Rumors of Las Vegas’s death have been… let’s just say, greatly exaggerated.
Sure, the headlines are painting a grim picture: visitor numbers are down, flights are thinning out, and some social media voices are calling Sin City a “ghost town.” But according to Derek Stevens, CEO of Circa Resort & Casino, it’s way too soon to start mourning the Vegas Strip.
“Some of these stories are a bit exaggerated,” Stevens told Fox News Digital. “Not everything is terrible.”
Yes, it’s true: only 3.1 million people visited Las Vegas in June — an 11.3% drop compared to last year. That’s the sixth month in a row visitor counts have dipped. Add in a 4.1% drop in traffic at Harry Reid International Airport and it’s easy to assume Vegas is losing its shine.
But Stevens says the real story is more complicated.
While overall tourism is down, casino gaming revenue actually ticked up 3.5% statewide to $1.33 billion, thanks to strong performance in certain pockets — especially downtown Vegas.
“Where Circa is located, things have been booming,” Stevens said. “We’re seeing value-conscious visitors choosing downtown over the Strip.”
Talk to folks in the industry, and you’ll hear a range of opinions. Stevens says it’s not a blanket slump — it depends on where you’re looking.
Some higher-end properties are weathering the economic storm better than others. Those tied to major attractions — think UFC fights, concerts at the Sphere, and events like fantasy football drafts — are still drawing crowds.
“There are areas that are doing just fine, and others that are feeling the pinch,” Stevens said. “That’s true of any big tourist city — San Francisco, Hawaii, even Florida.”
Blame a mix of things:
- Fewer international visitors — especially Canadians, who’ve historically made up a big share of Vegas tourists. With Trump’s 35% tariffs on Canadian goods and a shaky US dollar exchange rate, many are staying home.
- Economic jitters — With inflation sticking around and consumer confidence wobbling, travelers are more selective about where they spend.
- Vegas is pricier than ever — Rising labor and food costs have made the city less of a bargain, especially for middle-class tourists looking for value.
“If you’re hunting for deals, Vegas isn’t necessarily the steal it used to be,” said Oliver Lovat, CEO of casino consultancy Denstone Group.
That’s the billion-dollar question. Some say it’s just a post-pandemic cooldown. After all, Vegas saw a massive rebound in 2022–2024, thanks to pent-up travel demand. That kind of surge isn’t easy to maintain.
“The boom wasn’t sustainable forever,” said Lovat. “These early summer numbers are alarming, sure — but not necessarily disturbing.”
Stevens agrees — and he’s optimistic. With major events like Formula 1, Paul McCartney concerts, and the 2026 FIFA World Cup on the calendar, he sees the dip as temporary.
“Give it six months,” he said. “I think we’ll be in a much better place.”
What happens in Vegas doesn’t always stay in Vegas. The city is often seen as a bellwether for the broader economy. If people are cutting back on leisure travel here, that could be a signal of what’s happening across the country.
“It tends to reflect how confident people are feeling about their spending,” said Andrew Woods of the University of Nevada, Las Vegas. “If they’re pulling back on vacations, that tells you something.”
The good news? Consumer spending across the US grew 1.4% last quarter, and the overall economy is still growing at a 3% clip. So the foundation is still strong — it’s just that travelers are playing it a little safer right now.
Yes, tourism has dipped. But it’s not the end of the road for Las Vegas. In fact, for some savvy travelers, it might be the perfect time to visit — fewer crowds, better deals in the right spots, and a city that still knows how to put on a show.
Stevens sums it up best:
“Vegas isn’t broken. It’s evolving.”
So, don’t count out Sin City just yet — the next hot streak might already be in the cards.
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