Less than a month ago, the Strip’s two largest casino companies told investors and analysts that autumn hotel bookings would help Las Vegas bounce back from the summer slowdown.

Based on recent data collection, at least one gaming industry analyst says room rates on the Strip in the third quarter of 2025 are lower than expected.

“Our latest (Las Vegas) Strip room survey continues to highlight a choppy summer while our early look into October is not all that encouraging,” wrote Barry Jonas, of Truist Securities, in an Aug. 26 investors note.

Jonas said, “September data shows rates continuing to trend lower,” while “early October read is still soft (year-over-year).”

During their respective second-quarter earnings calls, executives from Caesars Entertainment and MGM Resorts International

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