Latest news with #LasVegasValley
Yahoo
02-08-2025
- Business
- Yahoo
Las Vegas strip falters but 'local' casinos post up record earnings. Here's what that means for tourists like you
While foot traffic slows and room rates tumble on the Las Vegas Strip, a surprising group of casinos is cashing in — and it's not who you might expect. Suburban and 'locals' casinos across the Las Vegas Valley are having a banner year, even as the Strip itself faces slumping tourism, fewer conventions and mounting pressure from political and economic headwinds. So what's behind the boom outside the neon core? And how can savvy travelers take advantage? Don't miss Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how I'm 49 years old and have nothing saved for retirement — what should I do? Don't panic. Here are 5 of the easiest ways you can catch up (and fast) Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan 'works every single time' to kill debt, get rich in America — and that 'anyone' can do it A tale of two Las Vegases Red Rock Resorts — which owns Station Casinos and operates seven off-Strip properties like Red Rock, Green Valley Ranch, and the new Durango Casino Resort — just posted its highest quarterly net revenue in its 49-year history: $526.3 million in Q2, an 8.2% year-over-year jump. 'Durango continues to expand the Las Vegas locals' market, drive incremental play from our existing customer base and attract new guests,' said Stephen Cootey, Red Rock Resorts' CFO and EVP, in a recent earnings call. The casino added more than 108,000 new customers since opening in December 2023, he said. Boyd Gaming, which owns properties like Sam's Town and Suncoast, also reported year-over-year growth for the first time in two years for its Las Vegas locals segment — outpacing previous quarters. 'We're just not seeing the same level of demand from destination business, but that's been more than made up by retail and drive-in traffic,' said CFO Josh Hirsberg. Meanwhile, the Strip is cooling Compare that to the Strip, where major casino operators are tightening their belts. Caesars Entertainment reported a 3.7% decline in Las Vegas revenue and an $82 million net loss in Q2. Hotel rates at properties like The Flamingo have dipped as low as $18 per night for late August midweek stays. MGM Resorts also reported a 4% decline in Strip revenue, which CEO Bill Hornbuckle attributed to ongoing room remodels and fewer big-ticket events like Adele or Garth Brooks residencies. 'You say Las Vegas is not a value, and that's just not a complete reality,' Hornbuckle told investors. 'Some of the rates out there this next midweek are comparable to things I saw 20 years ago.' According to the Las Vegas Convention and Visitors Authority's June 2025 Executive Summary: Visitor volume was down 11.3% year-over-year Convention attendance fell 10.7% Hotel occupancy dropped to 78.7%, down 6.5 percentage points RevPAR (Revenue per available room) fell 13.8%, to $128.78 Meanwhile, statewide gaming revenue rose 3.53%, led by gains in locals markets: Boulder Strip: +19.3% Downtown Las Vegas: +10.5% Red Rock/Durango suburbs: substantial growth cited by casino execs Several new federal policies appear to be hitting Las Vegas Strip tourism hard, like the 'Visa Integrity Fee' which adds a $250 refundable charge to many international travelers — discouraging some from flying into the U.S. altogether. Trump's 'Big Beautiful Bill' also changed tax law for gamblers, capping loss deductions at 90% instead of 100%. Casino owners say some high-volume players are already taking their business offshore. In response, Caesars and MGM say they're leaning more heavily on databases, loyalty programs and regional marketing to lure U.S. tourists back to Vegas. Read more: Nervous about the stock market in 2025? Find out how you can Why locals casinos are thriving Unlike Strip hotels, suburban casinos serve working Nevadans — and that customer base just got a financial boost. According to Red Rock Resorts, several new federal changes are helping customers spend more. The No Tax on Tips bill is estimated to free up $5 million per year in discretionary income across Clark County. Also, expanded overtime pay and senior tax credits are expected to benefit hundreds of thousands of Las Vegas residents. That means more frequent visits to local casinos, more spending on slots, food and drinks — and stronger loyalty overall. What tourists should know If you're planning a Las Vegas vacation this year, don't be surprised if the best bang for your buck isn't on the Strip. Deep discounts are now common on Strip hotels midweek — some rates as low as $20/night. Off-Strip casinos like Red Rock, Green Valley Ranch, and Durango offer free parking, lower table minimums, crowd-free gaming floors — along with a heavy focus on food, value and local customer service. Vegas isn't going anywhere, but where the action is has shifted. While the Strip deals with tourist slowdown, suburban casinos are booming on the backs of loyal locals and tax policy. And for budget-conscious travelers? That means this might be the perfect year to visit Las Vegas — just skip the Strip. What to read next Robert Kiyosaki warns of a 'Greater Depression' coming to the US — with millions of Americans going poor. But he says these 2 'easy-money' assets will bring in 'great wealth'. How to get in now Here are 5 simple ways to grow rich with real estate if you don't want to play landlord. And you can even start with as little as $10 Rich, young Americans are ditching the stormy stock market — here are the alternative assets they're banking on instead Here are 5 'must have' items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you? Stay in the know. Join 200,000+ readers and get the best of Moneywise sent straight to your inbox every week for free. This article provides information only and should not be construed as advice. It is provided without warranty of any kind. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Yahoo
02-08-2025
- Business
- Yahoo
Las Vegas strip falters but 'local' casinos post up record earnings. Here's what that means for tourists like you
While foot traffic slows and room rates tumble on the Las Vegas Strip, a surprising group of casinos is cashing in — and it's not who you might expect. Suburban and 'locals' casinos across the Las Vegas Valley are having a banner year, even as the Strip itself faces slumping tourism, fewer conventions and mounting pressure from political and economic headwinds. So what's behind the boom outside the neon core? And how can savvy travelers take advantage? Don't miss Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how I'm 49 years old and have nothing saved for retirement — what should I do? Don't panic. Here are 5 of the easiest ways you can catch up (and fast) Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan 'works every single time' to kill debt, get rich in America — and that 'anyone' can do it A tale of two Las Vegases Red Rock Resorts — which owns Station Casinos and operates seven off-Strip properties like Red Rock, Green Valley Ranch, and the new Durango Casino Resort — just posted its highest quarterly net revenue in its 49-year history: $526.3 million in Q2, an 8.2% year-over-year jump. 'Durango continues to expand the Las Vegas locals' market, drive incremental play from our existing customer base and attract new guests,' said Stephen Cootey, Red Rock Resorts' CFO and EVP, in a recent earnings call. The casino added more than 108,000 new customers since opening in December 2023, he said. Boyd Gaming, which owns properties like Sam's Town and Suncoast, also reported year-over-year growth for the first time in two years for its Las Vegas locals segment — outpacing previous quarters. 'We're just not seeing the same level of demand from destination business, but that's been more than made up by retail and drive-in traffic,' said CFO Josh Hirsberg. Meanwhile, the Strip is cooling Compare that to the Strip, where major casino operators are tightening their belts. Caesars Entertainment reported a 3.7% decline in Las Vegas revenue and an $82 million net loss in Q2. Hotel rates at properties like The Flamingo have dipped as low as $18 per night for late August midweek stays. MGM Resorts also reported a 4% decline in Strip revenue, which CEO Bill Hornbuckle attributed to ongoing room remodels and fewer big-ticket events like Adele or Garth Brooks residencies. 'You say Las Vegas is not a value, and that's just not a complete reality,' Hornbuckle told investors. 'Some of the rates out there this next midweek are comparable to things I saw 20 years ago.' According to the Las Vegas Convention and Visitors Authority's June 2025 Executive Summary: Visitor volume was down 11.3% year-over-year Convention attendance fell 10.7% Hotel occupancy dropped to 78.7%, down 6.5 percentage points RevPAR (Revenue per available room) fell 13.8%, to $128.78 Meanwhile, statewide gaming revenue rose 3.53%, led by gains in locals markets: Boulder Strip: +19.3% Downtown Las Vegas: +10.5% Red Rock/Durango suburbs: substantial growth cited by casino execs Several new federal policies appear to be hitting Las Vegas Strip tourism hard, like the 'Visa Integrity Fee' which adds a $250 refundable charge to many international travelers — discouraging some from flying into the U.S. altogether. Trump's 'Big Beautiful Bill' also changed tax law for gamblers, capping loss deductions at 90% instead of 100%. Casino owners say some high-volume players are already taking their business offshore. In response, Caesars and MGM say they're leaning more heavily on databases, loyalty programs and regional marketing to lure U.S. tourists back to Vegas. Read more: Nervous about the stock market in 2025? Find out how you can Why locals casinos are thriving Unlike Strip hotels, suburban casinos serve working Nevadans — and that customer base just got a financial boost. According to Red Rock Resorts, several new federal changes are helping customers spend more. The No Tax on Tips bill is estimated to free up $5 million per year in discretionary income across Clark County. Also, expanded overtime pay and senior tax credits are expected to benefit hundreds of thousands of Las Vegas residents. That means more frequent visits to local casinos, more spending on slots, food and drinks — and stronger loyalty overall. What tourists should know If you're planning a Las Vegas vacation this year, don't be surprised if the best bang for your buck isn't on the Strip. Deep discounts are now common on Strip hotels midweek — some rates as low as $20/night. Off-Strip casinos like Red Rock, Green Valley Ranch, and Durango offer free parking, lower table minimums, crowd-free gaming floors — along with a heavy focus on food, value and local customer service. Vegas isn't going anywhere, but where the action is has shifted. While the Strip deals with tourist slowdown, suburban casinos are booming on the backs of loyal locals and tax policy. And for budget-conscious travelers? That means this might be the perfect year to visit Las Vegas — just skip the Strip. What to read next Robert Kiyosaki warns of a 'Greater Depression' coming to the US — with millions of Americans going poor. But he says these 2 'easy-money' assets will bring in 'great wealth'. How to get in now Here are 5 simple ways to grow rich with real estate if you don't want to play landlord. And you can even start with as little as $10 Rich, young Americans are ditching the stormy stock market — here are the alternative assets they're banking on instead Here are 5 'must have' items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you? Stay in the know. Join 200,000+ readers and get the best of Moneywise sent straight to your inbox every week for free. This article provides information only and should not be construed as advice. It is provided without warranty of any kind. Sign in to access your portfolio
Yahoo
13-07-2025
- Business
- Yahoo
Las Vegas Struggles With A Record $7 Billion Worth Of Homes On The Market
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. Las Vegas is famous for its hot temperatures, but the city's real estate market has gone ice cold. The Las Vegas Review-Journal recently reported that a record $7 billion worth of homes are currently for sale in the Las Vegas valley. According to the newspaper, housing data from Redfin (NASDAQ:RDFN), paints a picture of a real estate market experiencing a sharp correction. The Review-Journal used Multiple Listing Service data to show that the median price of the homes sold in the Las Vegas valley was $480,000 in May. That's not too far from the all-time high of $485,000. Ironically, that high price point may be part of why the market is slowing down. For much of the past several decades, the major appeal of Las Vegas real estate has been affordability. Don't Miss: Warren Buffett once said, "If you don't find a way to make money while you sleep, you will work until you die." Here's , starting today. $100k+ in investable assets? – no cost, no obligation. Those low prices lured frustrated home buyers who were frozen out of California's most expensive markets. They combined with low interest rates to make Las Vegas a very dynamic market for the last several decades. Las Vegas became one of the hottest real estate markets in the U.S. sunbelt, and property appreciation followed. Even now, a median sale price of $480,000 is only about $40,000 more than Redfin's national median sale price of $440,913. However, higher interest rates have changed the equation for many buyers. "If rates ever come down again, sales will pick up. I just pulled an inventory report, and we are at almost four months of inventory on the resale side of the market," ReMax Legacy agent Dale Jones told the Review-Journal. "So, while still a seller's market, they are worried because their home is not selling as quickly anymore." Jones also voiced concerns that the Las Vegas Valley could be turning into a buyer's market because. He told the Review-Journal that "regular buyers" are increasingly being replaced by bargain-hunting investors with deep pockets. Some of that is certainly attributable to the interest rates, but there is another aspect of the equation that no one in Las Vegas saw coming: growing consumer unease with the economy. Trending: It's no wonder Jeff Bezos holds over $250 million in art — President Donald Trump's economic policies have pushed the dollar to a three-year low and dented consumer confidence. Numerous economic indicators are pointing towards a looming recession. Worries about how Trump's tariffs will affect the economy and high interest rates are clearly taking a toll on Las Vegas' real estate market. "If you're buying or selling a home right now, you've probably noticed something, it's a challenging market," Las Vegas area mortgage advisor Matt Hennessey told the Review-Journal. "Mortgage rates are still elevated, causing homes to sit on the market longer. When that happens, many buyers and sellers jump to one conclusion, price reduction. But here's the thing, dropping the price doesn't fix the biggest problem buyers are facing right now, monthly home affordability." Mortgage lenders usually require buyers to earn three times the total payment to qualify for a loan. Elevated interest rates and Las Vegas' $480,000 median sale price are proving to be high hurdles. Jones thinks that could open the door for speculators. "Time for the sharks to start circling, there is blood in the water again, and sellers are scared. We will see the rise in bulk purchasing investors again soon," he said. Read Next: In terms of getting money back, . Over the last five years, the price of gold has increased by approximately 83% — Investors like Bill O'Reilly and Rudy Giuliani are . Image: Shutterstock This article Las Vegas Struggles With A Record $7 Billion Worth Of Homes On The Market originally appeared on Se produjo un error al recuperar la información Inicia sesión para acceder a tu portafolio Se produjo un error al recuperar la información Se produjo un error al recuperar la información Se produjo un error al recuperar la información Se produjo un error al recuperar la información
Yahoo
08-07-2025
- Yahoo
1 in custody after west Las Vegas valley shooting
LAS VEGAS (KLAS) — Police took a person into custody after a shooting in the west Las Vegas valley. On Monday, around 3:30 p.m., police responded to the 7400 block of Saybrook Point Drive near Vegas Drive and Tenaya Way after a report of a man who was shot. One person was taken for medical treatment, and the suspect was taken into custody. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
02-07-2025
- Climate
- Yahoo
Over 33K customers without power, nearly 50 power poles damaged as Las Vegas valley sees high winds
LAS VEGAS (KLAS) — Over 33,000 NV Energy customers were without power, nearly 50 power poles were damaged, flights leaving Las Vegas were delayed, and a dust storm warning was issued after wind gusts reaching 70 mph were reported in the Las Vegas valley Tuesday. Wild Las Vegas storm leaves trail of damage across valley, evacuation center open At 3:30 p.m., the National Weather Service Las Vegas reported that gusts of 65 to 70 mph in the far southern parts of the valley. A severe thunderstorm warning for the Las Vegas valley was extended to 3:45 p.m. Tuesday. A dust storm warning was put into effect around 4 p.m. until 5 p.m. Residents were told to be prepared for zero visibility. For those driving when visibility drops, pull far off the road and put your vehicle in park. Turn the lights off and keep your foot off the brake. Infants, the elderly, and those with respiratory issues are urged to take precautions. Clark County's Division of Air Quality issued a dust alert for Tuesday after the dust storm warning. Under windy conditions, people with heart or lung disease, older adults, and children may feel better staying indoors as much as possible because they could be at greater risk from particulates, especially when they are physically active, according to the U.S. Environmental Protection Agency. Video from an 8 News Now viewer inside a plane on the tarmac at Harry Reid International Airport showed dust surrounding the plane as winds picked up. Over 33,000 NV Energy customers were without power early Tuesday evening due the sudden and severe windstorm, according the NV Energy. Those affected by the power outages can click here for outage resources. As of 7 p.m., there were about 272 outages, 20,485 customers without power and nearly 50 power poles were damaged by the wind and will need to be replaced. As they are able, crews will isolate the outages to the smallest number of customers possible while they make repairs, according to NV Energy. As of 11 p.m., there were around 10,000 customers without power, according to NV Energy's website. The outages were caused primarily by severe winds, according to NV Energy. 'While our teams will work to restore power as quickly and safely as possible, the damage is significant and will take time to restore. Our teams will continue to work throughout the evening and in the coming days to make necessary repairs,' an NV Energy representative said. Customers are encouraged to sign up for outage alerts in MyAccount for additional updates. Power lines were seen down near Eastern and Sahara avenues Tuesday around 3 p.m., where all eastbound lanes were closed due to poles either in the street or leaning toward the street. Shortly before 7 p.m. Las Vegas Metro police reported that officers were also on scene near Tropicana Avenue and Pecos Road after multiple downed power poles and lines were found in the road. Drivers were asked to avoid the area and find alternate routes. RTC Southern Nevada also reported power lines down on Flamingo Road at Burnham Avenue. Flights going out of the Las Vegas valley saw delays between an hour and one minute and an hour and 15 minutes due to the wind, according to the Federal Aviation Administration. 8 News Now viewers reported damage from the wind, including fallen light poles, downed power poles and overturned tents. If you have any photos of the wind or downed power lines from Tuesday, you can send them to pix@ This is an ongoing story. Stay with 8 News Now for updates. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
