Tropicana Casino implodes while betting on sports in Las Vegas

The Tropicana itself spent much of its life catering to middle-class patrons. As one of the Strip's first luxury properties, the casino's ties to organized crime and a changing competitive landscape ended this illustrious era. It was sold to Ramada in 1979 and, despite ownership changes, operated as a budget resort until its closure.

With Las Vegas visitors now demanding more high-end experiences, the city is competing less directly with longtime gambling hubs such as Atlantic City, New Jersey, or Laughlin, Nevada, about 90 miles south of Sin City, Belarmino said. Instead, “our guests tell us that they are considering us at the same time they are considering San Francisco and New York, which makes us more valuable compared to destinations of this type,” she said.

The bargains may not be as close as they once were.

“Those $20 nights and no resort fees are probably a thing of the past on the Strip,” said Nicholas Irwin, a colleague of Belarmino’s at UNLV who serves as research director for the Lied Center for Real Estate. “People are concerned that we are prioritizing this (business) growth over the growth of our children and our workforce.”

UNLV researchers expect Las Vegas' Clark County to grow at a steady rate of 1.6% this year and 1.4% next year, thanks in part to Californians like Alicia Muscs, who move into the area. The 26-year-old, who works for a travel booking agency at the MGM New York-New York casino, said she moved to the city in April because of the lower cost of living.

Irwin said recent California transplants are, on average, 15% to 19% wealthier than their new neighbors in Nevada, and the influx has put pressure on demand — and prices — for goods and services in the metro area. That could make political waves in Nevada, a hotly contested swing state where both presidential campaigns are vying for voters' trust on economic issues.

According to federal data, the unemployment rate in Las Vegas reached 6.7% in July, up from 5.7% in the same month last year and higher than both the statewide rate (6.3% in July) and the statewide rate (4.1% in July). September).

Still, employers in metro areas added 41,500 jobs from July 2023 to July 2024, and wage growth in the western U.S. observed by government economists has increased this year despite a slowdown across the country.