TLDR Las Vegas Strip casino net profits fell 81% year-over-year to $154.2 million in FY2025 Total Strip revenue dropped 4% to $21 billion, with gaming making up just 26% of that Tilman Fertitta agreed to buy Caesars Entertainment for roughly $17.6 billion including debt Barry Diller made an $18 billion offer for MGM Resorts, though neither deal is finalised Reno was one of the few Nevada markets to grow revenue, running 5.5% ahead of last year’s pace
Las Vegas Strip casinos made far less money in fiscal year 2025 than the year before, according to a new report from Nevada’s gaming regulator. The data comes as two major casino acquisitions are still being negotiated.
The Nevada Gaming Control Board released its annual abstract report for fiscal year 2025 on Wednesday. It covers 305 licensed casinos that each brought in at least $1 million in gross gaming revenue during the year ended June 30, 2025.
Strip casinos posted combined net profits of just $154.2 million. That is an 81% drop from the prior year.
Total revenue on the Strip came in at $21 billion, down 4% year-over-year. Combined gaming revenue was $5.5 billion, meaning the Strip converted only 0.7% of total revenue into profit.
The 51 Strip licensees in the report carried $50.7 billion in combined liabilities. Interest expenses alone topped $2.2 billion for the year. Return on invested capital and return on average assets were both below 4%.
Two Big Deals Still Pending
In May, Tilman Fertitta — owner of Golden Nugget Casinos — agreed to buy Caesars Entertainment at $31 per share, taking on nearly $12 billion in assumed debt. The all-in price comes to roughly $17.6 billion. Caesars’ stock once traded above $100 in 2021.
Shortly after, Barry Diller — the largest shareholder of MGM