The Short Take:
- One way to look at a casino’s revenue and profitability is to look at the average daily wins per slot machine and gaming table
- Las Vegas Sands had a daily win per slot machine during Q3 2018 of $351 at its Las Vegas casinos while Wynn’s was $334
- Wynn conquered the daily win per gaming table with $4,003 in wins per table per day in Vegas in Q3 while LVS won $3,489 on average per day for each table in its Vegas casinos
With the third quarter financial reports for Las Vegas Sands (LVS) and Wynn Resorts (WYNN) in the rearview mirror we decided to take a look at some of the casino stats for each companies’ Las Vegas properties.
One way to look at a casino’s slot business is to see how much the casino wins per machine per day. Both LVS and WYNN report these stats in their quarterly filings. In the third quarter, LVS won a daily average of $351 per slot machine per day at its two Las Vegas Strip casinos, Venetian and Palazzo. Wynn’s average daily win per machine was a bit less, coming in at $334. In fact, over the last five quarters, LVS had a higher average daily win per machine in four quarters.
On a year-over-year basis, LVS’ average win per machine per day increased from $306 in the third quarter of 2017, or a YoY gain of 14.7%. On the other hand, the win per day fell 4.6% YoY for WYNN, dropping from $350 in the same quarter last year.
Las Vegas Sands and Wynn Resorts have almost the identical number of slot machines in Las Vegas. In the third quarter, LVS had 1,833 slot machines in its Vegas casinos. WYNN’s two Strip casinos, Wynn and Encore, had a combined 1,823 machines.
For table games, we can look at a similar statistic: the average win per gaming table per day. This includes gaming tables on the main casino floor. It excludes poker tables.
In Q3 2018, WYNN beat out LVS in Las Vegas daily per unit gaming table wins. Also, over each of the last five quarters WYNN’s daily wins beat out LVS. In Q3, WYNN had a daily average of $4,003 of wins per gaming table per day. The win at LVS was significantly lower, coming in at $3,489.
On a year-over-year basis, WYNN saw a pretty significant drop. Last year, in Q3 2017, the average daily win per table at WYNN was $6.065. This represents a YoY drop of 34.0% this year. On the other hand, LVS saw a YoY increase of 9.3%, rising from last year’s Q3 daily win per gaming table of $3,193.
Like slot machines, WYNN and LVS have almost the exact same number of table games in Las Vegas. Las Vegas Sands’ two casinos have a combined 232 tables. Wynn and Encore have a combined 235 tables.
Of course, looking at the average daily unit win for slot machines and table games is just one small way to look at a casinos’ revenue and profitability, but for investors, and the casual gambler, it is an interesting insight into the underbelly of a casino.