Three Las Vegas casinos just decided to absorb a 28% currency loss on every Canadian dollar to win back visitors who abandoned Sin City in droves.
When Business Strategy Meets Desperation
Derek Stevens runs three downtown Las Vegas properties that depend heavily on Canadian tourism. When Canadian visitation dropped by one-fifth in a single year, he faced a choice: watch his occupancy rates crater or do something audacious. The At Par program represents his answer, a gamble that volume will compensate for the immediate hit of accepting loonies at full U.S. dollar value.
The current exchange rate is 72 cents on the dollar, meaning Stevens takes a 28% loss on every transaction. That only makes business sense if Canadians flood back in numbers large enough to offset the currency sacrifice through gaming revenue, food and beverage purchases, and ancillary spending.
The Numbers Behind the Decline
Historically, Canada dominated Las Vegas’s international tourism market, accounting for 44% of all global air travelers to the city between 2019 and 2024. That relationship generated more than $20 billion for the U.S. economy in 2024 alone. The 2025 collapse, however, hit hard and fast.
A 20% drop in Canadian visitors, coupled with a 30% reduction in airline seat capacity, signals something beyond a temporary market fluctuation. This represents structural damage to a crucial revenue stream, the kind that demands immediate intervention rather than waiting for conditions to improve organically.
How the Program Actually Works
The mechanics are straightforward but generous in scope. Canadian guests staying at Circa, the D, or Golden Gate pay their hotel bill at the U.S. dollar rate charged directly in Canadian dollars with zero exchange calculation. A room listed at $150 costs exactly 150 Canadian dollars, not the 208 loonies it would normally require at current rates. Slot players receive up to $500 in promotional play at a 1-to-1 conversion rate. Beverage pricing follows the same formula at three specific venues: BarCanada at the D Las Vegas, Overhang at Circa, and Bar Prohibition at Golden Gate. Guests present Canadian identification at check-in or the bar to access the benefit, and the program extends to all Canadians regardless of where they stay in Las Vegas.
The Personal Motivation Factor
Stevens grew up in Grosse Pointe, Michigan, practically next door to Windsor, Ontario. His father attended the University of Toronto. This Canadian connection runs deeper than spreadsheet calculations, though Stevens certainly understands the financial implications of his decision. His video statement on launch day emphasized removing “unnecessary barriers” and honoring the relationship between Canada and Las Vegas. That personal stake distinguishes this initiative from typical corporate promotions engineered by marketing committees. Stevens owns these properties and personally absorbs the downside if the gambit fails, which lends credibility to his stated desire to rebuild Canadian tourism rather than simply executing a short-term promotional stunt.
Industry Skepticism and Alternative Explanations
Lauren Christie, quoted by CP24, threw cold water on the concept. She suggested currency barriers might not be the primary obstacle deterring Canadian travel, noting that people have lost interest in visiting the United States this year. That perspective raises legitimate questions about whether Stevens correctly diagnosed the problem. If geopolitical tensions, economic uncertainty, or broader anti-American sentiment drive the tourism decline, then eliminating exchange rate friction addresses a symptom rather than the disease. The program’s effectiveness will ultimately reveal whether Stevens identified the true barrier or misread the market entirely.
What This Means for Vegas Competition
Every other Las Vegas casino now faces an uncomfortable choice. They can match Stevens’ offer and absorb identical currency losses, differentiate through alternative promotions, or cede market share to the three participating properties. The competitive pressure intensifies because Stevens made the program available to all Canadians, even those staying at competing hotels. A Canadian visitor bunking at the Bellagio can still claim the beverage and gaming benefits downtown. This strategic decision forces competitors to respond while simultaneously driving traffic to Stevens’ properties through a superior overall value proposition.
An example of what happens when Canadians stop traveling to a destination. From a #business perspective, #tourism dollars are significant & companies with lots of fixed costs are vulnerable. Three Las Vegas hotels now accepting #Canadian dollar at par https://t.co/8zZCPisF3x
— Jenifer Bartman🌻🇨🇦 (@JeniferInc) January 23, 2026
The tourism industry will watch closely to see whether other operators follow Stevens’ lead or whether this remains an isolated experiment by a CEO with unique personal motivation. If the program succeeds in reversing Canadian visitation trends, expect copycats. If it fails to move the needle, Stevens will absorb substantial losses while validating Christie’s skepticism about currency as the wrong target. Either outcome provides valuable market intelligence about what actually drives international tourism decisions in an era of economic and political uncertainty.
Sources:
Las Vegas Hotels At Par Program Canada – Curiocity
Three Las Vegas Casinos Accepting Canadian Money at Par – AM800 CKLW
3 Las Vegas Hotels Are Accepting the Canadian Dollar at Par This Year – insauga
Las Vegas Resorts Look to Lure Canadians with At-Par Offer – Travel Pulse Canada