Is Las Vegas Done?

The Real Story on Visitors, Casinos & LAS VEGAS in 2025

We’ve all seen the same headlines: “Vegas is over.” “Tourists vanished.” “Casinos empty.” But from where Dave and I live — and play — it’s way messier, way more interesting, and honestly more important than a hot take. There’s a quiet tension in the air, a feeling that something is shifting beneath the surface of all the glitz and neon. It's a complex picture, and to understand it, you have to look beyond the bright lights and dig into the real numbers.

Alright y’all — let’s talk about what’s actually going on in Vegas right now.

The Real Pressure on Vegas (Fast Facts)

The data tells a clear story, and it’s not a pretty one for tourism.

• Visitors slid hard in June: We saw a pretty hard drop this summer. Las Vegas welcomed only 3.09 million visitors in June, a sharp 11.3% decline year-over-year. Hotel occupancy fell to 78.7%, and the average daily room rate (ADR) dipped 6.6%. This was the sharpest monthly drop of the year. That’s not just a dip — that’s like your favorite slot machine eating your $20 before you’ve even found your drink.

• Fewer people flew in: Harry Reid International Airport counted 4.73 million passengers in June, down 6.3% from last year. The decline in international travel to Vegas was even more dramatic, falling roughly 13% for the month. This isn't just a blip; it's a trend, especially with one of our most reliable overseas markets, Canada, pulling back hard. According to airport data, seats from Canada to LAS were down more than 18% year-over-year. And Canadians usually love Vegas — they basically treat the Strip like their backyard vacation. So when they pull back, you know it’s serious.

• The jobs picture hurts: On a statewide level, Nevada’s unemployment rate is 5.4% as of July 2025, tying for the highest among all U.S. states. The Las Vegas metro area is driving a significant portion of that weakness. While the tourism and hospitality sectors are usually a bedrock of employment, a slowdown in visitor traffic has a ripple effect across the entire economy, from service jobs to retail. When tourists don’t show up, the ripple hits everyone — from the dealer who used to get tipped every hand, to the bartender pouring your $22 margarita.

• Housing is stuck in molasses: The local housing market is feeling the pressure, too. Listings have surged as buyers hesitate. The Realtors’ group reports that inventory is up almost 59% from a year ago, and the “months of supply” is climbing, hitting 4.6 in April and remaining elevated. Meanwhile, notices of default in Clark County, which are an early indicator of distress, rose 28% in the first five months of 2025. It’s a clear sign that more homeowners are under pressure, and homes are taking much longer to sell. The housing market? Stuck in molasses. Homes are sitting longer, sellers are sweating, and some buyers are looking at listings like they’re priced in Monopoly money.

The Math That Doesn't Add Up (Until It Does)

So how are casinos making more with fewer tourists? It’s a classic case of making up for volume with margin. While Strip gaming revenue has faced a consistent year-to-date decline, the statewide numbers are propped up by a few key factors.

The big clue is hold — the share casinos keep from every dollar gambled. Analysts have noticed that Strip slot hold has jumped to about 8.2% from 7.5% year-over-year. This means that even with fewer visitors, casinos are keeping a larger percentage of the money that is played. Doesn’t sound like much, right? But trust me — that’s the difference between you cashing out for dinner money, or asking if ketchup packets count as a meal.

This isn't just limited to slots. The quiet switch from 3:2 to 6:5 payouts on blackjack tables is now everywhere on the Strip. That one small tweak adds about 1.39 percentage points to the house edge, effectively doubling the casino’s advantage on many low-limit games. Translation? When you hit blackjack, you’re basically winning a sadder prize than you should be. Like ordering champagne and getting sparkling water.

A few operators are pushing back, though, which is a big sign. The Palms moved to 3:2 on all blackjack tables, and The STRAT added more 3:2 tables and even single-zero roulette. This is a deliberate effort to attract gamblers who are looking for a better value.

The New Vegas Experience

Let’s be real: it just doesn’t feel like a deal anymore. You see a promo rate online, and then the total bill balloons with taxes, fees, and “gotchas” — resort fees, parking, early/late check-in, and water that costs more than your Uber. At that price, I’ll just drink from the Bellagio fountains, thank you very much. Even after the government stepped in and forced hotels to show mandatory fees up front, it didn’t eliminate them; it just made the sticker price honest.

And it’s not just about the money. Service is shrinking at the same time. MGM eliminated in-person concierge desks at six properties. The Excalibur pared back bell, valet, and door positions. These aren’t just “cheap hotels”; these are cuts to core service that people notice. Vegas used to make you feel like royalty the second you rolled up with your suitcase. Now? You’re lucky if someone points you toward the luggage cart.

For many visitors, a trip to Vegas isn’t just about the gambling; it’s about the full experience, and that experience is being trimmed back. The average visitor stay in Las Vegas is about 3.4 nights, and when a large portion of that time is spent navigating a system of fees and reduced service, it tarnishes the trip.

Who’s Still Showing Up? (Hint: Locals and Younger Players)

While the Strip wrestles with falling occupancy and price fatigue, the locals market is absolutely buzzing. Red Rock Resorts (Station Casinos) just posted record Q2 results, driven by their brand new Durango property and consistent play from locals. Durango is already one of their highest-margin properties, and their customer base is skewing younger. Boyd Gaming also reported a strong Q2, with the Las Vegas Locals market being a key driver. Yep — while tourists grumble about $45 resort fees, locals are over at Durango playing penny slots and cashing in free buffets.

The LVCVA’s visitor study backs this up. Millennials make up about 46% of visitors, and Gen Z is already a significant part of the mix. This aligns with what we’re seeing on the casino floors: more social, faster, and digital-leaning play. And honestly? Walk through Circa on a Friday night and you’ll feel it — it’s like half the floor is running on Red Bull and TikTok energy. These younger players are often spending less time at the tables and more money on experiences like shows, concerts, and sports events.

The Rise of a Sports Capital

Vegas is actively courting this new generation of visitors by reinventing itself as a global sports capital. The Las Vegas Raiders and Vegas Golden Knights were just the beginning. The city is now expected to be the future home to the A’s, with a new stadium planned on the horizon, and has hosted major events like the NFL Draft and the Super Bowl.

Quick peek from inside Formula One Las Vegas

Click the photo to watch

But nothing symbolizes this shift more than the Formula 1 Grand Prix. The economic impact of the inaugural race was estimated at a whopping $934 million. That’s not just pocket change — that’s like building ten giant Spheres and still having money left over for overpriced hot dogs. While some local businesses and residents have complained about the traffic and disruption, the race drew in a high-spending crowd and generated billions of global media impressions. The Sphere, a groundbreaking entertainment venue, has become a symbol of this transformation, proving that Vegas can still push the boundaries of entertainment. Love it or hate it, the Sphere has basically become the world’s most expensive nightlight — and people can’t stop looking at it.

The sports betting market is also playing a huge role in the city's evolution. While mobile sports betting is now legal in many states, Vegas still offers a unique experience with massive sportsbooks like those at Circa and Westgate. This, combined with the new stadiums and arenas, creates a compelling reason for sports fans to visit. The rise of these major events helps fill the void left by a decline in traditional tourism, and it’s a strategy that’s clearly paying off.

Is Vegas “Done”?

No. It’s adjusting. Sometimes clumsily, sometimes boldly. The city is splitting in two.

• Tourists are coming less often and spending more carefully, balking at all-in pricing and service erosion.

• Locals and a younger generation of visitors are keeping the city humming, especially off the Strip, while some operators unfortunately quietly tighten odds and while others lean on new tech like cashless systems and mobile wallets to lift revenue.

If you know where to look — the right table rules, the fee-free promos, the off-Strip gems — you can still have a trip that feels like classic Vegas without the “death by surcharge” hangover. Because who wants to come home from Vegas with nothing but receipts and regrets? The Vegas we grew up with might be evolving, but the core of what makes this city so exciting is still here. You just have to know where to find it. Vegas isn’t dead, y’all. It’s just shape-shifting again — and if history’s any clue, it always finds a way to deal itself back in.

Tropicana Las Vegas Implosion Gets The Green Light (Late 2024)

Tropicana Las Vegas (April 4, 1957 - April 2, 2024)

Photo by: Turn It Up World

The Tropicana is a Las Vegas icon. When it first opened in 1957, it was the most luxurious hotel in Las Vegas.  Built at a cost of $15 million, the Tropicana was the most expensive Las Vegas resort ever constructed up to that point. Its design was intended to reflect Miami and Havana, two of the most popular travel destinations at the time.  Known for its opulant interior design, it was marketed as the “Tiffany of the Strip” and attracted celebrity guests as well as Hollywood movies.  Recently shutting its doors for the last time, the Tropicana will soon be demolished and the Oakland A’s new stadium will rise up in its place.

We visited the Tropicana one final time right before it closed to pay our respects and walk through some of its amazing Las Vegas history.  Right outside the Tropicana’s front entrance stood a plaza area that at one time was lush with tropical landscaping. The plaza during its better days had featured a water cooling tower covered with a tulip shaped fountain structure. The structure was 60 feet tall but was demolished in 1977 during renovation work. In 1991, two very large Easter Island head type statues were added each rising 35 feet high and weighing 300,000 pounds.

Tiffany style ceiling lamp. Cost at the time was $1 Million to

Just past Tropicana’s front entrance, you step into one of the major highlights of the Tropicana’s former glory.  A beautiful stained-glass ceiling above the casino floor that was installed in 1979.  The stained-glass ceiling covers 4,250 square feet and was installed at a cost of $1 million at the same. Reportedly, the mirrored tiles were also used by security to monitor gamblers before they turned more heavily to the use of surveillance cameras. Fortunately, we are hearing that there are plans in the works to preserve this iconic piece of Las Vegas history after the demolition.

Speaking of demotion, a 10-foot demolition wall is going to be built around the Tropicana shortly after it’s closure.  It will be a wooden wall that will reportedly cost in the range of $500,000 to build and install.  The actual demolition of the resort is expected to take place later in 2024.  Bally’s is partnering with the Oakland Athletics to construct a new 33,000 seat stadium on the site at a cost of about $1.5B.

Walking further into the Tropicana, you see the Tropicana Theater, the largest venue on the property with 1,100 seat capacity. In recent years, popular Prince and Michael Jackson tribute shows performed at the venue.  The theater opened in 1973 and was actually built to the specifications provided by Sammy Davis Jr. who had become a part owner of the Tropicana in 1972.  As part owner of the Tropicana at that time, Sammy Davis Jr. became the first black man to have an ownership interest in a Las Vegas resort on the Strip.

During better times before suffering from disrepair, the Tropicana’s pool area was a beautiful oasis covering 5 acres on the property.  The pool area was constructed in 1986 during a major renovation of the Tropicana and included man-made lagoons, waterfalls and islands.  You could also get married at the pool area at the cozy Island Wedding chapel.  After the pool area was constructed in 1986, the property had actually marketed itself as the “Island of Las Vegas”.

You can’t really discuss the history of the Tropicana without mentioning its ties to organized crime over the years.  From the beginning, the Tropicana became associated with the infamous Frank Costello and later on numerous FBI investigations exposed various mob skimming operations.  Perhaps, this also helped attract Hollywood to the Tropicana where many movies were filmed over the years including scenes from the Godfather and the James Bond film Diamond’s are Forever.

While the Tropicana was originally one of the top priorities in Las Vegas, beginning in the early 1970’s competition from newer properties, such as Caesars Palace and the Las Vegas Hilton, really began taking its toll.  This led to numerous ownership changes and attempted renovations over the years many of which were not successful.  Unfortunately, as time passed, the Tropicana fell into a major state of disrepair and faced an urgent need for new investment across the entire property.

Bally’s had reportedly at one point planned a major renovation of the Tropicana that could have preserved more of the historic property. That all changed however, with Major League Baseball and the Oakland A’s franchise moving to Las Vegas. The A’s were looking for a new home for their stadium and the Tropicana’s 35 acres on the Strip were too enticing for them to pass up.  While we admittedly have our concerns about the traffic impact of a new baseball stadium right on the Strip, we are excited for the new investment coming to the property and potential new life it can bring to the location. We are also sad to see the Tropicana’s great employees have to find new job opportunities, but we were happy to learn that the employee’s appear to have been treated very well by Bally’s during the transition. Now regarding the implosion of the Tropicana, it looks like it’s happening sometimes in late 2024. It’s a go according to Controlled Demolition, Inc. president Mark Loizeaux. Bally's Corp. will have to get dust control and asbestos abatement permits, something that has become more difficult in recent years.

Walking out of the Tropicana for the last time, we reflect once again on the incredible piece of Las Vegas history that is coming to an end.  The Tropicana is obviously far from its original glory days and change was inevitable. That being said, you always feel a bit sad and nostalgic when you see an iconic piece of Las Vegas leave us. Goodbye Tropicana, we will miss you.