Is targeting 1 demographic buyer not smart?

I watched a video about how the casinos in Las Vegas have changed. Short answer: they're making everything pricy to so that they know only high level spenders / betters show up. Regular, everyday people they don't want.

High spenders / big gamblers will go to plenty of places- Monte Carlo, Rio, Russia, Japan, all the international places that have big time casinos and tournaments, or just the luxury places (even more of those when gambling is not included). So the only convenience Vegas provides them, besides historical iconic vibes, is easier in country travel.

But if you're base customer is just super wealthy, and they all decide Monte Carlo or some other international spot is better and decide to go there instead, how is there not the risk?

Granted casinos have billions in nest egg and can reform their business model to cater to average Americans, but isn't it better to keep a business model in place where all potential customer demographics are drawn in?

Real question: by targeting high end gamblers, is Vegas running on a riskier business model?