Share 
Las Vegas tourism entered a downward spiral in 2025, with overall visitation dropping 7.5% to 85 million people. International traffic at Harry Reid International Airport mirrored the decline, falling 7.4%.
The 13-month streak of declining visitor numbers finally ended in February. However, the 2% increase in visitation represented only 61,300 more people than the previous year. While modest, officials say it marks a necessary starting point for recovery.
The outlook for the immediate future remains cautious. International airport traffic is down more than 15% so far this year, a trend experts attribute to a combination of economic shifts, political factors, and global conflict.
Business leaders at the recent Economic Club of Las Vegas meeting identified 2028 as the next year of prosperity for “Sin City.” The timeline aligns with several major projects, including a new casino, a Major League Baseball stadium and team, expanded retail, and a heavy rotation of marquee sporting events.
Analyzing the 2025 Vegas Strip slowdown
The Vegas Strip remains the city’s primary draw, with the Las Vegas Convention and Visitor Authority (LVCVA) reporting that 69% of visitors stayed at a Strip hotel last year. In contrast, only 42% visitied downtown’s “Old Vegas,” and even fewer explored outlying areas.
Despite its dominance, the Strip saw a business deceleration last year. Canadian visitation slowed due to political factors, while many American travelers sought better value elsewhere rather than opting for off-Strip casinos at lower prices.
“In an inflationary environment with concerns over a recession and tariffs, it’s easier to put off a Vegas trip and spend a little more time at home,” said Barry Jonas, managing director with Truist Securities.
2026 Pivot: All-inclusive packages and luxury resilience
Jonas views 2026 as a pivotal test for the market. While the event calendar remains strong, casino operators are increasingly responding to consumer complaints regarding high prices.
MGM Resorts just launched an all-inclusive deal starting at $330 for two guests, covering food, drinks, a show, and a two-night stay at Luxor or Excalibur. Resorts World Las Vegas debuted a similar package for its mid-tier Conrad hotel.
According to MGM Resorts CEO Bill Hornbuckle, the LVCVA will launch another major summer promotion in April.
Attracting new visitors remains a challenge. John DeCree, director of equity research at CBRE, noted that first-time visitors accounted for less than 10% of 2025 visitation—the lowest level in five years. This segment is vital for revenue, as first-timers typically spend more than repeat visitors who are more adept at finding deals.
While budget-conscious travelers are pulling back, the high-end market remains resilient. Luxury resorts such as Bellagio, Caesars Palace, and Wynn have not shown the same weakness. Last year, the average daily room rate at Wynn Las Vegas was $547, spiking to $611 during the fourth quarter.
DeCree also said that people visit Las Vegas for an experience, saying:
“Vegas is fantastic at reinventing itself every couple of years. Allegiant Stadium and Sphere are demand drivers.”
Looking ahead to next year and 2028, there will be plenty of new experiences for visitors.
Hard Rock Las Vegas and the post-Mirage era
The year 2027 will begin with Las Vegas hosting its first College Football Playoff National Championship at Allegiant Stadium. While that will have a significant economic impact, all eyes will be on a new casino.
Later that year, the new Hard Rock Las Vegas is scheduled to open on the former site of The Mirage, across from The Venetian.
The property will be the first new resort on the Strip since Fontainebleau opened in 2023, potentially triggering a new growth spurt for the corridor.
Equally important is the potential for two new local sports teams and major events starting in 2028.
2028 Pro sports and the 2029 Super Bowl
By 2028, the sports landscape in Las Vegas is expected to transform. The former Oakland Athletics are currently building a stadium on the Strip at the former Tropicana site. The Las Vegas A’s expect to play their inaugural season there in 2028.
The NBA is also exploring expansion. If a team is granted to Las Vegas, it could tip off its first season in 2028, either at T-Mobile Arena or a new venue on the north end of the Strip. Multiple plots of land could be used on the north end of the Strip.
The NFL also recently announced that Las Vegas will host the 2029 Super Bowl, an event expected to have a $1 billion economic impact. This will be the second time in five years that the Big Game is played in Las Vegas.
On the hospitality front, MGM expects to complete room renovations at Aria and The Cosmopolitan of Las Vegas by 2028. Additionally, Wynn continues to evaluate expansion plans for its vacant land adjacent to the Fashion Show mall.
A lot can change in a couple of years.
