Las Vegas is not just getting more expensive. It appears to be reorganizing around a narrower, higher-yield customer mix built on premium events, conventions, and experience-led demand. This article breaks down why the usual “Vegas is dying” narrative misses the real story and what Vegas’s next phase could mean for hospitality and luxury operators.

Part 3 introduces the Capacity Recovery Playbook: a practical guide to using DMAIC to strip rework, waiting, and friction out of stabilized workflows. If execution feels heavy, this is how you recover hours without adding headcount.

Anastasia Beverly Hills didn’t lose its edge because customers suddenly changed. The operating model changed. Once TPG entered the picture, the brand shifted from a patient, founder-led cadence to a high-velocity launch machine, and customers felt the quality drop long before the financials made it obvious.