Conventional wisdom in the casino industry (sometimes known as ‘wishful thinking’) held that the fourth quarter of 2025 would see a big turnaround on the Las Vegas Strip. The reality? Nothing of the sort. Strip casinos came off a soft November into a poor December, down 6% to close out 2025. Meanwhile, Lady Luck smiled on the locals casinos, up 6%.
Excluding baccarat, table wagering on the Strip was down 6.5%. Some players must have gravitated to the one-armed bandits, who were up 1.5% in terms of coin-in. Baccarat winnings plunged 20.5%. Some of that reflected only slightly higher wagering (1.5%) and some a comparison to a super-tight (21% hold) December 2024. Slot takings fell 7% despite more coins in the hopper, whilst non-baccarat table games actually won 11.5% more. The overall haul was $827.5 million (-6%).
Downtown, where some of the Las Vegas operators are moving to counteract higher prices on the Strip, saw revenue hop 4.5% to $86 million. North Las Vegas was up 5% to $26.5 million, the Boulder Strip leapt 9% to $95.5 million and miscellaneous Clark County gained 4% to $168 million. How much of that comprised players who fled the cost-intensive Strip, only the operators know for sure. Laughlin was up a whole 10% to $38 million. Mesquite did even better, vaulting 11% to $18 million and economic barometer Wendover was up 2.5% to $23 million. Even volatile Lake Tahoe had a good month, up 7.5% to $21 while, as Reno slipped 1.5% to $65 million and Sparks sparked 10% to $16.5 million. It was a bonny month all around … except for the Strip.
Cheers & Jeers …
Cheers to the Indiana Lege, where a bill to relocate Rising Star casino is advancing to the floor of the House. Four counties are presently in the running to invite Full House Resorts into their precincts. Full House CEO Dan Lee has made his druthers for Fort Wayne clear, but should be happy with the result so far. Full House is having a hard time making a buck down on the Ohio River and should be allowed to up and move.
Jeers to the Florida Lege, which is getting cold feet about stiffening penalties on illegal gambling, an epidemic-level problem in the Sunshine State. We’ve documented the severity of the issue and the simple reason law enforcement doesn’t prioritize it: wrist-slap penalties. Kudos to Florida Republicans for growing a spine on slot dens. Shame on Florida Democrats for finding excuses to dither. The problem is not going away on its own.
Cheers to Palms Casino Resort for seemingly finding its niche. Admittedly, octogenarian Paul Anka was an unpromising start but, with Smokey Robinson and Gladys Knight, the Palms is getting its groove back. Yes, it’s a distinctly nostalgic/oldster vibe but the Palms has lacked a clear identity ever since George Maloof had to sell it. Station Casinos tried to go the hip-hop route, with disastrous results, and the San Manuel Tribe has struggled since reopening the place after Covid-19. It seems like current management has finally hit on a formula and we hope it resonates.
Cheers to Atlantic City casinos for turning yellow … as in flooding their façades with yellow light in remembrance of the Holocaust (which some in this country would sooner forget or deny). According to Stockton University‘s reportage, Harrah’s Resort was AWOL. Why? Kudos, by the way, to a frequent target of S&G scorn, Resorts Atlantic City President Mark Giannantonio, who took Holocaust & Genocide Studies at Stockton. He said, “As an industry, we are proud to illuminate our properties in yellow to honor the memory of the millions of men, women and children who lost their lives in the Holocaust. This day reminds us of the responsibility we all share to remember, to educate and to ensure that such atrocities are never repeated.” Amen!
Jeers to Oxford Casino in Maine, vassal of Churchill Downs. Lily white CHDN is screaming ‘racism’ in response to being shut out of Pine Tree State iGaming, exclusive to the state’s Native American tribes. At a time when real racism in the United States is running at its highest levels in the last 50 years, it’s unseemly at best for white men of privilege in Big Gaming to straightfacedly claim that Indian Gaming Regulatory Act-compliant legislation is race-based “discrimination.” Shame on them.
Gridiron Grumbles: Does anybody want to coach the Las Vegas Raiders? The dysfunctional franchise has already been jilted twice this off-season. Miami Dolphins castoff Mike McDaniel decided he’d rather by #2 at the Los Angeles Chargers than #1 in Sin City. No sooner had Joe Brady interviewed in Las Vegas than he took the top job with the Buffalo Bills. Why not? Both men inherit playoff-ready jobs and the Raiders won’t get to the postseason anytime soon unless they buy tickets for it. Also, job security for a Raiders head coach is nil. Owner Mark Davis has a bad case of wanting long-term success—immediately. (Sort of like Jerry Jones.) Does he have the patience for one or two hard rebuilding seasons. We doubt it.