Las Vegas Strip Declines Aren’t a Red Flag—They’re a Reset

Las Vegas Strip Declines Aren’t a Red Flag—They’re a Reset

Despite six consecutive months of slight year-over-year revenue declines on the Las Vegas Strip, analysts remain optimistic about the city’s overall performance heading into 2025. And at GMA Consulting, we agree.

Josh Swissman, Founding Partner and Managing Director at GMA, provided perspective in a recent CDC Gaming Reports article, emphasizing that these small dips are not only expected—but healthy.

“I said we were going to see that growth taper off, with months of flatness or slight declines, and that’s where we are right now,” Swissman explained. “I’m not overly surprised. But if we start to see continuing decreases, I’ll worry a bit more. For now, we’re in a good place. The industry and Vegas are healthy.”

At GMA, we see the current trend not as a downturn, but as a stabilization after two unprecedented years of post-pandemic growth. With Strip revenue down only 1% year-over-year, and visitation, convention attendance, and international air traffic all trending upward, the fundamentals remain strong.

Swissman also pointed out that broader macro factors—such as the certainty around national leadership and the lingering effects of regional events like California wildfires—may temporarily impact traveler behavior but won’t derail the Strip’s momentum long-term.

“I think you’re going to see this place of settling on the Strip—and in my mind, that’s not a bad thing.”

From our viewpoint, Las Vegas isn’t declining—it’s normalizing. And that provides a strong foundation for smart reinvestment, strategic growth, and long-term opportunity.

For a more detailed analysis, refer to the original article on CDC Gaming: Six Straight Monthly Declines on Las Vegas Strip Not Worrying Analysts.

What’s Next for Circus Circus?

What’s Next for Circus Circus? GMA’s Josh Swissman Weighs In on the Future of a Las Vegas Icon

The potential sale of Circus Circus—an enduring symbol of classic Las Vegas—has stirred conversations across the gaming and real estate sectors. With Phil Ruffin signaling that the 102-acre property may be on the market for a reported $5 billion, speculation is mounting about what could (or should) come next for this key section of the north Strip.

In an interview with the Las Vegas Review-Journal, Josh Swissman, Founding Partner and Managing Director at GMA Consulting, weighed in on what any serious redevelopment would require.

“At $50 million an acre, you’d be hard-pressed to build anything besides a luxury offering,” Swissman said. “So whatever the design is, it’s got to be at the upper end in terms of the price scale. And that sometimes makes it hard to have a family-oriented facility.”

Swissman’s insight strikes at the core of what’s at stake: the tension between nostalgia and economic reality. Circus Circus has long played the role of an affordable, family-friendly destination. But in today’s hyper-competitive luxury market—and given the rising land values along the Strip—maintaining that model may no longer be viable.

From GMA’s perspective, any future development on the site must be financially justifiable and strategically sound. Whether that means a luxury resort, subdivided parcels, or an entirely new use case, operators and investors must consider market saturation, customer acquisition costs, and long-term profitability.

As Swissman notes, “There are a lot of people who think that the days for entities like Circus Circus have come and gone.”

At GMA, we continue to advise clients on navigating these pivotal moments—where legacy, market dynamics, and vision intersect.

For a comprehensive analysis of this topic, refer to the original article: What would happen to Circus Circus if Ruffin decides to sell it?.

Josh Swissman Quoted on The Times (UK)

Vegas gambles on a shift from everyman appeal to high-end haven

When it opened in 1989, The Mirage hotel and casino was extravagant even by Las Vegas standards.
An imitation tropical paradise with an artificial volcano erupting outside the entrance, it ushered in the era of the mega-resort, with fine dining, luxury shopping, wild animals on show and performances from the magicians Siegfried and Roy as well as the world’s biggest musicians.

However, The Mirage closed its doors for the final time this week and will soon be knocked down and ­replaced by another sprawling resort, marking the next step in Sin City’s evolution from everyman getaway to a playground for the rich.

Click Here to read the full article.