Is Las Vegas Really Experiencing a Death Spiral?

They say it's just for rich people. Visitation is down 7.5% thanks largely to tariffs and reduced travel from international visitors (particularly Trump-despising Canadians). By most news reports, Las Vegas is in deep trouble (maybe even a "death spiral") and the rest of the country may not be far behind. That's the conclusion of an investigative report going viral this week from More Perfect Union provocatively titled "Why Vegas Doesn't Care If You Visit Anymore."

The numbers and public sentiment certainly seems to tell this story. The effect of Formula One on Las Vegas, for example, has been a windfall of nearly $1B yet economists suggest the revenue has only flowed into a limited number of hands. Among most locals, it's almost universally hated because it kills business (many small businesses report 30% drops in revenue) and many locals describe it as a "shitshow" with partitions over bar windows, entire streets blocked and iconic sights like the Bellagio fountains inaccessible.

The reality of Las Vegas, though, is more than this experience. I've been there several times in the past few months and will be back again this week. Like most places, when you venture out with locals (beyond the strip and casinos), you see a different side of the city. You might experience the emerging Arts District on the North side bringing people and foot traffic from locals and tourists. Or you may see unique local shows like Mondays Dark filled with overflow talent from the more touristy shows just gathering to raise money for local charities. Just 30 minutes outside the city, you can experience the awe of the Seven Magic Mountains public art exhibit designed to be a "creative expression of human presence in the desert."

This isn't the F1-crazed and gambling driven side of Vegas portrayed in movies that is too expensive for anyone but the rich and famous. This is the local Las Vegas that feels resurgent and alive. Most cities have this side to them, it's just not what most people tend to find. Unless they choose to seek it out.