The modern era of Las Vegas (2007–Present) is defined by extreme volatility and structural transformation. It began with the Great Recession, which halted major construction projects like the Fontainebleau and Echelon Place and nearly bankrupted CityCenter.

Financial Engineering

To survive, the industry adopted financial engineering strategies, specifically the REIT (Real Estate Investment Trust) model, separating casino operations from real estate ownership (e.g., VICI Properties). This "asset-light" approach allowed operators to raise capital while shifting real estate risk to institutional investors.

The Non-Gaming Pivot

As gaming revenue stagnated, resorts pivoted toward non-gaming revenue, emphasizing high-margin nightclubs, luxury dining, and pop-star residencies. The modern Strip makes more money from everything except gambling than from the casino floor itself.

Sports Betting and the PASPA Repeal

The era's defining regulatory shift was the 2018 Supreme Court repeal of PASPA, which legalized sports betting nationwide. This catalyzed Las Vegas's rebranding as a global sports capital, welcoming the Golden Knights (NHL), Raiders (NFL), and Formula 1.

Post-COVID Recovery

The period concludes with the post-COVID recovery, characterized by record-breaking revenue despite lower visitation numbers, driven by a shift toward luxury pricing and high-end clientele. Vegas discovered it could make more money with fewer visitors.