Derek Stevens on why  Vegas isn’t dead

Downtown Las Vegas legend and Circa Sports CEO Derek Stevens joins Brandt Iden and Brendan Bussmann for a World Series of Politics G2E special, tackling the future of Las Vegas tourism and sports betting.

At a time when talk of a Las Vegas slowdown swirls as visitation dips, Stevens isn’t interested in writing Sin City’s obituary. The numbers tell a different story. Even with fewer visitors, Las Vegas gaming revenue continues to rise. The Las Vegas casino market is evolving, not dying, he says.

With properties such as The D and Circa Resort & Casino – the first new hotel-casino development on Fremont Street since 1980 – Stevens is credited as one of the pioneers revitalising Downtown Las Vegas. And others are following his lead. “We’ve got nine construction cranes over downtown,” he notes, proof that development there is booming, not busting.

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Do taxing times for sports betting worry Derek Stevens?

Stevens has also redefined the sportsbook model with Circa Sports, championing a low-hold, value-odds sportsbook that prioritises fair pricing over gimmicks. Circa’s success has been powered by expansion into multiple states. It offers something different, and it even secured one of Missouri’s two untethered sportsbook licences, beating out larger rivals in the process.

But Stevens warns that rising sports betting tax rates, especially like what Illinois has implemented, threaten the industry’s sustainability. In his words, these levies amount to “illegal bookmaker preservation taxes”. These measures hurt legal operators and risk driving bettors to offshore sportsbooks.

For Stevens, smart policy is key. Kentucky’s sports betting framework is “best in class”. Over-taxed markets like Illinois show how governments can “win the short term but lose the long game”.

All this and more in the latest World Series of Politics podcast!