Rip-off central is a kind of slang term, and not one that would be commonly used. If anything, using just rip off would be better, even though that's still somewhat colloquial.
A more common term for such a place is tourist trap:
: a place that attracts and exploits tourists
// The street market is a tourist trap that mostly sells cheap souvenirs.
// That hotel is just a tourist trap.
Such areas are known by natives to sell items or offer services that are overpriced or low in quality, or both.
It's only tourists and other newcomers to the area who will do business there, because they are unaware of its reputation.