I can't speak for locals since I live in the LA area.
But there are, and always have been, just two things that get me to Vegas:
1) What are my game choices and payback?
2) How am I treated?
Your competition for my play are the numerous California Indian casinos. Good VP is abundant. Comps and cash back aren't so hot.
If the Harrahs trend of downgrading machines and providing a mediocre experience continues, then most of us out-of-towners will simply play close to home.
But as long as you have a few Venetians and Wynns out there with full-pays and great accommodations and food we'll be back.
Simple as that.
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