Despite recent reports that tourism in Las Vegas has plummeted this summer, Circa owner Derek Stevens says the long-term outlook for Sin City remains positive.
Tourists Are Leaving Las Vegas
June’s tourism report was not at all favorable to Las Vegas and quantitatively supported the anecdotal evidence that Sin City was faltering as a destination for families.
The Las Vegas Convention and Visitors Authority’s (LVCVA) June report revealed an 11.3% year-over-year drop in visitors to Las Vegas, with only 3.1 million visitors in June compared to 3.5 million visitors last June. Harry Reid International Airport also reported a 6.3% year-over-year decline.
“Reflecting the broader backdrop of persistent economic uncertainty and weaker consumer confidence, compounded by a slower convention month, the destination saw a -11% YoY (year-over-year) decline in visitation, hosting approximately 3.1M visitors,” according to the LVCVA.
Many believe that Las Vegas has morphed from an economic vacation destination replete with all-you-can-eat buffets to a chi-chi getaway for the rich and famous as resort fees and prices soar in the inhospitable June climes of the desert.
Moreover, gambling is now everywhere in America.
The exclusivity Las Vegas had enjoyed over the rest of the country in terms of casinos and sportsbooks is no longer. Both can be found all over the nation, and sportsbooks are available 24/7 on iOS and Android apps.
Should this malaise persist, it would be a huge blow to the economy, as 26% of Vegas’ workforce was employed in the hospitality and leisure industry as of January 2023. If some of those people become unemployed due to sustained lulls in tourism, it would have a reverberating effect on the rest of the economy.
Stevens Rolls the Dice on Vegas
Derek Stevens is the owner of Circa, and its downtown location is a bit of a buffer for him and the dropping tourist rate. Locals enjoy visiting downtown casinos because the odds are generally better, and there are still deals to be had in bars and restaurants.
It’s a grittier feel than the luxurious Las Vegas Strip, but Circa is the newest hotel casino built downtown, having swung open its doors in 2020, and it has a classier appeal than many of the older properties. Its owner, Derek Stevens, believes the stories of Vegas’s demise are greatly exaggerated.
“I think some of the data in Las Vegas indicates that some of these stories are a bit exaggerated,” said Stevens. “The June gaming numbers were just released, and not everything is terrible. He added, “I think in six months, I would believe that Vegas tourism and our economy overall will be in a much better place.”
We should also note that in addition to the LA Raiders NFL franchise, the Golden Knights NHL franchise, the UFC’s Apex, and the Sphere, there will be the advent of Major League Baseball in a few years as the A’s relocate to Sin City, while Vegas is also rumored to be getting the next NBA franchise.
Perhaps June is just a bump in the road, and Las Vegas will be just fine in the long run, as Stevens believes.
