The recent surge in baccarat volume has economists and industry experts buzzing with optimism about the future of high-end properties along the famed Las Vegas Strip.
High-Stakes Baccarat Fuels Record Revenue for Las Vegas Strip
According to insights provided by Wall Street analyst John DeCree, the Las Vegas Strip witnessed an unprecedented $905 million in gaming revenue in December alone, marking an 11.2% increase from the same period last year.
Baccarat, renowned for its popularity among high rollers and international visitors, played a significant role in achieving this milestone. The baccarat win soared to $218.7 million, representing a staggering 50.1% increase compared to previous figures.
Additionally, baccarat volume reached $839.5 million, the highest post-pandemic level, indicating a robust resurgence in high-stakes gaming.
DeCree emphasized that the notable performance of baccarat in November, coinciding with the inaugural Formula One race in Las Vegas, further solidifies the positive trend for upscale properties.
DeCree stated that the table win had been buoyed by a strong baccarat win and emphasized that the positive trends in baccarat for both months served as indicators of optimism for higher-end properties on the Las Vegas Strip.
Record Slot Wins and Local Market Surge Propel Las Vegas to Success
The momentum extended beyond baccarat, with slot win on the Las Vegas Strip hitting an all-time high of $446 million, marking a 10.1% year-over-year increase. Notably, despite a slight decrease in hold, the handle reached a remarkable $6.2 billion, setting a new precedent for the region.
Table win also experienced significant growth, increasing by 12.3% year over year, supported by a 5.5% rise in table drop.
In addition to the Strip’s success, the local market saw a boost in gaming revenue, largely attributed to the recent opening of the Durango Casino & Resort in southwest Las Vegas.
DeCree noted a 6.5% year-over-year increase in December gaming revenue for local casinos, with the Durango property playing a pivotal role in driving these figures.
The positive performance was not confined to gaming revenue alone. Visitation to Las Vegas saw a 2.7% increase year over year in December, culminating in an annual total of 40.8 million visitors, surpassing the previous year’s figures. Furthermore, average daily room rates on the Las Vegas Strip experienced a notable uptick, rising by 5.8% year over year in December and 12.3% for the entire year.
While the data signals a promising trajectory for the region, DeCree urged caution against drawing definitive conclusions from a single month’s figures. Nevertheless, the overarching sentiment remains optimistic, with analysts eagerly anticipating continued growth and prosperity for Las Vegas’s renowned hospitality and gaming industry.