We perform a holographic renormalization of gravity duals to little string theories. In particular, we construct counterterms which yield a well-defined type II action for NS-sector linear dilaton backgrounds. Our methods are based on a similar recent construction in asymptotically flat spacetimes, and our work demonstrates in detail the parallels between asymptotically flat and linear dilaton boundary conditions. The counterterms guarantee that (i) the on-shell action is finite and (ii) asymptotically linear dilaton solutions are stationary points of the action under all boundary condition preserving variations. We use the resulting action to compute a boundary stress tensor and the associated conserved charges.