Circa vs The Strip: Why is downtown Las Vegas winning while the Strip struggles? The numbers don't lie.
STRIP IN DECLINE:
Visitation down 8% (2025)
Hotel occupancy down
MGM Strip revenue down 6% (Q4 2024)
Caesars Las Vegas revenue down 1.3%
Properties closing: Tropicana imploded, Mirage closed, 58 buffets gone
Aging badly: Excalibur dump, Harrah's dated, Luxor buffet closed
$25-50 table minimums, $62 resort fees, $25 parking, $80 buffets
Priced out middle class
DOWNTOWN WINNING:
Fremont Street visitation UP 6% (2025)
Circa just added 106 rooms (high demand)
Derek Stevens building Circa 2 in Symphony Park
Tax revenue up 37% (2015-2024 in Fremont East)
Downtown ADR crossed $150 (unheard of decade ago)
9 construction cranes downtown right now
$5-10 blackjack, $40-60 rooms, affordable food, free/cheap parking
DEREK STEVENS STRATEGY:
Built for customers who actually exist (not just high-rollers)
Circa: first ground-up downtown casino in 40 years (opened Dec 2020 during pandemic)
World's largest sportsbook (3 stories, 1,000 seats, 143-foot LED screen)
Circa Sports: 3% hold vs 16% (fair odds), expanded to CO, IA, IL, KY, MO
Stadium Swim: 6 heated pools, 40-foot screen, 4,000/day capacity, year-round
Adults-only (21+): no kids, designed for gambling/drinking/sports
Derek walks the floor, chats with guests (old Vegas style)
No corporate BS, just customer-focused execution
WHAT STRIP GETS WRONG:
Pricing out middle class (can't afford $50 minimums + resort fees)
Deferred maintenance: Excalibur, Harrah's, Luxor, Flamingo all aging badly
No identity: Harrah's/Linq generic, forgettable, no soul
Resort fee scam: $62/night for internet, fitness, phone calls nobody uses
Corporate/faceless: CEOs in boardrooms, not on casino floors
WHY DOWNTOWN WORKS:
Fremont Street Experience: world's largest video screen (16.4M pixels), free entertainment 24/7, Viva Vision shows
Better gambling odds: lower house edge, better slot payback
Authenticity: where Vegas started (1905), Golden Gate Hotel (1906, first in Vegas), real history
Walkability: 5 blocks under canopy, park once and walk everywhere
Community: residential boom, people moving downtown, real neighborhood feel
THE NUMBERS:
Strip visitation: -8%
Downtown visitation: +6%
Circa: expanding (added 106 rooms)
Strip: contracting (Tropicana gone, Mirage closed, 58 buffets closed)
Fremont East tax revenue: +37% (2015-2024)
Downtown ADR: $150+ (was sub-$100 decade ago)
Circa 2: announced May 2025 (6.42 acres, Symphony Park)
DEREK STEVENS QUOTE:
"We knew we had to create compelling reasons for people to visit. Downtown has the energy of Fremont Street, but we wanted to add something you can't find anywhere else – certainly not at home."
THE VERDICT:
Strip = luxury for wealthy, priced out middle class, managing decline
Downtown = value for everyone, growing, investing in future
Derek Stevens built for customers. MGM/Caesars built for shareholders. Downtown wins.
Future of Vegas isn't on Strip. It's downtown, under Viva Vision, at $5 blackjack, watching football at Stadium Swim.
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