Derek Stevens, CEO of Circa Sports, analyzed the future of Las Vegas tourism and sports betting at the G2E event, emphasizing that the market continues to grow through innovation and policy adjustments, rather than falling into recession.
Current State of Las Vegas Tourism
Despite a decline in visitor numbers, Las Vegas's gambling revenue continues to grow. Stevens pointed out that the data indicates the market is undergoing a transformation, not a decline. Rumors of economic recession have not affected core revenues, highlighting its resilience.
Downtown Revival and Stevens' Role
As a pioneer of downtown revival, Stevens has driven construction through projects like The D and Circa Resort. He noted that there are nine cranes in the area, proving that development is active and attracting more investors to emulate his model.
Sports Betting Model and Policy Challenges
Stevens advocates for low commission, high odds sports betting, and Circa Sports has expanded across multiple states with fair pricing. However, he warned that high tax rates, as seen in Illinois, could drive bettors to illegal platforms, and suggested looking to more reasonable frameworks like those in Kentucky.
