Macau continues to dwarf Las Vegas in terms of revenue, but analyst Lerner believes Vegas actually benefits from that. Sin City is seeing more, not fewer, Chinese gamblers.
"As these players, especially newer players in Asia, discover Macau, they're discovering what these brands are about," he said.
In turn, those gamblers want to travel to Nevada. "This is an aspirational place for the Chinese gambler," he said. "We're like in the first or second inning of this thing still."
That's one reason McCarran International Airport spent $2 billion on a third terminal, and airlines are adding more international flights. "International represents about 17 percent of the market share today," said the LCVCA's Ralenkotter. "We want to grow that to 30 percent."
Wait times to get visas from Brazil and China have been slashed, and the city continues to push for more countries to be exempt from needing travel visas in the first place. Since South Korea was added to the visa waiver list, Ralenkotter said the number of tourists flying in from Seoul has grown by 25 percent.
(Read more: The next driver for Japanese stocks—casinos?)
Many challenges lie ahead. One of them is how to engage younger tourists on the casino floor. Deutsche Bank reports that slots account for about 80 percent of casino profitability, but "young people have little inclination to play slots."
"That is true," said MGM Resort's Murren. While he said slot revenues were up at his company in 2013, "We have to evolve that product, and I think we will. This is a time when the gamers, the younger people who are on their smartphones, have to be addressed from a gaming perspective."
He predicts that over the next couple of years, the industry will develop more interactive games—"games that will allow customers to be on Facebook while they gamble, while they check their fantasy sports teams, while they do games that are not the traditional slot machine games."