Post-pandemic, the Las Vegas Strip went through a boom period.
People had been stuck in their homes and were eager to get back to having 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% increase from the previous record set in 2019,” according to a report from the Las Vegas Convention and Visitors Authority (LVCVA).
“Following the disproportionate impacts suffered by tourist destinations like Las Vegas during the pandemic, Las Vegas demonstrated a strong rebound as a favorite location for pent up travel demand. Visitor spending in 2022 hit an all-time high of $44.9 billion, exceeding pre-pandemic levels. Total spending by visitors in 2022 outpaced the prior year by 24.4% and the 2019 total by 21.8%,” the LVCVA shared.
Numbers remained strong through 2024, driven by events and conventions, but sentiments have been mixed about the future.
Barry Jonas, an analyst at Truist Securities, shared that mid-week and lower-tier leisure travel has been soft at the end of 2025.
“Commentary seems to be improving with a more positive outlook on (the fourth quarter) and into 2026, led by a strong event calendar. Everyone we spoke with expected record group business in the full year 2026,” Jonas wrote in a recent investor’s note. “While many operators believe Vegas (public relations) concerns may be overblown, there is an operator increasing focus on the importance of delivering more value at all price points paid for experiences.”
Data show, however, that Las Vegas’ problems run deeper than Jonas would have you believe.
“Harry Reid International Airport posted its sharpest monthly decline of 2025 in November, continuing a year‑long slide 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 rebound from 2020.
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2022: 38.8 million visitors; continued recovery as tourism resumed.
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2023: 40.8 million visitors; 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, nearing pre-pandemic levels.
Sources: Vegas Primer, Casino.org
Preliminary numbers for 2025 show some weakness.
“UNLV’s Center for Business and Economic Research (CBER) projects that Las Vegas will host about 39.1 million visitors in 2025 — a decline of roughly 6% 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 up, posting 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 has been 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 9.6% drop.
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That downturn outpaced October’s 8.2% decline and marked the tenth consecutive month of year‑over‑year decreases.
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The last monthly increase in passengers was in January, when traffic rose a marginal 0.4%.
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Year‑to‑date, Reid has processed 50.6 million passengers, down 5.5% from the same period in 2024. December’s totals will be released in late January.
Source: Harry Reid International media relations
As a frequent Las Vegas Strip visitor, until this year, I have noticed that prices have gone up. 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 rooms comps even for mid-tier gamblers remain good, many other perks, such as free meals, pool cabanas, and show tickets, have become scarce.
Nate Silver, the famed data 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 to 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 at every interface you feel put out — the rooms are overbudget, the food is expensive, and the odds you face at the tables are tilted even further against you — you might reconsider your next trip,” he wrote.
The Las Vegas Review-Journal laid out some of the rising costs readers complain about.
“A cup of regular coffee costing $6 or $7 (after coffee makers were removed from hotel rooms), domestic beers going for $10 or more, cocktails made with well liquor being sold 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.
Gambling odds have also gotten worse for players.
“Gamblers point to less-than-favorable gaming 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,” it 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,” 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 pricing and value question during his company’s third-quarter earnings call.
“On the pricing question, we price hundreds, thousands of items across Vegas every day from, obviously, rooms and restaurants to ATM fees to everything that you purchase in Vegas. And we’re constantly adjusting them, ” he said.
The CEO did admit that his company could 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 might have gotten over their skis pricing-wise. But to put [it] in context, you know, we’re in a quarter where while we’re talking about pricing and degradation to demand, our occupancy percentage was over 90% in the quarter,” he added.
Las Vegas, he pointed out, serves a wide variety of audiences.
“So you know, there’s a value trade in Vegas. What’s great about Vegas is there’s something for everybody. Sean McBurney, our regional president out 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 that you’re gonna see you can see Donnie Osmond for $60. So there’s something at every price point,” he added.
MGM Resorts International CEO William Hornbuckle also addressed pricing during his company’s third-quarter earnings call.
“Of course, that growth ebbs and flows over shorter measurements of time, and this summer, we heard from some of our guests around a value in Las Vegas, and we responded by making adjustments to ensure a rationalized premium value experience across all of our properties. We also partnered with a destination on a fabulous five-day sale during which we sold over 300,000 room nights, nearly doubling our typical pace, reflecting the strong demand that exists for our experiences,” he said.
Related: Struggling airline files for Chapter 11 bankruptcy
This story was originally published by TheStreet on Dec 26, 2025, where it first appeared in the Travel section. Add TheStreet as a Preferred Source by clicking here.
