Las Vegas has always been a mirror for America’s mood. When times are good, people flock here to celebrate. When times are tight, we feel it first. That’s why falling tourism numbers aren’t just a Vegas problem — they’re an early warning for the rest of the country. We’ve been here before: we felt recessions earlier than most cities, and we endured the pandemic’s economic blow faster and harder than almost anywhere else.
If America is to thrive, the Justice Department must keep the economic playing field fair. Perfect competition fuels innovation and growth; oligopolies and monopolies suffocate it. We’ve seen this play out in healthcare, where monopolistic control over prescriptions has opened the door to profiteering — a market now devoured by private equity. We’ve seen it in housing, where the American dream of homeownership has been eroded as private equity firms outbid everyday buyers, bundling homes into investment tranches. Municipal and state leaders should explore legislative tools to keep private equity out of residential real estate and return those wealth-building opportunities to working Americans.
Healthcare is its own beast — a system so bloated with inefficiency and profit-taking that it’s priced itself out of reach for millions. The trajectory of UnitedHealth Group’s stock price tells the story better than words: the money flows upward while access shrinks.
Meanwhile, the resorts’ marketing machines run at full throttle, selling the dream even as costs climb and experiences shrink. The Nevada Resort Association and the private equity owners behind the marquee brands have the strongest incentives to steer us through this storm — and they must.
If Las Vegas is indeed a bellwether for the broader U.S. economy, then the turbulence we’re feeling now may signal a necessary recalibration — one that could lead to better days ahead. Vegas is just experiencing the adjustment sooner, and more sharply, than most. This city is my home, and I believe we’ll weather this. As AI, industry, and America’s economic engines roar back to life, the demand for the ultimate adult playground will return in force.
