High-end baccarat results may be masking what’s really happening in Las Vegas.

Triple-digit revenue totals from a game associated with a handful of Strip casinos and known for its pendulum-like win-loss swings carried the Strip to better than 5 percent revenue jumps in July and August, according to the Gaming Control Board. 

Casinos held unusual highs of 17.5 percent of all baccarat bets in July and 18.5 percent in August. A year ago, the hold percentages were 8.8 percent in July and 10.5 percent in August.

All other Strip economic metrics used to gauge profitability are down through the first eight months of 2025. Casting aside casino totals, analysts are concerned about an 8 percent decline in visitation, a 4.5 percent drop in airline passengers and a 9 percent decrease in revenue per available room (RevPar).

“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,” Macquarie Securities gaming analyst Chad Beynon noted last week.