Las Vegas Isn’t Dead, It’s Just Not for Everyone Anymore

 ^{A night on the Vegas Strip usually begins during the golden hour. (Photo: Nicholas Klein / Alamy)}

LAS VEGAS – One reason Las Vegas is such a popular vacation destination is that it’s always changing. There’s something new to see and do every year. 

While there are new bars, restaurants, and casino games, there have also been drastic changes over the past decade that many visitors don’t like. Last year, visitation to Las Vegas was down 7.5%, or about 3.1 million people. To some, that number is shocking, but to others it's just a blip on the radar.

Social media says, “Vegas is dead.” Caesars CEO Tom Reeg says, “I think this is normal economic cycle activity in leisure for us.” Social media also says, “Vegas is too expensive," but the average room rate at Wynn Las Vegas during the fourth quarter was $611.

The funny thing is that both are right, but this isn't entirely new: Las Vegas has been slowly changing over the past decade, and it accelerated after the peak of the COVID-19 pandemic.

Visitors see fewer people when they're here, and casino operators care more about the one person generating the revenue of 10.

2025 Wasn’t Awful for Casino Operators, but Wasn’t Great

The big casino companies didn’t have a banner year in 2025, but they didn’t fall apart either.

A quick look at earnings before interest, taxes, depreciation, and amortization (EBITDA) compared with 2024 tells the story:

• Caesars: Down slightly
• MGM and Boyd Gaming: Essentially flat
• Wynn and Station Casinos: Up slightly

Using the corporate measuring stick, the business held steady despite visitation dropping 7.5% and the idea that “everything is fine.” 

Casino operators put a positive spin on the future. Reeg went as far as saying, “I think this is normal economic cycle activity in leisure for us.” He said this despite Caesars’ net loss growing from $278 million in 2024 to $520 million in 2025.

Compared with the other operators, Station Casinos might have had the best year. The off-Strip casino operator set financial records and continues to reinvest in its properties.

The Changes Started With Conference Center Expansions

I first noticed this change years ago when I was invited to the opening of the MGM Grand Conference Center upgrade in 2018. I was a gambling writer who had never been invited to anything geared toward business travel. Looking back, this was the beginning of a pivot to business travelers for Las Vegas casinos.

Since that time, just about every large casino on the Las Vegas Strip has upgraded its meeting and convention space. The reason is simple:

Business travelers are more profitable than leisure travelers because they’re less price sensitive. They don’t mind paying higher prices for rooms and meals because it’s often a company expense.

Every casino operator references group and business travel when highlighting forward-looking business. Every operator expects this segment to grow in 2026.

For the past decade, the Las Vegas Convention and Visitors Authority has focused on bringing more large conventions to Las Vegas.

More recently, the tourism board and casino operators have also shifted some focus to events for tourists in order to generate even more revenue.

Streamlining and Pivoting to Premium

During the pandemic, casinos streamlined operations to save money and keep business afloat while visitors stayed away. We’ve all noticed fewer people working the front desk, more electronic table games with fewer dealers, and more self-serve kiosks.

This trend of automation is happening everywhere, from McDonald’s to Starbucks, around the country.

The early 2020s were also when many businesses began to pivot to premium. We see this reflected across many industries, from sporting events to travel.

Prices slowly rose, and enough customers were willing to pay for the experience. This is how so many Las Vegas entertainment venues now gross more money despite hosting fewer events.

MGM Resorts hasn’t forgotten customers at Excalibur or Luxor, though. The company is more focused on the profitable luxury properties, according to its most recent earnings call.

"We love those properties, but I do think they are the ones that cater most to that value-conscious customer, and they do represent about 6% of the EBITDA for our properties here in Las Vegas," said Chief Financial Officer Jonathan Halkyard. "That being said, we have done a number of initiatives already to address those customers." 

This is why the company is so focused on its luxury properties, Aria, Bellagio and Cosmopolitan.

Built for Bigger Budgets

In 2026, you have to pay more for just about everything on the Strip. The best costs much more than the rest.

If you want to check into a hotel without using a kiosk or standing in a long line, you have to be an upper-tier rewards member with access to VIP check-in. Or you can visit Wynn and pay the highest average room rate in town.

The best gambling odds and rules with live dealers have high limits or are in the high-limit rooms. The least expensive games are electronic table games that don’t require a human on payroll.

This has been the plan all along. Casino operators aren't trying to maximize visitors, they’re now more concerned about maximizing revenue per visitor.

Visitors can either stay away or look for alternative ways to spend their money in Las Vegas. There are plenty of deals around town and casinos that offer great service; they might just be in different locations than you’re used to.