After three years of strong post-pandemic recovery, Las Vegas hotel performance has cooled notably in 2025, with all key key performance indicators slipping into negative territory. Data year to date through August shows revenue per available room, or RevPAR, down 11%, reversing the nearly double-digit growth streak of 2024 during the same time frame.
Las Vegas highs fade as hotel performance enters a cooling cycle
Group travel collapses as leisure weakens
CoStar Analytics
October 13, 2025 | 4:36 P.M.
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