How Baccarat Is Holding Up the Las Vegas Strip
For those of us who don’t live near Las Vegas and primarily enjoy online baccarat, it sounds slightly inconceivable that the famous destination could be suffering financially. However, for much of this year, the unexpected lifeline that has been keeping the Vegas Strip gaming revenue afloat is baccarat. While visitation, air travel, and overall consumer spending have fallen, the popular card game has repeatedly delivered windfall months that have compensated for weakness in nearly every other Strip performance metric.
Baccarat’s Results in 2025
Through July and August, baccarat results in Vegas were extraordinary. According to the Nevada Gaming Control Board, Strip casinos held 17.5% of all baccarat wagers in July and an even higher 18.5% in August, both of which are far above the regular figure. Combined with strong drops, these increased hold percentages produced triple-digit revenue totals that pushed overall Strip gaming revenue up more than 5% in each of those months.
As a result, the gaming revenue figures gave the impression of a healthy Strip. However, analysts have cautioned that the numbers mask real problems. While baccarat soared, the fundamentals underlying tourism and hospitality deteriorated. Visitation was down 8% through the first eight months of the year. Airline passenger counts fell 4.5%, and revenue per available room (RevPAR) dropped 8.5%.
As Macquarie Securities analyst Chad Beynon warned, “While we believe the long-term Vegas thesis remains intact, we worry softness from leisure (and) international customers will last through year-end following three years of growth.”
In other words, baccarat might be boosting the Strip, but it can’t fix the broader problems.
September Shows the Downside of Volatility
While July and August were excellent examples of baccarat’s upside, September was the opposite. With Strip baccarat hold falling to 8.5%, half of what it was the previous year, revenue from the game collapsed to 42% to 43%, falling to about $50.6 to $50.7 million.
The effect was immediate. Despite slot handle increasing 13.2% and slot revenue growing 2.9%, the Strip recorded its first year-over-year gaming revenue decline since May, falling 5.4% to $687.8 million. In fact, if baccarat were removed from the equation, the Strip would have been down only 0.3%.
Statewide, Nevada’s gaming revenue dropped 2.2%, driven almost entirely by the downturn on the Strip.
Baccarat Hides a Broader Weakness
The fundamental problem is that Las Vegas is struggling to attract mid-tier leisure visitors, which have always been the foundation of the Strip’s profitability. Analysts have pointed to high prices, persistent declines in international tourism, and inflation-pressured consumer budgets.
As gaming writer John Mehaffey observed, “We are seeing hotel prices and table game minimums drop. Some casinos have also introduced drink and dining specials.” These reductions show how operators are trying to attract back price-sensitive guests who feel the Strip has become too expensive.
The Las Vegas Convention and Visitors Authority (LVCVA) has also been working to stimulate demand. However, its city-wide promotions campaign with more than 100 offers received mixed reviews. Journalist Rob Kachelriess argued that the specials were “a somewhat uninspiring choice between the ‘meh’ and ‘maybe.'”
Meanwhile, the drop in numbers at Harry Reid International Airport continues to worry experts. With domestic traffic down most months and international traffic slipping more than 13% in September, Las Vegas is facing a sustained downturn in high-value travel segments.
Can Baccarat Keep Carrying the Load?
The main concern is whether the baccarat keeping Vegas gaming revenue afloat can continue and offset weakness across the Strip. In the three months before September, the Strip was +22% in baccarat revenue; however, over the last 12 months, it was -2%.
The real question is not the game itself but the larger picture. Without increased visitation, better room metrics, and healthier international travel, even record baccarat holds can only do so much.
There is a packed calendar in Vegas over the next few months, including major sports events and holidays, and operators will be hoping that momentum will return. However, without some fundamental changes, it seems as if the Strip’s fortunes will remain tied to the luck of baccarat players.
