High-roller baccarat surge offsets slipping leisure traffic on the Las Vegas Strip

During the Global Gaming Expo, Caesars Entertainment CEO Tom Reeg, MGM Resorts International CEO Bill Hornbuckle and Wynn Resorts CEO Craig Billings explained that a 35 percent jump in baccarat wagering—reaching $848.8 million—was the sole driver of a modest less-than-1 percent rise in Strip revenue for August, averting an overall loss. Non-baccarat table games dropped more than 19 percent and slot machine revenue barely moved, underscoring a softening leisure market.

Hornbuckle highlighted robust luxury performance and an 11 percent increase in convention activity, while noting that value-oriented properties such as Excalibur and Luxor must adjust pricing and packages. Nevada’s total gaming revenue grew 3.1 percent to nearly $1.3 billion, with locals up 9.5 percent but downtown down 3 percent. Average daily hotel rates on the Strip fell 11.4 percent year-over-year to $153.15 in August, though the eight-month average was up 2 percent. Wynn’s strategy focuses on international growth, including a $5.7 billion resort in the United Arab Emirates.