Betting News: Las Vegas Strip Casinos Seeing Upticks from Baccarat
Posted on: February 5, 2024, 10:10h.
Last updated on: February 5, 2024, 12:04h.
Las Vegas Strip casino hotels are cashing in on the popularity of baccarat, a game adored by upscale bettors and visitors from Asia-Pacific, resulting in a recent surge in gaming revenue. This game, which has an international following, has particularly benefited casinos on the Strip, with operators seeing a significant increase in profits from baccarat in the past year.
Nevada casinos reached record GGR figures in December, sparking excitement about the gaming industry’s prospects for the year ahead. Throughout 2023, baccarat played a pivotal role in driving up casino revenues, especially in international visitor hotspots like the Las Vegas Grand Prix. Last year, baccarat wins at Strip casinos totaled $218.7 million, indicating a strong uptrend in the game’s popularity.
Fueled by its enduring popularity in overseas markets, baccarat attracted a significant number of foreign visitors to the Las Vegas Strip last year. Big wins at baccarat tables kept Strip casinos afloat. The game saw a 22% increase in hold in 2023, up from 17% in 2022, showing a positive trajectory for the baccarat market.
With its origins dating back centuries, the game of baccarat has been a timeless card game that continues to bring players and dealers together. Its low house advantage makes it an attractive game for gamblers looking for a fair playtable experience, with the chance to win big. This game is synonymous with glamour and excitement, as showcased in popular movies, adding a touch of sophistication to the gaming scene in Las Vegas.
Baccarat Benefits Not Uniform on Strip
Due to their high minimums, baccarat tables tend to attract affluent bettors. This exclusivity has created a niche audience for baccarat, with Aria, Bellagio, Cosmopolitan, Caesars Palace, Wynn, and Encore being popular hangouts for high roller gamers.
CBRE analyst John DeCree noted, “Table win was buoyed by strong baccarat win of $219 million, solidly the best month since the pandemic and up 5.5% year over year. While there was a significant hold benefit of almost 400 basis points above the (trailing 12-month) average, baccarat volume of $993 million is still the post-pandemic high.”
DeCree’s report concluded, “Together, both months’ baccarat trends are positive indicators for higher-end properties on the Strip.”
Las Vegas hotels and casinos catering to high-end clientele experienced a notable increase in business during last year’s Las Vegas Grand Prix, while mid-tier integrated resorts seemed to see less benefit from baccarat compared to other popular casino table games like blackjack or roulette.
Other Las Vegas Tidbits
Despite the introduction of new venues, including the Fontainebleau Las Vegas, hotel occupancy levels remained steady. Las Vegas locals’ casinos further fueled the city’s record-breaking year, with the newest addition, Durango Casino & Resort, emerging as a major crowd-puller.