After the pandemic, the Las Vegas Strip went through a boom period.
People had been stuck in their homes and were eager to get back to the fun. 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 percent increase over the previous record set in 2019,” according to a report by the Las Vegas Convention and Visitors Authority (LVCVA).
“Following the disproportionate impact suffered by tourist destinations such as Las Vegas during the pandemic, Las Vegas has demonstrated a strong return as a favorite location for pent-up travel demand. Visitor spending in 2022 reached an all-time high of 44.9 billion dollarsexceeding pre-pandemic levels. Total visitor spending in 2022 exceeded the previous year by 24.4% and the 2019 total by 21.8%,” shared LVCVA.
The 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-level leisure travel was soft in late 2025.
“Comments appear to be improving with a more positive outlook on (the fourth quarter) and into 2026, driven by a strong calendar of events. Everyone we’ve spoken to expects record group business for the full year 2026,” Jonas wrote in a recent investor note. “While many operators believe that Vegas (PR) concerns may be overblown, there is one operator that is increasingly focusing on the importance of delivering more value at all price points paid for experiences.”
The data shows, however, that the problems in Las Vegas run deeper than Jonas would have you believe.
“Harry Reid International Airport posted its biggest monthly decline since 2025 in November, continuing a year-long decline in passenger traffic that even this year’s Formula 1 Las Vegas Grand Prix couldn’t slow,” Casino.org reported.
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2020: 19.0 million visitors; pandemic low due to Covid travel restrictions.
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2021: 32.2 million visitors; significant return from 2020.
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2022: 38.8 million visitors; the recovery continues as tourism has resumed.
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2023: 40.8 million visitors; the highest total since pre-pandemic, a 5.2% increase from 2022.
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2024: 41.7 million visitors; modest year-over-year growth, close to pre-pandemic levels.
Sources: Vegas Primer, Casino.org
Preliminary figures for 2025 show weakness.
“The UNLV Center for Economic and Business Research (CBER) projects that Las Vegas will host about 39.1 million visitors in 2025 – a decrease of about 6 percent from the 41.6 million visitors in 2024, 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 up slightly, posting modest gains between 0.2% and 9%. The real fall 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 visitor numbers 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 was 4.3 million, down 9.6%.
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That drop outpaced October’s 8.2 percent 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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To date, Reid has processed 50.6 million passengers, down 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 to the Las Vegas Strip, so far this year, I have noticed that the prices have gone up. Resorts are now charging for parking and restaurants seem to have reduced 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 room compensation for even mid-level players remains good, many other perks like free dining, pool cabanas, and show tickets have become scarce.
Nate Silver, the famous data wrangler who wrote a book about 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 sense of abundance. Vegas gamblers are famous for burning the candle at both ends. But if at every interface you feel shortchanged—the rooms are overbudget, the food is expensive, and the odds you face at the tables are stacked even more against you – you might reconsider your next trip,” he wrote.
The Las Vegas Review-Journal featured some of the rising costs readers are complaining about.
“A regular cup of coffee that costs $6 or $7 (after the coffee machines have been removed from hotel rooms), domestic beers that cost $10 or more, cocktails made with alcoholic beverages sold for $25 and more, or fast food and soft drink combinations that exceed $30 per person are just a few examples of uncomfortable prices often cited by visitors,” the paper said.
Gambling odds have also gotten worse for players.
“Players cite less-than-favorable playing conditions such as 6:5 blackjack, triple-zero roulette, or $25 table play minimums during slower times of the day as reasons to avoid certain casinos,” it added.
More trips:
Las Vegas has taken some steps to address this.
“I think it’s clear that value has been a concern on the part of some of our customers,” LVCVA CEO Steve Hill said during a press conference. “We’re aware of that. The resorts are aware of that.”
Caesars CEO Thomas Reeg addressed the question of pricing and value during his company’s third-quarter earnings call.
“In terms of pricing, we price hundreds, thousands of items in Vegas every day, from obviously rooms and restaurants to taxes to ATMs and everything you buy in Vegas. And we’re constantly adjusting,” he said.
The CEO acknowledged that his company can make mistakes, but defended its overall policies.
“And I’m not ignoring the fact that there are areas in our business and in Las Vegas that could have overpriced their skis. But to put [it] in context, you know, we’re in a quarter where, as we talk about pricing and demand decay, our occupancy rate was over 90% in the quarter,” he added.
Las Vegas, he pointed out, serves a wide variety of audiences.
“So you know, there’s an exchange of value in Vegas. What’s great about Vegas is that there’s something for everybody. Sean McBurney, our regional president here, who does such a fantastic job, uses the example that you can come see Paul McCartney and pay $500 plus a ticket the same weekend you see Donnie Osmond for $60 over there.
MGM Resorts International CEO William Hornbuckle also addressed pricing during his company’s third-quarter earnings call.
“Of course, this growth ebbs and flows during shorter measurements and this summer, we heard from some of our guests about a value in Las Vegas and responded by making adjustments to ensure a streamlined premium value experience across all of our properties,” he said.
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This story was originally published by TheStreet on December 26, 2025, where it first appeared in the Travel section. Add TheStreet as a favorite source by clicking here.