41.6 million people visited the city in 2024, the highest total since 2019 and the sixth-best year on record. Meanwhile, gaming revenue from Clark County casinos, which includes the Strip, downtown Las Vegas and dozens of local properties, exceeded an all-time high of $13.5 billion in 2024.

Through August, more than 25.8 million people have visited Las Vegas, according to the LVCVA, down 7.8 percent from the same period last year. Statewide gaming revenue is up 1.45 percent year-to-date, based on data from Nevada regulators, putting it on pace to be another record-setting year.

But the mixed signals have prompted a larger question among industry watchers: Does Las Vegas really need to rebound, or is the market already as strong as it needs to be?

No rebound necessary because Vegas is ‘packed’

To Jonathan Jossel, CEO of the Plaza hotel-casino in downtown Las Vegas, the answer is clear.

“I don’t think Vegas needs to rebound,” Jossel said. “I think there’s still tremendous amounts of business coming to the town. There’s this portrayal that maybe we’re sitting here empty, waiting for people to come. And this last weekend we’re sold out. This next weekend we’re sold out. It’s packed.”

Jossel said 2024 was one of the best years for the Plaza, and 2025 is producing similar results. He cited robust food-and-beverage sales, busy gaming floors and steady demand across the downtown market.

“To say (Las Vegas) needs a rebound is tough, because we’re probably on pace for our second or third best year ever,” he said.

Events calendar favors Las Vegas

That confidence is not limited to downtown.

Major upcoming events, such as the Formula One Las Vegas Grand Prix in November, National Finals Rodeo in December and the return of CONEXPO-CON/AGG in March, are expected to draw huge crowds, boosting the bottom line for operators on the Strip and throughout the valley.

Speaking at a recent gaming conference in Las Vegas, MGM Resorts International President and CEO Bill Hornbuckle said the upcoming schedule is favorable.

“As I look to the future, I think about, literally, the next 16 months are going to be the best convention months this city has ever had or ever seen,” Hornbuckle said during Global Gaming Expo (G2E) at the Venetian Expo Center earlier this month. “We remain bullish on Las Vegas. Fundamentally, I don’t think it’s broken in any way, shape or form.”

Analysts take note of Vegas

Industry analysts have a more measured take.

Barry Jonas, an analyst at Truist Securities, said midweek demand and lower-tier leisure travel have lagged in recent months, but weekends and higher-end resorts continue to perform strongly. Based on conversations with gaming executives at G2E, Jonas also believes F1 will outperform last year’s “sophomore slump,” as the race enters its third year in Las Vegas.

“Commentary seems to be improving with a more positive outlook on (the fourth quarter) and into 2026, led by a strong event calendar. Everyone we spoke with expected record group business in the full year 2026,” Jonas wrote in a recent investor’s note. “While many operators believe Vegas (public relations) concerns may be overblown, there is an operator increasing focus on the importance of delivering more value at all price points paid for experiences.”

Group business has long been a stabilizing force for Las Vegas, helping fill hotel rooms midweek and supporting restaurants and entertainment venues that depend on predictable foot traffic. The city hosted more than 5.8 million convention attendees in 2024, the highest number in five years. Early 2025 trends suggest that figure could rise again next year.

“Revenues and EBITDA (earnings before interest, taxes, depreciation and amortization) should remain meaningfully above pre-COVID levels,” wrote Chad Beynon, an analyst at Macquarie. “The fourth quarter of 2025 and 2026 will benefit from better group demand, and we expect broad growth across the market.”

‘Recency bias’ swaying perception

The recent optimism comes on the heels of a city-wide acknowledgement of a less-than-ideal summer. Casino executives and tourism officials characterized the period as “soft,” “rough,” and “slow,” before springing into action with deals, promotions, offers and sales.

The LVCVA’s recent “Fabulous Five Day” campaign drew nearly four times the typical weekly web traffic and generated 7.5 times more booking interest than Black Friday and Cyber Monday combined, according to the agency. Positive online sentiment about the city rose by six percentage points during the promotion.

Anthony Lucas, a UNLV professor of casino management and former Las Vegas casino executive, said the perception of a slowdown is likely overstated.

“Some of this is just recency bias,” Lucas said. “Coming off the post-pandemic surge, any return to normal looks like a downturn. But Las Vegas remains remarkably resilient. The city has diversified its entertainment and leisure offerings, which strengthens its long-term position.”

Lucas acknowledged mild consumer uncertainty due to policy and tariff concerns but emphasized that the city’s leisure experience offers unique value that continues to draw visitors.

“What puts me at ease the most is just the historical resiliency of the (gaming and hospitality) industry,” he said. “When I look around at the town, I see so many great things happening and great things on the horizon. Vegas is still the most interesting and fun city in the United States. And until I don’t see that, I’m really not that worried.”

With gaming revenue rising, major conventions on the horizon, and strong weekend and high-end demand, executives and analysts say Las Vegas is not so much rebounding as it is finding a sustainable rhythm.

“Maybe that’s the takeaway from all of this social media frenzy (about Las Vegas is dying),” Jossel said. “Vegas needs to remember how to take care of people, have a fun time and send them home with great memories. And I think that has happened, and I think that’s probably something that will be a big focus going forward.”

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