Tourism in Vegas: Pause or Problem?
Recent data for September 2025 paints a sobering picture for Las Vegas: visitation slid by about 8.8% year‑over‑year, and gaming revenues on the Strip dropped roughly 5.5% to around $687.8 million for the month.
While the numbers raise eyebrows, GMA Consulting believes this moment is more a signal than a crisis.
Key Figures to Know
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Visitor volume ~3.1 million in September, about 300,000 fewer than the same month in 2024.
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Hotel occupancy dropped ~5.2 percentage points to 78.7%.
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Average daily room rate declined ~2.9% to ~$190.56.
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Convention attendance plunged ~18.7%, influenced by the absence/rescheduling of major shows.
What GMA Consulting Thinks
According to Josh Swissman, managing director at GMA Consulting:
“If [poor performance] is due more systemically to decreased planing and deplaning numbers or vehicles crossing the California border … and it’s like that for, say, 89 out of the 90 days in the quarter, well shoot, that’s indicative of a bigger problem and something that would perhaps be a little more concerning.”
Swissman adds that tough year‑on‑year comparisons (particularly following record performance in recent years) are part of the story.
In other words, the firm sees the slump as more of a pause for recalibration than a market collapse:
“I said we were going to see that growth taper off … That’s where we are right now.”
Why This Isn’t Necessarily Panic Time
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Tournament & event comparisons: The run‑up to 2025 included some massive events (e.g., F1, Super Bowl) that set high benchmarks.
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Mid‑week weakness vs weekend strength: Many of the declines track slower mid‑week travel, while weekend performance remains comparatively strong.
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Strong fundamentals: Despite visitor decline, the broader market remains diversified (domestic/regional feeder markets, events, gaming product innovation).
What Operators & Stakeholders Should Do
Based on GMA’s consulting perspective, here are strategic take‑aways:
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Monitor travel‑feeder metrics (air vs ground traffic, California border crossings, international arrivals) to assess whether the slump is structural.
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Reassess product mix and event calendar, focusing on mid‑week offerings, conferences, and regional markets to offset weakened leisure tourism.
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Invest in value perception: Las Vegas may need to reinforce its value proposition (e.g., pricing, packages, destination positioning) to appeal to cost‑sensitive travelers.
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Prepare contingencies, anticipating that if the downturn becomes systemic (vs short‑term), operational pivots will be required.
Final Thoughts
The September data is a warning light—but not a red light. As GMA Consulting frames it, Las Vegas is in a phase of normalization, not collapse. The next few months will be telling: if visitation and occupancy rebound (especially with major events on the calendar), this will likely be a historic plateau rather than a downward spiral. If declines persist across multiple quarters, it signals deeper shifts in travel behavior and destination competitiveness.
For organisations in gaming, hospitality, and resort operations, now is the time to lean into scenario‑planning, value reinforcement and feeder‑market diversification. At GMA, we’re ready to support our clients in navigating this phase with resilience.