Post-pandemic, the Las Vegas Strip went through a boom period.
People were stuck in their homes and eager to get back to having fun. So 2022 was a record year for Las Vegas.
“Total economic output associated with visitor spending reached a record $79.3 billion in 2022, a 24.7% 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 that tourist destinations such as Las Vegas suffered during the pandemic, Las Vegas demonstrated a strong rebound as a preferred destination for pent-up travel demand. Visitor spending hit an all-time high in 2022. $44.9 billionhigher than pre-pandemic levels. Total visitor spending in 2022 increased by 24.4% over the previous year and 21.8% over the 2019 total,LVCVA shared.
Numbers remain strong through 2024, driven by events and conferences, but sentiment is mixed about the future.
Truist Securities analyst Barry Jonas said mid-week and lower-level leisure travel softened at the end of 2025.
“Commentary appears to have improved with a more positive outlook led by the (fourth quarter) and a strong event calendar in 2026. We spoke with record group business expected in full year 2026,” Jonas wrote in a recent investor note. “While many operators believe Vegas (public relations) concerns may be overblown, there is an operator’s focus on the importance of providing greater value at all price points paid for experiences.”
However, the data shows that Las Vegas’ problems are deeper than Jonas would have you believe.
“Harry Reid International Airport posted its steepest monthly decline of 2025 in November, continuing a year-long slide in passenger traffic that this year’s Formula 1 Las Vegas Grand Prix didn’t even slow down,” Casino.org reported.
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2020: 19.0 million visitors; The epidemic is low due to the covid travel ban.
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2021: 32.2 million visitors; Significant rebound from 2020.
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2022: 38.8 million visitors; The recovery continues as tourism resumes.
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2023: 40.8 million visitors; The highest total since the pre-pandemic, a 5.2% increase from 2022.
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2024: 41.7 million visitors; A modest year-over-year increase, close to pre-pandemic levels.
Sources: Vegas Primer, Casino.org
Early numbers for 2025 show some weakness.
“UNLV’s Center for Business and Economic Research (CBER) projects Las Vegas will host 39.1 million visitors in 2025 – a nearly 6% decrease from 2024’s 41.6 million visitors, according to CasinoReviews.net.
A big reason for the drop in visitors is that 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 up, posting modest gains of between 0.2% and 9%. The real decline came from Canada, historically one of Las Vegas’ most reliable international feeders,” Casino.org reported.
Figures provided by Harry Reid International showed a drop in visitor numbers.
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Las Vegas International Airport (Harry Reed) saw 450,000 fewer passengers in November than in the same month last year. The total number was 4.3 million, a 9.6% decline.
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That decline surpassed 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 rose modestly to 0.4%.
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Year-to-date, Reid processed 50.6 million passengers, down 5.5% from the same period in 2024. December totals will be released in late 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 now charge for parking, and restaurants have cut portions and raised prices.
Paying almost $12 at the strip for the same Starbucks latte I bought at home for less than $5.50 was eye-opening. And, while room comps remain good even for mid-level gamblers, many other perks like free meals, pool cabanas and show tickets have become rare.
Nate Silver, the famous data wrangler who wrote a book titled “On the Edge: The Art of Risking Everything” in Las Vegas, shared his thoughts in a recent post on his website.
“Las Vegas is at its best when it creates a sense of opulence. Vegas gamblers are famous for burning the candle at both ends. But if you’re left out at every interface—the rooms are too budget, the food is expensive, and The odds you face at the tables are even more stacked against you – you might want to rethink your next trip,” he wrote.
The Las Vegas Review-Journal has laid out some of the rising costs readers are complaining about.
“A cup of regular coffee for $6 or $7 (after coffee makers are removed from hotel rooms), domestic beer for $10 or more, cocktails on sale for $25 or more, or fast food and soft drink combos that exceed $30 a person.
Gambling odds for players have also worsened.
“Gamblers point to favorable gaming conditions such as late-day 6:5 blackjack, triple-zero roulette or a $25 table game minimum as reasons to avoid some casinos,” it added.
More travel:
Las Vegas has taken some steps to address this.
“I think it’s clear that price has been a concern on the part of some of our customers,” LVCVA CEO Steve Hill said at a news conference. “We are aware of this. The resorts are aware of this.”
Caesars CEO Thomas Reig addressed pricing and pricing questions during his company’s third-quarter earnings call.
“On the pricing question, we price hundreds, thousands of items every day in Vegas, obviously, from rooms and restaurants to ATM fees that you buy in Vegas. And we’re constantly adjusting them,” he said.
The CEO acknowledged that his company can make mistakes, but he defended its overall policies.
“And I don’t discount that there are areas in our business and in Las Vegas that may have gotten their ski pricing. But to keep [it] In terms of, you know, we’re in a quarter where we’re talking about a decline in pricing and demand, our occupancy percentage was over 90% in the quarter,” he added.
Las Vegas, he points out, serves a wide variety of audiences.
“So, you know, there’s a value business in Vegas. What’s great about Vegas is there’s something for everybody. Here’s our regional president, Sean McBurney, who does such a great job, he uses the example of you can come see Paul McCartney and pay $500 and a ticket and over the weekend you’ll see you can add $600 worth of value there.”
MGM Resorts International CEO William Hornbuckle also addressed the pricing during his company’s third-quarter earnings call.
“Of course, that growth ebbs and flows on a short scale of time, and this summer, we heard from some of our guests about pricing in Las Vegas, and we responded by making adjustments to ensure a reasonably premium price experience at all of our properties. We also partnered with Destinations in an outstanding five-day sale in which we sold more than 0,000,000 rooms. The momentum, reflecting the strong existing demand for our experiences,” he said.
Related: Struggling airline files 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.
