20 September 2026
Nevada’s non-restricted gaming licensees reported a total gaming win of $1.23 billion for August 2025, a 5.49% year-over-year increase from $1.16 billion in 2024. The gain reflects a strong month for the state, with only a few markets showing declines.
The Las Vegas Strip, Nevada's largest gaming market, recorded $679.4 million in gaming revenue, up 5.5% from $643.7 million in 2024. A surge in baccarat revenue was the key driver, growing 51.1% to $114.1 million. That alone added $37.8 million to the Strip’s total take.
Driving the Strip Baccarat Boom
Underneath the topline figures, baccarat was clearly the story of the Strip’s month. Revenue from the game soared by $38 million to a record for August. Peak play was reported over Labor Day weekend, with dozens of high-stakes games hitting tables and 11 tables clearing $10 million.
For context, over the trailing twelve months, Strip baccarat revenue grew at a 27% rate, as high roller activity has progressively shifted to major Asian markets.
"Baccarat has been a major driver," said Wells Fargo analyst Cameron McKnight. "It's been a highlight of the Strip in an otherwise subdued environment."
Yet as a reminder of the volatile nature of high limit play, Megh and Radha Chadda's MUV Acquisition Corp - reportedly holding $450 million from previous dealings - hasn't been active at the Strip in months. Their standout baccarat results in 2018 and 2019 contrast with August's growth. Without those prior results, industry insiders believe August's growth rate would be closer to 3%.
The Strip isn't the only area of strength. Clark County's other markets reported the following year-over-year increases:
Clark County submarkets also showing gains:
- Downtown Las Vegas: $63.2 million, up 8.35%
- North Las Vegas: $25.1 million, up 8.46%
- Boulder Strip: $71.3 million, up 9.9%
- Laughlin: $36.3 million, up 10.77%
- Mesquite: $15.8 million, up 9.62%
In northern Nevada, Washoe County was up 5.33% to $98.2 million, Reno rose 4.91% to $68.7 million, and Sparks grew 7.87% to $18.4 million.
The only market that saw a year-over-year decline was North Lake Tahoe, with gaming win of $2.6 million, down 13.25% from August 2024.
Statewide, August’s total of $1.23 billion ranked as the second-lowest month of 2025, behind $1.21 billion in February. But it marks a turnaround from the prior year, when Nevada's gaming win fell 3.8% in August 2024 to $1.16 billion, the Strip's revenue fell 3.5% to $643.7 million, Downtown Las Vegas declined 8.8% to $58.4 million, and the Boulder Strip dropped 21.8% to $64.8 million.
What the rebound masks is a tourism decline. The Las Vegas Convention and Visitors Authority reported 3.17 million visitors in August 2025, down 6.7% from the prior August. The decrease in visitors meant that the 5.5% growth in revenue came despite fewer table visits and slot pulls.
Nevada gaming revenue's ability to grow despite tourism declines - while still relying on high roller baccarat play - continues to highlight the market's resilience. As economic uncertainty remains, this resilience could expose the Strip to ongoing volatility.
