Summer Slowdown Persists in Las Vegas, but ‘Not Everything is Terrible’ in Sin City

There has been a torrent of news stories about Las Vegas’ declining fortunes lately, and seemingly as many questions about the source of its struggles.

Is it the typically scorching hot summer temperatures, US President Donald Trump’s immigration policies and tariffs, or have we reached a point where the Las Vegas experience is no longer worth the higher prices that come with it?

Caesars Entertainment CEO Tom Reeg was unable to pinpoint the answer this time around.

Reeg said: “It’s tough to put your finger on that. This is kind of normal seasonality that we haven’t seen in awhile.”

There’s no denying the numbers offered by the Las Vegas Convention & Visitors Authority’s most recent executive summary. The LVCVA reported that only 3.1 million people visited Las Vegas in June, reflecting an 11.3% decline from the same period last year. Hotel occupancy checked in at 78.7%, down 6.6% year over year, with convention attendance off by nearly 11%.

Still, some Las Vegas operators aren’t feeling the pinch.

Record Quarter for One Operator, Nevada Gaming Revenue Up in June

Operators such as Red Rock Resorts, which cater more to locals, have fared better during the summer downturn.

Stephen Cootey, executive vice president, CFO & treasurer at Red Rock Resorts, said that Q2 2025 was “easily the best quarter in our company’s history.”

The company continued to invest in the local market, with ongoing improvements at Green Valley Ranch, Durango Casino & Resort, and Sunset Station. Execs noted that locals “are happy, particularly at the oldest of those three properties” in Sunset Station. Another benefit comes in younger patronage.

Frank Fertita III, CEO and chairman of the board, said renovations at Sunset Station are “turning it into the Red Rock Resort of the east valley.”

Fertitta added: “We really have been able to lower the age group we’ve been able to attract to the property.”

Meanwhile, Circa Resort & Casino CEO Derek Stevens pointed to another positive metric in the sea of negativity surrounding Sin City lately.

Stevens said: “I think some of the data in Las Vegas indicates that some of these stories are a bit exaggerated. The June gaming numbers were just released, and not everything is terrible.”

The Nevada Gaming Control Board reported gaming revenues for the month totaled $1.33 billion, which represented a 3.5% increase from June 2024.

Stevens added: “In specific pockets, like where we at Circa Las Vegas are located in downtown — I think people feel there’s maybe a little better value. Things were really booming.”

“If you really start unpeeling some layers of the onion in Las Vegas, I think you’re going to find companies that have very specific areas that are a little less subject to the economy and that are doing OK.”

Circa’s ‘Sports-Oriented’ Approach Helps Bottom Line

Circa is located in downtown Las Vegas on Fremont Street. In recent years, it came to be regarded as one of two market-making sportsbooks, along with the Westgate SuperBook. Circa has also gained a reputation for “big limits” on bets and catering to sharp bettors.

The emphasis on sports helps attract visitors to high-profile events, such as the Vegas-based Ultimate Fighting Championship bouts, before the football season kicks off.

Stevens said: “UFC has been terrific those particular weekends. [The] fights have been great. Now we’re getting into really a boom time of both groups coming for fantasy football drafts, as well as people coming to sign up for our world’s largest football contest in Circus Survivor and Circa Millions.”

While several operators have been affected by the dip in tourist numbers, Stevens noted that “some properties may be feeling it more than others, but I think that’s something you’re going to see in any type of tourist destination.”

“It doesn’t mean that every sector is necessarily down.”