Plans for a second Circa casino in downtown Las Vegas, along with a new locals-focused project in Henderson, point to the rising momentum in Nevada’s off-Strip markets. As growth on the Las Vegas Strip slows, these developments highlight how smaller, regional markets are gaining strength and attracting investment.
News of a second Circa-branded casino in downtown Las Vegas—currently referred to as “Circa 2”—surfaced last week from an unexpected source: Las Vegas Mayor Shelley Berkley.
During her first State of the City address on Wednesday, Berkley announced that “a casino developed by Derek Stevens on the northeast corner of Symphony Park” is part of the city’s future, according to KLAS. Derek Stevens and his brother, Greg Stevens, are the owners of Circa Resort & Casino on Fremont Street, as well as the Golden Gate and The D Las Vegas casinos.
Since opening in 2020, Circa has quickly become a major success, largely due to its strong embrace of sports betting culture. Its signature attraction, the Stadium Swim poolside sportsbook, has become a popular destination in Las Vegas. The casino also hosts the Sports Betting Hall of Fame and is known for its high-stakes, multimillion-dollar NFL “survivor” pools—among the most sought-after in the region.
New casino would be within walking distance
Symphony Park is a 61-acre mixed-use development linked to downtown Las Vegas via a pedestrian bridge. Existing landmarks in the area include the Smith Center for the Performing Arts and the Discovery Children’s Museum, with the future Las Vegas Museum of Art also planned for the site.
According to updated city master plans, the proposed “Circa 2 Resort & Casino” would be located just steps from Circa’s current parking garage. So far, the company has not made any public statements about the project.
County property records show that the 6.4-acre site was last acquired in 2017 by PQ Holdings LLC for $3.3 million. The land is zoned for planned development and, notably, is the only parcel in Symphony Park designated for gaming. Industry analysts took notice of the purchase at the time, fueling speculation about its future use.
Those long-standing rumors now seem to be coming true, as signs point to Derek Stevens moving forward with plans to develop a new casino on the site. According to KLAS, some preliminary work is reportedly already underway on the property.
Boyd moving ahead with Cadence Crossing
Boyd Gaming confirmed late last month that it has begun construction on Cadence Crossing, a 50,000-square-foot casino project in Henderson, a suburb of Las Vegas. Named after the rapidly growing Cadence neighborhood nearby, the development marks Boyd’s first ground-up casino project in two decades.
The new casino will replace Jokers Wild, which will continue operating until Cadence Crossing is completed. Once the new facility opens, Jokers Wild will be demolished to create space for additional parking. Construction began on April 3 and is expected to be completed by mid-2026. Plans for Cadence Crossing include 450 slot machines, dining options, and other amenities.
Additional amenities at Cadence Crossing, including a hotel, will be added in phases as the surrounding Cadence community continues to expand. According to the Las Vegas Review-Journal, roughly 5,000 of the planned 12,000 homes in the area have already been completed.
Interestingly, the groundbreaking for Cadence Crossing on April 3 coincided with a sharp drop in gaming stocks, triggered by U.S. tariff announcements. The market has remained volatile since, leading some analysts to question whether Boyd Gaming might delay or scale back the project.
However, Boyd CFO Josh Hirsberg addressed these concerns during the company’s April 24 earnings call, stating: “At the end of the day, when we got through [the] analysis, quite honestly, we felt very comfortable with the risk relative to our existing budgets. We don’t feel like [with] what we know today that any of our budgets would have to change.”
Ancillary markets outpacing the Strip
Both developments reflect the growing strength of downtown Las Vegas and the locals market when compared to the Strip’s recent performance.
According to the latest data from the Nevada Gaming Control Board, downtown Las Vegas generated $85 million in gross gaming revenue (GGR) in March—a nearly 12% increase year-over-year. In contrast, the Strip saw a 5% decline, bringing in $681.6 million, marking its seventh year-over-year drop in the past eight months. For the fiscal year so far, the Strip is down 3.3%, while downtown is up 3%.
The locals market dipped 2.5% in March, totaling $162.8 million in GGR—still the second-highest figure after the Strip. Despite the monthly drop, the locals market is up 6% for the fiscal year, the strongest growth among all gaming regions in Nevada.
