The surge in baccarat volume has caught the attention of economists and industry experts, sparking optimism about the future of high-end properties on the Las Vegas Strip. According to Wall Street analyst John DeCree, the Las Vegas Strip saw a record-breaking $905 million in gaming revenue in December, marking an 11.2% increase from the previous year.
Baccarat, a game popular among high rollers and international visitors, played a significant role in achieving this milestone. The baccarat win soared to $218.7 million, a staggering 50.1% increase from previous figures. Baccarat volume also reached $839.5 million, the highest level since the pandemic, indicating a strong 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. He stated that the table win had been buoyed by a strong baccarat win, serving as an indicator of optimism for higher-end properties on the Las Vegas Strip.
The momentum extended beyond baccarat, with slot wins on the Las Vegas Strip reaching an all-time high of $446 million, a 10.1% increase from the previous year. Table win also experienced significant growth, increasing by 12.3% year over year.
The local market also 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.
Visitation to Las Vegas saw a 2.7% increase year over year in December, with an annual total of 40.8 million visitors, surpassing the previous year’s figures. Average daily room rates on the Las Vegas Strip also experienced a notable uptick, rising by 5.8% year over year in December and 12.3% for the entire year.
DeCree urged caution against drawing definitive conclusions from a single month’s figures, but the overarching sentiment remains optimistic. Analysts are eagerly anticipating continued growth and prosperity for Las Vegas’s renowned hospitality and gaming industry.