The Joe Pomp Show What the Hell is Going on in Las Vegas?
Aug 27, 2025
Las Vegas is experiencing a significant economic downturn as tourism numbers plummet. The podcast delves into the factors behind this decline, including cultural shifts and an evolving corporate tourism model. The city's identity is changing, moving away from its classic charm to cater to high-end corporate events and professional sports. Insightful discussions uncover how increased costs and a reinvented identity are reshaping the Vegas experience, leaving many to wonder what the future holds for this iconic city.
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Historic Tourism Downturn
- Las Vegas is facing its worst tourism downturn since the pandemic with 1.5 million fewer visitors in 2025 than 2024.
- Gaming revenue declined year-over-year for five consecutive months and hotel occupancy fell sharply despite discounts.
Value Proposition Eroded
- Las Vegas exploited post-COVID demand by raising fees and cutting service, eroding its traditional value proposition.
- The strip's reinvention toward premium offerings ignored shifts in consumer preferences and hurt affordability.
Demand Has Shifted Younger And Mobile
- Younger adults are drinking less and mobile gambling reduces the need for physical casinos, altering core demand for Vegas experiences.
- Hotels increased ancillary charges and removed amenities to make up revenue, raising total costs for guests.