Billionaire Matthew Prince: ‘Ozempic is Killing Vegas’

• Matthew Prince’s claim that Ozempic is “killing Vegas” is provocative
• Current data links Las Vegas’s tourism decline to factors including economic shifts and digital disruption 
• No direct evidence links weight-loss drugs

Cloudflare CEO Matthew Prince has a “pet theory” explaining the Las Vegas tourism downturn. On October 19, he told his 140K followers on X that the Ozempic is “killing Vegas.” Prince likened the weight-loss drug’s behavioral effects to those impacting snack food brands, liquor producers and wine tourism, suggesting that GLP-1 medications curb the indulgent behaviors — overeating, drinking, and gambling — that Las Vegas depends on.

His post quickly garnered 1,400 likes and sparked viral debate.

According to the Las Vegas Convention and Visitors Authority (LVCVA), visitor volume for the first half of 2025 totaled approximately 19.6 million, down 6.7% from 21 million during the same period in 2024. Monthly declines continued through September, ranging from 6% to 11%.

Most experts attribute the downtown to inflation, cautious consumer spending and competition from other gaming providers. But could Ozempic be eating Vegas tourism?

Weighing the Evidence

GLP-1 receptor agonists — including Ozempic, Wegovy, and Mounjaro — have seen rapid adoption in the US. According to a September 2025 KFF Health Tracking Poll, 12% of U.S. adults have used a GLP-1 drug, with 6% currently taking one — a sharp rise from 8.3% in mid-2024. These drugs are known to suppress appetite and reduce cravings, including for alcohol and other dopamine-driven behaviors.

Their impact on some consumer industries is already being felt.

A 2025 EY-Parthenon survey projected that GLP-1 adoption could reduce snack food market growth by up to $12 billion. Analysts cited changing consumption patterns, including reduced demand for high-calorie snacks and sugary beverages. (While some reports estimated a 4%–6% decline in snack sales at companies like PepsiCo, the company’s CEO publicly insisted that the impact of GLP-1 drugs was “not significant,” attributing sales softness to broader economic trends.)

Gambling is often an impulsive behavior that may be influenced by the same reward pathways modulated by Ozempic, though the mechanism is not fully understood.

Most gaming and tourism experts blame Las Vegas’s tourism slump on broader forces. While a causal relationship between Ozempic use and not visiting Las Vegas is certainly possible, there’s one statistic that, at least so far, renders Prince’s argument improbable.

Don’t Bet on It

The American Gaming Association (AGA) reported that online sports betting and iGaming in the US generated $6.19 billion in Q1 2025 — up $1.3 billion (26.6%) over Q1 2024 and accounting for a record 32.8% of total US gambling revenue.

While Ozempic’s effect on Las Vegas tourism may warrant peer-reviewed study, for now, inflation, cautious consumer spending and digital gambling growth remain the more convincing suspects.