Boyd Gaming and Red Rock Show Strength Amid Vegas Slide
Boyd Gaming and Red Rock Resorts reported solid results in Southern Nevada, even as broader performance on the Las Vegas Strip remained subdued.
Both companies cited minor disruptions tied to property renovations and softness in smaller tourism segments. Still, industry analysts expressed confidence in the resilience of casinos serving the Las Vegas residential market.
Stifel Financial analyst Steven Wieczynski said neighborhood casinos have delivered solid performance despite an uncertain economic environment. CBRE Equity Research analyst John DeCree added that the companies’ properties have largely avoided the visitation declines seen on the Strip, where traffic dropped 7.5% in 2025.
DeCree said in a research note that although concerns persist about a broader slowdown on the Strip affecting the wages of Las Vegas consumers, the locals market is more diversified than ever and any potential impact is expected to be negligible.
Strip gaming revenue was relatively flat in 2025 compared with 2024. By contrast, every other Southern Nevada market posted gains, ranging from a 2.1% increase in Downtown Las Vegas to a 3.8 percent rise on the Boulder Strip, while casinos in unincorporated Clark County reported revenue growth of 1.2%.
During the company's fourth-quarter earnings call on Tuesday, Chief Financial Officer Steve Cootey said Red Rock's focus on neighborhood locations differentiates it from Strip operators.
Cootey said the company does not rely on conventions or hotel-driven revenue, emphasizing that it operates as a locals-focused business dependent on customers who return multiple times each month, a model he said differentiates it from the Strip.
Boyd's Southern Nevada properties generated nearly $1.1 billion in revenue in 2025. Red Rock reported revenue just under $2 billion over the same period.
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Expansion Plans Continue
Both operators are investing heavily in property upgrades and expansions. Red Rock is undertaking a $200 million renovation of Green Valley Ranch and is nearing completion of a $53 million investment in Sunset Station in Henderson.
Last Tuesday, the company announced an additional $87 million enhancement at Sunset Station, including a new steakhouse and a high-end table games area. Red Rock also completed a $100 million expansion of the two-year-old Durango Casino Resort in December.
It also launched a further $385 million expansion at the southwest Las Vegas property, adding 275,000 square feet of gaming, dining and recreational amenities. The company controls more than 450 acres of land for future casino development across Las Vegas.
Red Rock Vice Chairman Lorenzo Fertitta said the company has also attracted customers who previously stayed on the Strip, particularly at the high end. Fertitta said the company is seeing an increasing number of high-end customers who historically stayed on the Strip but are now choosing its properties because of the amenities and services offered.
Boyd expects to complete a property-wide renovation at the Suncoast in Summerlin this year before beginning a yearlong renovation of The Orleans.
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