New off-Strip casino projects in Nevada highlight growth

Expansion in Las Vegas: Circa’s Second Casino and Boyd Gaming’s Cadence Crossing Project

Recent developments in the Las Vegas gambling scene signal a promising shift away from traditional Strip dominance, with news of a second Circa-branded casino plan and Boyd Gaming’s ambitious Cadence Crossing project in Henderson. These moves underscore a burgeoning market for smaller venues as the Strip experiences stagnation.

In her first State of the City address, Las Vegas Mayor Shelley Berkley revealed plans for a new casino developed by Derek Stevens, positioned on the northeast corner of Symphony Park. Stevens, along with his brother Greg, owns the successful Circa Resort & Casino on Fremont Street, alongside the Golden Gate and D Las Vegas casinos.

Since its grand opening in 2020, Circa has thrived, largely due to its focus on sports betting. The establishment’s renowned Stadium Swim poolside sportsbook has become an iconic attraction, complemented by its Sports Betting Hall of Fame and popular NFL survivor pools that draw a steady crowd.

Strategic Location for Circa 2

The proposed Symphony Park site encompasses a 61-acre mixed-use development, seamlessly connected to downtown Las Vegas via a pedestrian bridge. This area boasts current highlights like the Smith Center for the Performing Arts and the Discovery Children’s Museum, with the Las Vegas Museum of Art expected to open soon.

Recent city master plans denote “Circa 2 Resort & Casino” in close proximity to Circa’s existing parking garage. While the company has yet to publicly comment on the project, the anticipation is palpable among industry insiders.

County property records indicate that the 6.4-acre site was acquired in 2017 for $3.3 million and is uniquely zoned for gaming. This detail had sparked industry speculation, and it now appears that plans for a new casino on this prime location are indeed moving forward.

Boyd Gaming’s Cadence Crossing: A New Era in Henderson

In another ambitious move, Boyd Gaming has confirmed progress on the Cadence Crossing casino project, spanning 50,000 square feet in the thriving suburb of Henderson. This venture marks the company’s first new development in two decades and aims to serve the rapidly expanding Cadence neighborhood.

Cadence Crossing will replace the existing Jokers Wild casino, which will remain operational until the new facility is fully ready. Scheduled construction kicked off on April 3, with an expected completion date in mid-2026. The new casino is projected to feature 450 slot machines along with diverse food and beverage options.

As part of its phased rollout, additional amenities, including a hotel, will be introduced as the Cadence community continues to develop. Current estimates suggest that about 5,000 of the planned 12,000 homes in the area are already built, as reported by the Las Vegas Review-Journal.

On the day construction began for Cadence Crossing, a reactive downturn in gaming stocks across the industry was noted, largely influenced by fluctuating U.S. tariffs. Despite this uncertainty, Boyd CFO Josh Hirsberg expressed confidence in the project’s stability during the company’s latest earnings call, stating that the existing budgets remained intact.

Market Dynamics: Ancillary Areas Surpassing the Strip

The advancements marked by Circa and Boyd Gaming reflect a wider trend where downtown and local markets are gaining traction compared to the Strip. Recent data from the Nevada Gaming Control Board revealed that downtown Las Vegas recorded $85 million in gross gaming revenue (GGR) for March—an impressive year-on-year growth of nearly 12%. In contrast, revenue from the Strip dipped by 5%, marking its seventh year-on-year decline in just eight months.

While the locals market saw a decline of 2.5% with $162.8 million in GGR, it remains a strong contender with a fiscal year increase of 6%—the best growth rate among any gaming regions in the state.

These emerging trends highlight a significant shift in Las Vegas’s gambling landscape, showcasing the resilience of smaller venues and local markets as they reclaim their stake in the industry. As Circa and Boyd Gaming forge ahead with their respective projects, the future looks bright for this evolving sector.