Caesars 2025 Gaming Revenue Rises Despite Las Vegas Visitation Drop

Caesars reported higher gaming revenue in 2025 even as visitation and hotel performance in Las Vegas declined, reflecting changing patterns in how customers engage with gambling and travel.

Good to Know

• Casino gaming revenue reached $6.62 billion in 2025, up from $6.27 billion in 2024
• Las Vegas hotel occupancy fell from 96% to 92% despite stronger gaming results
• Growth outside Nevada, including projects in Louisiana and Virginia, supported overall gains

Financial results show casino play remained resilient. Caesars generated $6.62 billion in net casino gaming revenue across properties in 2025, representing an increase of more than 5% year over year. Company wide revenue still faced pressure in non gaming segments such as food, beverage, and hotel stays, particularly in Las Vegas where visitation trends weakened.

Regional operations played a major role in balancing performance. A nearly 4% lift from properties outside Nevada helped offset a close to 5% decline tied to Las Vegas operations. Recently completed developments in Louisiana and Virginia contributed to that regional momentum, underscoring how large operators increasingly rely on diversified geographic footprints rather than a single destination market.

Caesars already earns more revenue from properties beyond the Las Vegas Strip than from those within it. Latest figures reinforce that shift while highlighting how gaming demand can remain steady even when tourism softens.

Las Vegas tourism data showed year over year visitation declines, reflected in fewer hotel nights and reduced hospitality spending. Analysts have linked the drop to economic uncertainty, higher travel costs, and broader geopolitical pressures affecting international travel patterns.

Tom Reeg, Chief Executive Officer at Caesars, wrote that the company saw “a quarterly sequential improvement in operating trends in Las Vegas” and expects a “stable” operating environment for brick-and-mortar properties.

Traffic tied to major sporting events, concerts, and large scale entertainment continued to draw customers, according to company commentary, while quieter periods between those events produced softer demand.

Digital gaming expansion also shapes the broader landscape. Mobile sports betting now operates in 31 states covering more than half of the United States population. Caesars has historically trailed competitors such as FanDuel, DraftKings, BetMGM, and Fanatics in national sports betting handle, yet the company recorded revenue and adjusted EBITDA records in 2025, with online casino activity driving much of that performance.

Executives have repeatedly told lawmakers that digital products complement land based casinos rather than replace them, arguing online gaming supports brand engagement that can translate into physical visitation over time.

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