Las Vegas' high-end gamblers have boosted the bottom line for casinos, which have been challenged in luring value-seeking customers, top executives of the Strip's three largest resort operators told attendees of the Global Gaming Expo (G2E).

That scenario played out in August. 

Without high-end baccarat play, the Strip's less-than 1 percent revenue increase during the month would have been an overall loss, according to the monthly revenue report released by the Gaming Control Board on Wednesday.

"The leisure customer is not as strong as it has been," Caesars Entertainment CEO Tom Reeg said during the G2E's keynote session at The Venetian Expo. Reeg was joined by MGM Resorts International CEO Bill Hornbuckle and Wynn Resorts CEO Craig Billings. 

Combined, the companies operate 18 Strip resorts catering to all market segments.

"We had a couple of summers here that were exceedingly strong," said Reeg, alluding to the years following the pandemic when the Strip produced record gaming revenue. "We've kind of gone back to the normal seasonality in Las Vegas. For those of us who lived through the days when we were 98 percent occupancy in the summer, it's jarring." 

Buoyed by $848.8 million in Strip baccarat wagering — a nearly 35 percent increase — the tables collected $155 million, an increase of 34 percent from August 2025. The Strip's overall increase to $684.1 million in revenue was matched by a less than 1 percent increase in slot machine revenue. Non-baccarat table game revenue was down more than 19 percent. In both areas, wagering was off between 3 percent and 4 percent.

Hornbuckle said the luxury segment on the Strip "continues to do exceptionally well." He said the convention business is up almost 11 percent through August. However, the company's leisure properties, such as Excalibur and Luxor, have had to adjust.

"Whether it's all-inclusive packaging like we do at Luxor or other things that other competitors have done, there is real value in Las Vegas," Hornbuckle said. But even as average hotel room rates have increased, he said "we're still 40 percent lower than New York."

Hornbuckle said Las Vegas was "still an incredible value," but the market didn't do a good job paying attention to the smaller details. 

"Do we have expenses that continue to creep in all things? Absolutely. And so when people talk about parking and resort fees and water, they're all part and parcel to a bigger mix," he said. "We have to be careful that we have to pay attention to that segment, or we're going to lose it."

Nevada gaming revenue statewide was a mixed bag, increasing 3.1 percent to almost $1.3 billion. The Las Vegas locals markets combined were up 9.5 percent to $261.1 million. Downtown's gaming revenue fell 3 percent to $61.5 million while Reno was up 15.7 percent to $79.4 million.

According to the Las Vegas Convention and Visitors Authority (LVCVA), the average daily hotel room rate on the Strip was $153.15 per night in August, down 11.4 percent from a year ago. However, for the first eight months of the year, the Strip's average daily room rate is $196.11, up 2 percent.

Billings said Wynn Las Vegas and Encore have avoided any issues from the challenged value-customer market. The company, which is building a $5.7 billion resort in the United Arab Emirates, has a different business model.

He said Wynn, which operates the Encore Boston Harbor and two resorts in Macau, has its eyes set on international growth.

"We will always focus on what's the most comfortable experience for the customer and where we can drive the highest possible [cash flow]," Billings said. "The reality is operating costs in Las Vegas are higher than they used to be, and so you really have to think about occupancy versus rate."

August declines for visitors and airport

Visitor volume to Las Vegas fell 4.3 percent to 3 million in August, due to a reduced number of special events and the absence of Labor Day weekend, which took place solely in September.

The LVCVA said visitation for the first eight months of 2026 is flat compared to the same period in 2025. However, the one bright spot was convention attendance, which was up 6 percent in August and 10.5 percent over eight months.

Meanwhile, Harry Reid International Airport suffered its 19th straight month of passenger declines in August. The airport has seen declines in 23 of the past 24 months.

More than 4.1 million passengers came through the airport during the month, a decline of 9.2 percent. The upside was a 3.9 percent increase in international passengers, the second straight monthly jump. Still, international passenger volume is down 7.1 percent through August, led by declines from the two largest air carriers from Canada — a 23.8 percent drop from WestJet and a 8.4 percent decline from Air Canada.

Also, Frontier Airlines has stepped in to pick up the passenger volume lost by the May closure of Spirit Airlines. Frontier increased its total by 35 percent in August and is up 19 percent for the year. Southwest Airlines, Reid's busiest air carrier, saw a 4.6 percent decrease in passenger volume in August and has seen a less than 1 percent decline in the year's first eight months.