LAS VEGAS (KTNV) — Casinos, state agencies, and tourism officials have released their numbers for the month of March this week.
The overall trends are fewer people are flying into Las Vegas but overall business and gaming numbers are up.
When looking at passenger numbers from Harry Reid International Airport, 4,642,207 people passed through in March, which is down 4.2% compared to 2025. Overall yearly passenger numbers are also down 5.14%.
However, numbers from the Las Vegas Convention and Visitors Authority still show stable, strong numbers. For example, visitor volume is up 1.9% compared to the same time last year due to big events coming to town like the NASCAR Pennzoil 400, college basketball conference tournaments, March Madness, and the CONEXPO tradeshow.
Convention attendance was also up more than 30%.
State gaming wins are also up 11.78% compared to March 2025.
The local areas seeing the biggest boost include Downtown Las Vegas, the Boulder Strip, and Las Vegas Strip, which are up about 20%, 15%, and 15%, respectively.
These are the same types of trends that casino operators are seeing. For example, Bill Hornbuckle, the CEO and President of MGM Resorts International, said international visitor numbers are still down.
"The noise around Canada is real. Our general Canadian business is down 30% to 40%. We hope to improve that," Hornbuckle said during the company's latest earnings call. "We have had a couple of missions into Canada through the convention center and ourselves, and we have one planned later this summer that I am going on. International has always been a big driver. Mexico opened up meaningfully with air traffic a few years ago."
Keith Smith, the CEO and President of Boyd Gaming, said their destination business is also seeing some changes, like an 11% year-over-year decline in pedestrian traffic around the Fremont Street Experience.
"The good news is the decline in visitation did not accelerate. It was stable," Smith said. "We are not overly concerned at this point. Las Vegas has a long history of seeing roughly 50% to 55% of all visitors to Las Vegas making their way downtown, and I suspect that will continue over time."
Like previous earnings calls, Smith said he suspects more people are staying closer to home, which is why many of the locals casinos around town are seeing strong numbers.
"We remain confident in the underlying strength of the Las Vegas economy," Smith said.
Officials from MGM Resorts International, Caesars Entertainment, Boyd Gaming, and Red Rock Resorts all stated they don't believe gas prices will be a huge factor in people visiting their properties or gambling.
"Clearly, we're experiencing higher gas prices in Nevada. I think we're in early days, as judged by our Q1 performance. What we're seeing in April, we've seen no impact from higher gas prices," said Stephen Cootey, Executive Vice President and Chief Administration Officer for Red Rock Resorts. "The air travel, given the fact while 87% of our hotel guests are generally out of town, the majority of these folks are driving from the regional states so the TSA impact has been minimal."
Business at locals casinos continues to grow and business on the Strip has stabilized compared to last year.
"I'd say we'll still likely be just short of last year but again, much healthier than it's been. And then, we cycle into comps versus last summer as everybody remembers that was a tough summer in Vegas," said Tom Reeg, CEO of Caesars Entertainment. "Our bookings feel good. It just feels like a healthier market than it did, say, 10 months ago for us ... I'd say leisure market has continued to get healthier from the kind of lows of last summer. We'd expect to see, back to typical Vegas seasonality as we get into the hot months."
"Net revenue for Las Vegas in Q1 grew on a year-over-year basis for the first time in over a year despite exceptionally strong leisure comparatives," Hornbuckle said. "We achieved this with solid group and convention business in the first quarter and we expect this to carry into the second quarter."
When it comes to value, several operators have rolled out sales and inclusive packages to lure guests back to their properties. Caesars Entertainment officials stated they know the narrative that prices are too high is still out there but don't see that when it comes to bookings, with occupancy over 95% this quarter.
"The team is doing a great job here in Vegas looking at all of our properties and welcoming guests at every price point," said Anthony Carano, President and COO of Caesars Entertainment. "We've taken a look at prices up and down all of our properties and I think we're in a pretty good spot to attract every guest to Las Vegas."
Hornbuckle said that for MGM, they're seeing a strong response to the packages they've rolled out.
"This quarter, we challenged ourselves to be even more creative and launched an all-inclusive experience that bundles hotel, dining, entertainment, and all parking and resort fees," Hornbuckle said. "The feedback we are getting from guests is very positive and roughly one-third of the bookings are from first-time Las Vegas visitors. The program enhances our ability to convey our value proposition in innovative ways that resonate with our guests. Ultimately, Las Vegas' true value lies in delivering iconic, one-of-a-kind experiences."
And as for the future, another operator is expected to open on the Las Vegas Strip when Hard Rock International opens the Hard Rock Hotel & Casino and Guitar Hotel, which could be as early as next year.
Reeg said having a competitor reopen will mean added business.
"Mirage coming offline for us, we can see things like the High Roller, The Zip Line, and shows on the east side of the Strip have struggled a bit without those 3,000 rooms online. So that will be a benefit to us, when you have almost 4,000 rooms with the guitar tower. Obviously, we're the closest neighbor on most sides of what the Hard Rock is doing," Reeg said. "But we're anticipating that the high end will get even more competitive. The entertainment space will get more competitive. I'd expect the cost of the biggest acts will go up so we expect them to be impactful. ... But I'd also say, given the location and what they're building, we're a little more optimistic. Back in the day, [you see] a new property opens and expands the market visitation goes up. It's not just cutting up the pie a little smaller. I think they can grow the pie a bit so we're excited about what they're building."
Even more business could come to town when the NBA brings a team to town. Hornbuckle stated league officials have already been meeting with people talking about potential venues.
"I am already under three NDAs. The good news is the NBA has clearly earmarked Las Vegas and Seattle. We have had huge interest. Whether a team ultimately lands in Las Vegas will be up to the Board of Governors sometime next year. We are excited. How could we not be? We have all seen the success and what it means to Las Vegas when these sports teams come," Hornbuckle said. "T-Mobile is part of that conversation. Whether short-term or long-term, all roads lead to it for now because the league has expressed interest to host a team as early as 2028. We are intimately involved in many of those conversations. I hope, and believe, that whether the answer is yes or no, we will know by this time next year."
OTHER QUICK HITS
- The full remodel of the Augustus Tower at Caesars Palace is on track to be completed by early 2027.
- Category 10 by Luke Combs is expected to open later this year.
- The Suncoast Hotel and Casino renovation project is expected to be completed late in the third quarter of 2026.
- The Cadence Crossing Casino has received "an enthusiastic response from our guests" and there is "significant land still available for development."
- Hotel room renovation at The Orleans is on track to be completed later this year and in 2027, Boyd Gaming officials said they plan to begin a modernization project at the property.
- The Durango North Expansion Project will add more than 275,000 square feet, including nearly 400 additional slot machines and other gaming as well as a 36-lane bowling facility, luxury movie theaters, and new dining and entertainment venues, including a partnership with Moonshine Flats, which is a county western bar. The expansion project is estimated to cost approximately $385 million and is scheduled to be completed and open by the summer of 2027.
- The $53 million renovation is underway at Sunset Station and includes a new country western bar and nightclub, a new Mexican restaurant, a new center bar, and fully-renovated casino floor. Additional amenities are expected to come online throughout 2026, including the Gaudi Bar.
- The next $87 million phase of the Sunset Station casino refresh includes expanding and enhancing the movie theaters and relocating the temporary bingo area to a new, permanent location. When bingo is relocated, the former buffet space will be converted into a Highland steakhouse and high limit table games room. Work is expected to begin this quarter and last through 2027.
- At Green Valley Ranch, renovations to the East Tower are expected to wrap up later this year.