The light emission of transient laser-produced cavitation bubbles in water is investigated in a range of ambient pressures up to 5 bar and laser energies up to 30 mJ. At elevated pressures bubble luminescence can be increased more than two fold for bubbles created with the same laser energy, and up to almost an order of magnitude comparing bubbles of the same maximum radius. Both the conversion of large laser energies into mechanical energy of the bubble, and the conversion of mechanical energy into light are improved at higher pressure.