Downtown Las Vegas casino executives say business remains steady and they are optimistic about the future, but acknowledge the current uncertainty surrounding changing travel patterns, a growing “K-shaped economy” and growing concerns about the city’s rising prices.
At an hour-long community forum Wednesday night hosted by the Downtown Vegas Alliance, leaders from several major downtown hotel-casinos, including the Plaza, Circa and El Cortez, along with the new director of the Fremont Street Experience, discussed topics ranging from the state of downtown gaming, customer trends, development activity and the economic forces shaping the city.
The primary message from the panel was clear: Las Vegas is neither dead nor dying; it is changing.
“It’s been a challenge. We have some headwinds,” said Cliff Atkinson, the recently appointed CEO of Fremont Street Experience, who spent the previous two years as president of Virgin Hotels Las Vegas. “But I believe in the resilience of this city. If you look at what’s coming on the books in 2027 and 2028, we’re reinventing ourselves, and I think that’s what this city is best known for.”
For much of 2025, declining tourism numbers and the growing public perception that casinos, especially those on the Strip, are nickel-and-diming visitors were the main stories coming out of Las Vegas. At the start of the forum, Joe Woody, president of the DVA and chief financial officer of the El Cortez hotel-casino, made clear the purpose of Wednesday’s event.
“There’s a lot of social media, there’s a lot of news outlets that we thought overreported the overpricing and the prices and the affordability of Las Vegas in general,” he said, “and we didn’t like that message.”
“It’s still pretty good”
Jonthan Jossel, CEO of the Plaza hotel-casino, reminded the audience that the city’s post-COVID-19 success could distort the current image.
“I think the challenge that a lot of (casino operators) face is when you compare to 2022, 2023, and you had record growth in the city. It’s hard to compare,” Jossel said. “There’s a saying that trees don’t grow to the sky. And so, while things may not be as good as they were 12 to 24 months ago, they’re still pretty good.”
Jossel echoed a point several of the Strip’s biggest casino operators have made during recent earnings calls, which is that the market itself is healthy even if some of the city’s traditional visitors feel priced out.
“There’s still a huge amount of visits, huge spending (and) gaming spending,” he said.
Jeff Victor, vice president of operations for Circa Hospitality Group, which operates the Circa, The D and Golden Gate casinos in downtown Las Vegas, said he has seen the impact of the emerging “K-shaped economy,” given the different price points of the three properties.
“We’ve been looking at this for years now, where the rich get richer and the poor get poorer,” he said. “Circa has done pretty well. Those customers don’t feel it like some people who are below the 9 percent mark. D has definitely felt it, and Golden Gate has felt it quite a bit.”
The last six months have been “remarkable” at the El Cortez, Woody said, in no small part because of the historic property’s recent $20 million expansion and renovation.
“We’ve seen a change in our customer. Our core customer is still coming in, strong play from them,” he said. “(But) we see a lot of people coming from the Strip and outside of Las Vegas. So we get new faces there, and that’s the high-end player.”
Appeal to a mix of visitors
Downtown executives said part of their optimism comes from the area’s appeal to a mix of visitors who want a different experience from the Strip, including those seeking lower minimum bets, shorter walks and more direct interaction with staff. They said the combination continues to bring in both longtime regulars and first-time visitors.
“What we have at the center that I hear a lot about is the relationships that people feel you develop,” Jossel said. “Whether it’s meeting Kenny (Epstein at El Cortez) or Derek (Stevens at Circa), people love to come downtown, meet the individuals, talk to (them) and feel like they have a relationship.”
Jossel said there is a belief among downtown operators that they can “take care of a customer in a much more meaningful way” than their Strip counterparts.
“We can make (guests) feel pretty special downtown,” he said. “And in the end, we can repeat it again and again.”
Despite the challenges described earlier in the forum, panelists said they expect the downtown to remain resilient in the years to come. Atkinson, the downtown newcomer, said the area has something that can’t be replicated or reproduced anywhere else in the valley.
“It’s an authentic experience,” he said. “You can’t recreate the history (of downtown Las Vegas).”
Contact David Danzis at ddanzis@ theplayerlounge.com or 702-383-0378. Follow @AC2Vegas_Danzis on X.
