After the pandemic, the Las Vegas Strip went through a boom period.
People were stuck in their homes and were eager to have fun again. That’s why 2022 was a record year for Las Vegas.
“Total economic output related to visitor spending reached a record $79.3 billion in 2022, a 24.7% increase from the previous record set in 2019,” according to a report by the Las Vegas Convention and Visitors Authority (LVCVA).
“After the disproportionate impacts suffered by tourist destinations such as Las Vegas during the pandemic, Las Vegas has shown a strong rebound as a favorite destination for pent-up travel demand. Visitor spending in 2022 reached an all-time high of $44.9 billionexceeding pre-pandemic levels. Total spending by visitors in 2022 exceeded the previous year by 24.4% and the 2019 total by 21.8%,“shared the LVCVA.
Numbers remained strong through 2024, driven by events and conventions, but sentiment was mixed about the future.
Barry Jonas, an analyst at Truist Securities, said midweek and lower leisure travel was soft at the end of 2025.
“The commentary seems to be improving with a more positive outlook on (the fourth quarter) and in 2026, driven by a strong event calendar. Everyone we spoke with expected record group business in the full year 2026,” Jonas wrote in a recent investor note. “While many operators believe that the concern of Vegas (public relations) may be overblown, there is an operator that is increasing attention on the importance of giving more value at all points of the price paid for experiences.”
The data shows, however, that Las Vegas’ problems run deeper than Jonas would like you to believe.
“Harry Reid International Airport posted its biggest monthly decline of 2025 in November, continuing a year-long slide in passenger traffic that not even this year’s Formula 1 Grand Prix of Las Vegas was able to slow,” Casino.org reported.
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2020: 19.0 million visitors; low pandemic due to Covid travel restrictions.
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2021: 32.2 million visitors; significant rebound from 2020.
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2022: 38.8 million visitors; recovery continued as tourism resumed.
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2023: 40.8 million visitors; the highest total since before the pandemic, a 5.2% increase from 2022.
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2024: 41.7 million visitors; modest year-on-year growth, close to pre-pandemic levels.
Sources: Vegas Primer, Casino.org
The preliminary numbers for 2025 show some weakness.
“UNLV’s Center for Business and Economic Research (CBER) projects that Las Vegas will host approximately 39.1 million visitors in 2025 — a roughly 6% decrease from 2024’s 41.6 million visitors, according to CasinoReviews.Net.
A big reason for the drop in visitors comes because President Donald Trump’s trade policies have discouraged some foreign visitors from coming to the United States.
“European carriers — including British Airways, Virgin Atlantic, KLM, and Aer Lingus — were flat or slightly higher, recording modest gains between 0.2% and 9%. The real collapse came from Canada, historically one of Las Vegas’ most reliable international feeders,” Casino.org reported.
Data provided by Harry Reid International showed that the drop in visitors was significant.
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Las Vegas International Airport (Harry Reid) saw more than 450,000 fewer passengers in November compared to the same month last year. The total number was 4.3 million, a decrease of 9.6%.
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That decline outpaced October’s 8.2% decline and marked the tenth consecutive month of year-over-year declines.
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The last monthly increase in passengers was in January, when traffic increased by 0.4%.
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During the year to date, Reid processed 50.6 million passengers, a decrease of 5.5% from the same period in 2024. December totals will be released at the end of January.
Source: Harry Reid International media relations
As a frequent visitor of the Las Vegas Strip, until this year, I noticed that the prices have risen. Resorts now charge for parking, and restaurants seem to have cut portions and raised prices.
It was eye-opening to pay nearly $12 on the Strip for the same Starbucks latte I buy for under $5.50 at home. And, while the room combos for even the average gambler remain good, many other perks, like free meals, pool cabanas, and show tickets, have become scarce.
Nate Silver, the famous date wrangler who wrote a book on Las Vegas titled “On the Edge: The Art of Risking Everything”, shared his thoughts on Las Vegas in a recent post on his website.
“Las Vegas is at its best when it creates a feeling of abundance. Vegas gamblers are famous for burning the candle at both ends. But if in every interface you feel cut off – the rooms are over budget, the food is expensive, and the odds you face at the tables are tilted even more against you – you might reconsider your next trip,” he wrote.
The Las Vegas Review-Journal featured some of the rising costs readers have complained about.
“A regular cup of coffee that costs $6 or $7 (after coffee makers have been removed from hotel rooms), domestic beers that go for $10 or more, cocktails made with fine liquor that sell for $25 and up, or fast-food and soft drink combos that exceed $30 a person are just a few examples of uncomfortable price points often cited by visitors,” the paper shared.
The gambling odds have also worsened for the players.
“Gamblers point to less-than-favorable playing conditions, such as 6:5 blackjack, triple-zero roulette or $25 table game minimums during slower times of the day as reasons to avoid certain casinos,” she added.
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Las Vegas has been taking some steps to address this.
“I think it’s clear that value has been a concern on the part of some of our customers,” said LVCVA CEO Steve Hill during a press conference. “We’re aware of that. The resorts are aware of that.”
Caesars CEO Thomas Reeg addressed the question of price and value during his company’s third quarter earnings call.
“On the issue of prices, we price hundreds, thousands of items around Vegas every day from, of course, rooms and restaurants to ATM fees for everything you buy in Vegas. And we constantly adjust them,” he said.
The CEO admitted that his company could make mistakes, but defended its general policies.
“And I don’t discount that there are areas in our business and in Las Vegas that could have exceeded the pricing of their skis. But to put [it] in the context, you know, we are in a quarter where while we are talking about prices and degradation to demand, our occupancy percentage was more than 90% in the quarter,” he added.
Las Vegas, he pointed out, serves a wide variety of audiences.
“So you know, there’s a value business in Vegas. What’s great about Vegas is that there’s something for everyone. Sean McBurney, our regional president here, who does such a fantastic job, uses the example of you can come see Paul McCartney and pay $500 plus a ticket the same weekend you’re going to see you can see Donnie Osmond for every Somond point for $60.
MGM Resorts International CEO William Hornbuckle also addressed pricing during his company’s third quarter earnings call.
“Of course, that growth goes on a shorter time scale, and this summer, we heard from some of our guests about value in Las Vegas, and we responded by making adjustments to ensure a streamlined premium value experience in all our properties. We also partnered with a destination on a fabulous five-day sale during which we sold more than 300,000 room nights, which almost they doubled the demand of our room, experiences,” he said.
Related: Struggling airlines file for Chapter 11 bankruptcy
This story was originally published by TheStreet on December 26, 2025, where it first appeared in the Travel section. Add TheStreet as a Preferred Source by clicking here.