Las Vegas Tourism Agency Faces Decline Amid Economic Challenges

The Las Vegas Convention and Visitors Authority, or LVCVA, is facing significant challenges as it reported a 2.4% decline in revenue for the fiscal year 2025, which ended in June. The agency received $374.8 million from room and gaming taxes, down from a record-setting $382.7 million the previous year, largely influenced by events like Super Bowl LVIII.

Although total government-wide revenues increased by approximately $20.4 million due to a one-time land sale and investment earnings, this was offset by a $18.1 million decline in room taxes and gaming fees.

Recent reports indicate a decrease in both domestic and international visitors, with July 2025 visitation down 12% compared to July 2024. Additionally, hotel occupancy rates fell to 76.1%, a decrease of 7.6 points from the previous year, and average daily room rates dropped by 3.4%.

Despite these setbacks, the convention center continues its $600 million renovation project, with expected completion in fiscal year 2026. The center hosted 84 events in fiscal year 2025, marking a 12.4% increase in convention attendance compared to the prior year, although it remains slightly below pre-pandemic levels.

The decline in tourism raises concerns about the economic stability of Las Vegas, which heavily relies on visitor spending.