Nevada’s casinos just notched a win, pulling in $1.35 billion in gaming revenue for November 2025, up 2.4% from last year. But the Las Vegas Strip, usually the star, dipped slightly even with big crowds from Formula 1 and Thanksgiving. What’s behind this mixed bag, and what does it mean for the Silver State’s economy? Dive in to find out.
Nevada’s gaming scene showed real strength last month, with total revenue hitting $1.35 billion, a solid jump from $1.31 billion in November 2024. This marks the 10th-best month ever for casino winnings in the state, according to the Nevada Gaming Control Board.
Downtown Las Vegas led the pack with a 10.3% revenue boost, reaching $87 million. Neighborhood casinos also shone, posting double-digit gains in areas like the Boulder Strip, Laughlin, and Mesquite. These spots offset weaker performances elsewhere and fueled the overall 2.4% statewide increase.
Experts point to a shift in visitor habits. With tourism down 5.2% compared to November 2024, gamblers seem to favor more affordable, local options over the pricier Strip. This trend highlights how everyday players are keeping the industry afloat amid rising costs.
In fact, areas outside the Strip saw wagering volumes rise, leading to higher holds in slots and tables. It’s a reminder that Nevada’s gaming economy isn’t just about glitz; it’s rooted in community spots that draw steady crowds year-round.
One key factor? Events like holiday weekends pulled in locals who skipped the Strip’s crowds.
Strip Revenue Dips Slightly Amid Event Buzz
The Las Vegas Strip brought in $784.3 million in November 2025, down a slim 0.56% from $788.7 million the year before. This dip came despite an uptick in overall wagering, thanks to major draws like the Formula 1 Grand Prix and Thanksgiving visitors.
Baccarat and other table games took the hit, with revenue falling due to lower hold rates. Casinos held 14.7% of baccarat bets, down from 17% last year, even as wagering on the game climbed 9.2% to $935 million. That meant $145.7 million in baccarat wins, a 5.7% drop.
Yet, the Strip’s slot machines told a brighter story, generating $421.6 million, up 5.5% from $399.7 million. Slot handle rose 5.3% to $5.53 billion, with hold steady at 7.6%. This shows players are betting more on slots, which are easier and often cheaper than tables.
High-profile events brought crowds, but not enough big spenders to boost table games. Visitor numbers fell overall, yet those who came spent on slots, signaling a shift toward budget-friendly gaming.
Sportsbooks added to the mix, with a 7.9% revenue increase statewide, driven by football season bets.
Key Stats Break Down the Numbers
To make sense of November’s performance, let’s look at the data side by side.
| Area | November 2025 Revenue | Year-Over-Year Change | Key Driver |
|---|---|---|---|
| Statewide | $1.35 billion | +2.4% | Local casinos |
| Las Vegas Strip | $784.3 million | -0.56% | Slot gains offset table losses |
| Downtown Las Vegas | $87 million | +10.3% | Increased wagering |
| Boulder Strip | Not specified | Double-digit gain | Neighborhood appeal |
These figures come from the Nevada Gaming Control Board’s latest report, released on December 31, 2025. They paint a picture of resilience, with slots outperforming tables across the board.
Fiscal year-to-date, the Strip is up 2.46% from July to November, suggesting the November dip is just a blip.
Reno also chipped in with a 7.1% gain, showing growth beyond Vegas.
This data underscores a broader trend: while international tourism and high-rollers lag, domestic players and slots are propping up the industry.
What This Means for Nevada’s Economy
Gaming revenue isn’t just about casinos; it powers jobs, taxes, and tourism in Nevada. The 2.4% statewide rise adds millions to state coffers, supporting schools and infrastructure.
But the Strip’s slight decline raises questions about affordability. With hotel rates soaring and visitor counts dropping, some worry big events like F1 aren’t translating to consistent wins.
- Local boost: Downtown’s surge could mean more investment in non-Strip areas, creating jobs and drawing year-round visitors.
- Slot success: The 5.5% rise shows casinos might focus more on machines to attract budget-conscious gamblers.
- Challenges ahead: If table games keep slipping, resorts may need to rethink strategies for high-end players.
Analysts note this follows a strong October, where Strip revenue jumped 8.21%. It’s a volatile industry, but November’s results show adaptability.
Looking to 2026, experts predict steady growth if local spots continue leading.
Nevada’s gaming story in November 2025 proves the industry’s grit, with downtown and neighborhood casinos stepping up to deliver a statewide win even as the iconic Strip faces headwinds from shifting player preferences and economic pressures. This mix of gains and dips reminds us how gaming ties into everyday lives, from funding community services to offering affordable fun amid rising costs.
