After a long legacy of explosive growth (in both the residential and commercial sectors), Las Vegas’ building boom has come to a screeching halt. An economy that relies so heavily on an industry supported by spending money is clearly going to suffer in a recession, bu even without the recession, Las Vegas’ revenues would be hurting.

On the world gambling scene, Macao is now claiming the lion’s share of Asian and European gambling tourists. In the U.S., aggressive gambling expansion in a number of states has made traveling to Las Vegas less appealing when players can visit local casinos for a fraction of the cost and effort, and online gambling is the new venue of choice for poker players.

The steep decline in gambling profits has also meant a steep decline in the city’s employment rates, which has meant the end of the city’s rapid residential growth. It’s a double whammy for the city’s casinos who are now losing both their tourist customers and their loyal locals. Though the Las Vegas Strip has long been characterized by change, a recent article by the Wall Street Journal revealed that most of the city’s largest operators have no plans to expand within the next decade. Once the MGM Mirage’s City Center project is completed this winter, it could be the last new addition to the Vegas skyline for a long time to come.

While casino operators with international holdings are now redirecting their money to the growing Asian market, domestic operators are simplifying in hopes of paying down existing debts. The city hasn’t given up on itself yet, though. The Las Vegas Convention and Visitors Authority has already revealed plans to attract and develop newer and bigger events in lieu of newer and bigger buildings.