Nevada Locals-Focused Casinos Thrive as Strip Visitation Declines in 2025

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Locally focused casino operators in Southern Nevada, such as Red Rock Resorts and Boyd Gaming, are outperforming their Strip-centric peers as Las Vegas Strip visitation declined about 7.5% in 2025. Analysts say the companies' emphasis on neighborhood customers has insulated them from volatility tied to conventions and tourism, and that potential federal tax package benefits for tipped employees and retirees in Las Vegas could increase discretionary income among residents and drive growth for these locally-focused operators.

Why it matters

The rise of locally-focused casinos in Southern Nevada highlights a shift in the gaming industry, as operators adapt to changing consumer preferences and economic conditions. With the Las Vegas Strip facing headwinds, neighborhood casino operators that cater to local residents are thriving, showcasing the importance of diversifying beyond reliance on tourism and conventions.

The details

Red Rock Resorts reported nearly $2 billion in revenue from its casino properties in 2025, while Boyd Gaming reported approximately $1.1 billion from its Southern Nevada properties. Both companies are investing heavily in renovations and expansions, with Red Rock undertaking a $200 million renovation at Green Valley Ranch and a $53 million upgrade at Sunset Station, alongside an additional $87 million enhancement at Sunset. Durango Casino Resort has completed $100 million in expansions, with a subsequent $385 million phase planned to add 275,000 square feet. Analysts say Red Rock's locally focused strategy makes it less dependent on hotel-driven revenue and conventions, while also attracting higher-end Strip visitors who choose to stay at its properties. Monarch Casino & Resorts has announced it expects to generate approximately $545 million in revenue in 2025, 4.4% higher than last year, and still has no outstanding debt.

• In 2025, Red Rock Resorts reported nearly $2 billion in revenue from its casino properties.
• In 2025, Boyd Gaming reported approximately $1.1 billion from its Southern Nevada properties.
• In 2025, Las Vegas Strip visitation declined about 7.5%.