Caesar's at one point owned everything but the Horizon. The operators of the Horizon ran it into the ground and the old cowboy who owned the real estate got tired of it and forced them to give it up. There were so many great little clubs at the South Shore in the good old days and Harrah's and Harvey's were such great upscale places with such great shows for reasonable prices. All that changed when the Corp buyouts started to occur. Harrah's and Harvey's are just sort of run of the mill places now days - lots of much nicer places to stay and so many outdoor activities available.

I do agree that the Indian casinos have had a negative impact but they are not doing so great either. See this piece in today's SacBee on the plight of the Red Hawk - located on Highway 50 on the way to Tahoe.

http://www.sacbee.com/2013/05/10/5409475/red-hawk-casino-does-better-but.html

Bottom line might just be that people just aren't into gambling so much anymore.