Trump first floated the idea for no tax on tips at a Las Vegas campaign rally in June 2024. Las Vegas magnatesSeveral high-profile Las Vegas figures were in attendance, including Frank and Lorenzo Fertitta, Phil Ruffin and Dana White. Red Rock has seen record performance over the last two years as the Las Vegas locals market has surged. Shares are up 10% over the last year, although in Q2 the company’s Las Vegas revenue and adjusted EBITDA fell 2% and 5% year-over-year. Ruffin owns Circus Circus, Treasure Island, the Las Vegas Festival Grounds and 50% of Trump’s Las Vegas hotel.