The Storm put out a statement on Friday, saying they would focus their efforts "closer to home".
That leaves the Warriors, Penrith, Cronulla and Canberra as near certainties to be the four men's teams featuring at Allegiant Stadium.
The Victorian club, who are the current ladder leaders, said they had expressed interest but backed out after reviewing the NRL's terms and conditions.
"We are always looking at new ways to help grow our club and the game more broadly," Storm boss Justin Rodski said in a statement.
"While we are supportive of the NRL's vision for growth and expansion internationally, the time is not right for Storm to head to Vegas in 2025.
"Having played two trial matches away from Victoria in 2024, including the ground-breaking trial match in Fiji, the club will concentrate efforts on its local members, fans and participants.
"We are more than happy to discuss future opportunities with the NRL, whether that is in Vegas, Fiji or other markets where there is opportunity for the game to grow and for the Storm to be involved." Â
Manly, South Sydney, Brisbane and the Sydney Roosters headed to Las Vegas this year, becoming the first four teams to play competition games outside of Australia and New Zealand.
The NRL has a five-year deal to begin its season in the city, which hosted this year's Super Bowl.
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