"Circa is excited about the prospects in 2025 in both Las Vegas casinos as well as the continued growth of Circa Sports"

As the curtain closes on another eventful year, Derek Stevens, CEO of Circa, reflects on a transformative 2024 for his various gambling businesses, including hotel casinos in downtown Las Vegas and the Circa Sports betting brand. Drawing from his leadership experience and knowledge of the industry, Stevens shared his thoughts on the year's achievements, industry trends, and the promising road ahead in conversation with Yogonet.

On the casino gaming front, "the biggest takeaway was Circa Las Vegas' completion of Phase 3, which included the build-out of floors 26-29," Stevens noted. "This project was a substantial investment into the property and adds 106 new rooms, including 4 Sunset Suites, into the room inventory." 

This expansion enhances Circa’s standing as a premier destination in Downtown Las Vegas, offering more accommodations to cater to Fremont Street's growing clientele. The addition of these rooms seeks to solidify the property's competitive edge in the Downtown, adding to its attractive array of amenities, including its renowned sportsbook, billed as the largest in the world.

The hotel, which opened as the first ground-up casino in downtown Las Vegas in four decades, has seen strong occupancy, particularly on weekends, which prompted Stevens to greenlight the expansion.

As for the sports betting landscape, where Circa Sports operates, Stevens acknowledged the rapid evolution within the sector. "The sports betting landscape continues to evolve rapidly. Watching potential new jurisdictions come online while simultaneously watching consolidation throughout the industry has kept everyone on their toes," Stevens said.

With sports betting increasingly legalized across the United States, Circa Sports continues to navigate the dynamic vertical with new retail and online launches, in addition to its popular contests. This year, the company broke records with a $20.3 million prize pool in NFL contests, in addition to entering the Kentucky market and expanding its footprint in its home turf of Las Vegas.

However, while legal sports betting options continue to grow in popularity across the US, Stevens highlights a significant challenge facing the vertical. "The 'gray area' operators have begun to get more attention as well, and it's become clear to the industry that sweepstakes gaming operators are simply dodging taxes and doing an end around regulatory bodies," he tells Yogonet.

His comments echo the concerns of other stakeholders, which have called for efforts to safeguard fair competition and compliance in the industry. These "gray" sites, regulated operators warn, are diverting millions from legal gambling by sidestepping regulation and taxation, potentially reaching a revenue of $4 billion by 2025. The sites oftentimes offer games under the guise of “social” platforms, where users initially play for free but can later buy virtual coins to wager and redeem for real money.

Despite the challenges posed by unregulated competition, Stevens expressed optimism for 2025, both for Circa's casino operations and its sports betting arm. "Circa is excited about the prospects in 2025 in both the casinos and resorts in Las Vegas as well as the continued growth in Circa Sports," he said.

As for sports betting in specific, looking ahead, Stevens expects the brand to keep expanding its footprint outside of Nevada. "The second full year in Illinois and the first full year in Kentucky will provide some great opportunities for growth for Circa Sports in 2025," Stevens added.