Casino owner Derek Stevens has a plan to lure Canadians back to Las Vegas following a weak year of tourism trends from the nation that typically sends the most traffic to the gambling mecca.
Stevens, who owns the Golden Gate Hotel & Casino, The D Las Vegas, and Circa Resort & Casino in downtown Las Vegas, said his properties will accept Canadian dollars on a par with the U.S. dollar, which will give Canadians a significant discount at the current exchange rate of $1.00 U.S. dollar to $0.73 Canadian dollar. The promotion will run until August 31 and applies to hotel rooms, bars at the three properties, and $500 worth of casino play. Notably, Circa Resorts & Casino opened in October 2020 as the first new hotel-casino built from the ground up in downtown Las Vegas in roughly four decades, and it is positioned as a modern homage to classic Las Vegas history, as well as a value play for tourists in comparison to Strip properties.
Underpinning the appeal to the Great White North, Canadian tourism to Las Vegas has slumped sharply over the past year. The Las Vegas Convention and Visitors Authority estimated Canadian visitation fell close to 25% in 2024, while overall tourism to Las Vegas was down about 7%. Airline seat capacity from Canadian cities to Las Vegas has declined around 40% to the lowest level since about 2006. The biggest factor cited in recent surveys was resentment against U.S. policies toward Canada. Other factors included value perception of Las Vegas trips, the exchange rate, and travel expenses in general.
MGM Resorts (MGM) and Caesars Entertainment (CZR) are the two biggest casino operators in Las Vegas.