Circa CEO Derek Stevens pushes back against ‘Vegas is dead’ narrative amid tourism decline
Despite mounting data showing significant drops in Las Vegas tourism, Circa Resort & Casino CEO Derek Stevens maintains that reports of the city’s demise are “a bit premature” and “exaggerated,” offering an optimistic outlook for Sin City’s future.
Tourism numbers paint challenging picture
Recent statistics from the Las Vegas Convention and Visitors Authority (LVCVA) reveal a concerning trend:
- June 2025 visitors dropped 11.3% compared to last year, marking the first double-digit decrease since 2021
- Only 3.1 million people visited in June, down from 3.49 million in 2024
- Hotel occupancy fell 6.5% with average daily rates dropping to $163.64
- Harry Reid International Airport saw passenger counts plunge 6.3% in June
- International visitation has declined for five consecutive months
The downturn has prompted some casino executives to acknowledge challenges, with Caesars Entertainment CEO Tom Reeg calling it a “soft summer” during recent earnings calls.
Stevens remains bullish on Las Vegas
In an interview with Fox News Digital, Stevens pushed back against the doom-and-gloom narrative, describing reports of Las Vegas’ decline as overstated. The downtown casino mogul, known for his hands-on approach and visible presence on casino floors, shared his predictions for a stronger performance in the coming six months.
Stevens’ optimism isn’t without foundation. While the Strip struggles with declining revenues, downtown Las Vegas – where Stevens owns three properties – has shown resilience. Fremont Street Experience reported a 6% increase in visitors this year, bucking the citywide trend.
Downtown’s contrarian success story
Stevens has been instrumental in revitalizing downtown Las Vegas since purchasing the Golden Gate in 2008. His properties include:
- Circa Resort & Casino – The first ground-up casino built downtown in 40 years, opened in 2020
- The D Las Vegas – Formerly Fitzgerald’s, renovated under Stevens’ ownership
- Golden Gate – Las Vegas’ oldest casino, dating to 1906
His latest venture, Circa, features the world’s largest sportsbook and Stadium Swim, a massive pool amphitheater that has become a major attraction. The property represents Stevens’ biggest bet on Las Vegas, though he’s never disclosed the development cost.
Factors behind the tourism slump
Industry analysts point to several factors contributing to the decline:
- Economic uncertainty and inflation concerns
- Rising costs including resort fees, parking charges, and food prices
- Decreased convention attendance (down 10.7% in June)
- Sharp drops in Canadian and Mexican visitors
- Competition from newly legalized gambling markets across the U.S.
Reddit users and visitors have increasingly complained about “nickel and diming” on the Strip, with one user noting, “This is why we just sleep in the car.”
Future developments signal confidence
Despite current challenges, Stevens continues investing in Las Vegas. Mayor Shelley Berkley recently announced plans for “Circa 2” in Symphony Park, though reports later clarified the project timeline remains uncertain. Stevens owns the 6.4-acre site but told the Review-Journal it’s “too early to say” what he’ll build there.
The Michigan native, who first visited Las Vegas in the 1980s, maintains his characteristic optimism. Having weathered the 2008 recession shortly after entering the casino business, Stevens has proven adept at capitalizing on downturns.
Looking ahead
While tourism numbers suggest genuine challenges for Las Vegas, Stevens’ contrarian view reflects the divide between Strip properties and downtown’s more budget-conscious offerings. As major operators like MGM and Caesars express cautious optimism for late 2025, Stevens’ properties may be better positioned to capture value-seeking visitors.
Whether Stevens’ optimism proves prescient or premature will depend on economic conditions, international travel recovery, and Las Vegas’ ability to balance premium experiences with value propositions that originally built the city’s reputation as an accessible entertainment destination.
Image Sources: https://www.foxnews.com/video/6376667005112
Category: Business
Subcategory: Tourism & Hospitality
Date: 08/08/2025
