Baccarat—a game most Americans have never played—generates more gaming revenue than any other table game in Las Vegas. This paradox reflects the transformative influence of Asian high rollers on American casino economics.

The Rise of Baccarat

Once a niche game for European aristocrats, baccarat became dominant as Asian gaming markets expanded. The game's appeal lies in its simplicity (only two decisions: player or banker), its low house edge (under 1.1%), and its accommodation of cultural rituals like card squeezing.

The Card Squeezing Ritual

In baccarat, high rollers slowly bend and squeeze the cards to reveal their values—a ritual that builds tension and provides an illusion of control. Casinos accommodate this practice despite the cost of constantly replacing cards, recognizing its importance to their best customers.

The Macau Connection

As Macau's gaming revenue eclipsed Las Vegas, a feedback loop developed. Wealthy Asian players traveled to both destinations, and operators learned to cater to their preferences: baccarat tables, feng shui-compliant room layouts, and culturally appropriate hospitality.

Revenue Concentration

The result is extreme revenue concentration. A handful of Asian whales can represent the majority of baccarat revenue, and baccarat can represent the majority of high-end gaming revenue. This volatility makes quarterly earnings unpredictable but overall economics favorable.