In a coupled quantum-dot–nanocavity system, the photoluminescence from an off-resonance cavity mode exhibits strong quantum correlations with the quantum-dot transitions, even though its autocorrelation function is classical. Using new pump-power dependent photon-correlation measurements, we demonstrate that this seemingly contradictory observation that has so far defied an explanation stems from cascaded cavity photon emission in transitions between excited multiexciton states. The mesoscopic nature of quantum-dot confinement ensures the presence of a quasicontinuum of excitonic transitions, part of which overlaps with the cavity resonance.