The over $72 million per year Casinos in Nevada

I am shocked to see Palace Station on the list when the Trop is not. Only thing I know that place for is where OJ just tried to get his stolen stuff back. Is it big with the locals?

Quote: Boz

I am shocked to see Palace Station on the list when the Trop is not. Only thing I know that place for is where OJ just tried to get his stolen stuff back. Is it big with the locals?

Sometimes you can dig out the financial reports from each institution. But I am sure that Tropicana and Hard Rock are so well known that you would assume that they would make the list.

We forget sometimes how many casinos are in Nevada and how many ways the pot is split. In Pennsylvania the smallest full size casino is "Presque Isle" in a ractrack in frigid Erie Pennsylvania. They made $71 million in slot machine revenue only in the last 6 months of 2012.

On the other hand, a place like the Palace Station with 1000 rooms and where Mexican food is an exotic selection, is very popular with locals having operated since 1976. It's those retired people and their slot machines.

Food and Beverage at Palace:
Cabo - This restaurant serves Mexican specialties like freshly made salsa, guacamole, and flour tortillas for lunch and dinner.
Food Express - This restaurant serves Chinese cuisine including traditional favorites and gourmet specialties. Lunch, dinner and drinks are served.
Jack's Irish Pub - Irish pub fare is served from early morning to late evening.
---
Starbucks - Gte coffee from early morning to late evening.
Subway - Get sandwiches from mid-morning to late evening.
----
Trackside Bar - Near the race-and-sports book, this spot is open 24 hours.
Trax Bar - Adjacent to Sound Trax, this spot is open 24 hours.

Here is the complete list in table format for over $72 million gaming revenue casino licenses in FY2012 for all of Nevada

These 40 casinos clear over $7 billion in gaming of the over $10.8 billion net for the entire state. There are 256 casinos that make over $1 million apiece.

	Las Vegas Strip		Boulder Strip & Henderson
	MGM Resorts Inc	24	BOULDER STATION HOTEL & CASINO
1	ARIA RESORT & CASINO	25	GREEN VALLEY RANCH STATION CASINO
2	BELLAGIO	26	SUNSET STATION HOTEL & CASINO
3	EXCALIBUR HOTEL AND CASINO	27	SAM'S TOWN HOTEL & GAMBLING HALL
4	MANDALAY BAY RESORT & CASINO	28	M RESORT SPA AND CASINO, THE
5	MGM GRAND HOTEL/CASINO		Outside City Limits of Las Vegas
6	MIRAGE, THE	29	ORLEANS HOTEL AND CASINO
7	MONTE CARLO RESORT & CASINO	30	RED ROCK CASINO RESORT SPA
8	NEW YORK - NEW YORK HOTEL & CASINO	31	SOUTH POINT HOTEL AND CASINO
9	LUXOR HOTEL AND CASINO		Inside City Limits of Las Vegas
	Ceasars Inc	->	PALACE STATION HOTEL (in City of LV)
10	CAESARS PALACE	32	GOLDEN NUGGET (in City of LV)
11	BALLY'S LAS VEGAS	33	SUNCOAST HOTEL (in City of LV)
12	FLAMINGO LAS VEGAS/O'SHEAS	34	SANTA FE STATION HOTEL (in City of LV)
13	HARRAH'S CASINO HOTEL LAS VEGAS		Laughlin
14	PARIS LAS VEGAS	35	AQUARIUS CASINO HOTEL LAUGHLIN
15	PLANET HOLLYWOOD RESORT & CASINO	36	HARRAH'S CASINO HOTEL LAUGHLIN
16	RIO SUITE HOTEL & CASINO	37	RIVERSIDE RESORT & CASINO
	Other Corporations		Reno
17	GOLD COAST HOTEL AND CASINO	38	ATLANTIS CASINO RESORT
18	COSMOPOLITAN	39	PEPPERMILL HOTEL & CASINO
19	PALMS CASINO RESORT		South Shore Lake Tahoe
20	TREASURE ISLAND	40	HARVEYS RESORT HOTEL/CASINO
21	VENETIAN CASINO RESORT		North Las Vegas
22	WYNN LAS VEGAS		zero
23	PALACE STATION HOTEL (in City of LV)	<-

Two casinos that came off the list in 2012 were
HARRAH'S CASINO HOTEL RENO (leaving only Atlantis and Peppermill
CANNERY NORTH LAS VEGAS (leaving no casinos in North Las Vegas

AQUARIUS in Laughlin returned to the list after a one year absence. The first casino in 5 years to fall off and return in a later year.

Quote: iluvdisco33

Is that Cabo restaurant the same as the one at Redrock, because the one time I ate there with my brother we both had the runs all that night.

Yes. Both casinos belong to Station casinos. Stations owns the majority of the casinos that make eover $72 million apiece, that are outside of the Strip.

Palace Station, being much older than the other local casinos, is classified as a Strip Casino by the NGC.

1) flag that idiot spammer in post above!
Edit: nevermind.. idiot spammer and his post removed

2) $72 million gaming revenue casino licenses?

whats the difference between a $72M license and one less than that?
why such an odd #?

Quote: 100xOdds

2) $72 million gaming revenue casino licenses?
whats the difference between a $72M license and one less than that? why such an odd #?

If you really want to know why such an unusual number I'm sure our much-valued and much-trusted authority(Paco) will post the answer. I think, as with many things bureaucratic, there was originally not much rhyme or reason to it but once started it simply continued.

Quote: 100xOdds

1) flag that idiot spammer in post above!

2) $72 million gaming revenue casino licenses?

whats the difference between a $72M license and one less than that?
why such an odd #?

The Nevada Gaming Control Board sets thresholds at $1 M, $12M, $36M, $72M . They have used these exact thresholds for more than 20 years. As each casino breaks one of these thresholds various regulations change, primarily with how much cash they must legally keep "on hand" in the casino to cover winners.

While most states report earnings to the dollar (and in Pennsylvania's case to the penny) for each casino that gets a license, Nevada has a state law about revealing detailed information about revenue and earnings. But people want to know information about how well penny machines are doing, blackjack tables, food, beverage sales, room rates, etc. They also want it for specific geographic areas, and for levels of casino action. That way they can assess how any given market is doing.

So the NGC puts out tons of statistical information about casinos in a category (i.e. casinos on the strip that earn between $36 and $72 million). But they are forbidden by law to identify the given casinos in a group.

I figured out how to crack the code and identify the casinos in some groups. That way you can see that while Hard Rock Casino has it's expensive restaurants, and it's ultra pricey makeover of the casino, it still has never cracked $72 million in a year. Even their high profile attempt to bring in the mid-high level Asian baccarat player went bust.

Annually, profit and loss information is released. Surprisingly the $36 - $72 million casinos are more profitable than the over $72 million casinos.

Of course, there is very little difference between a casino that makes $73M a year, and one that makes $71M a year. You can also argue with a police officer that there is very difference between driving at 60 mph and 54 mph, but the police officer doesn't care. If Nevada changes it's laws so you have detailed information on each casino these groupings will be meaningless. But the state is unlikely to change it's laws now after 80 years.

I imagine that somewhere in the late 80's, the number $72 million was a convenient number to divide the new mega casinos (starting with the Mirage) from the rest of the pack. They could have used $100 million, but I am guessing that there was a bunch of casinos between $72 million and $100 million.

One has to have a reasonable number of businesses before you can release statistical information. You can give the average earnings in all sorts of categories for casinos that earned over $72 million on the Vegas Strip. That is because there are 23 such casinos. You can't give average earnings for casinos in Reno/Sparks that earned over $72 million because there are only 2 such casinos. So instead they release statistical information for casinos earning over $36 million in Reno/Sparks (there are 6 such casinos).

It's the same way with the Census Bureau. They can't release the average net worth of African Americans in the town of Aryan-Borough if there are only 4 black people. It is too easy to find those people.

thx Paco!

Wow!! Paco, thanks for the detailed and informative answer. Is it possible that the seemingly arbitrary levels were set up originally by the NGC as follows:

1 million (or less)-- small casino not worth much regulatory attention
12M- this = 1 million a month
36M- this = 3 million a month
72M- this = 6 million a month

I assume the casinos file monthly reports...if so did the regulators use monthly numbers which add up to the seemingly random 1M, 12M, 36M, 72M?

Just curious where they got the levels from. But as with all things government there may be no good reason.

Quote: pacomartin

It's the same way with the Census Bureau. They can't release the average net worth of African Americans in the town of Aryan-Borough if there are only 4 black people. It is too easy to find those people.

I got a chuckle out of Aryan-Borough. Probably similar to Forsyth County (northern end of Atlanta metro; currently the 30th-richest county in the US); Oprah did a show on the county and that only 1 black family lived there in 1988. Crazy.

Quote: vendman1

Wow!! Paco, thanks for the detailed and informative answer. Is it possible that the seemingly arbitrary levels were set up originally by the NGC as follows:

1 million (or less)-- small casino not worth much regulatory attention
12M- this = 1 million a month
36M- this = 3 million a month
72M- this = 6 million a month

I assume the casinos file monthly reports...if so did the regulators use monthly numbers which add up to the seemingly random 1M, 12M, 36M, 72M?

Just curious where they got the levels from. But as with all things government there may be no good reason.

I would think this is likely. And yes, thanks Paco. This stuff is very interesting to me as well.

Any regulation that includes a dollar value should be indexed to inflation...I'm sure there are some exceptions but I can't believe this isn't the standard rule going forward!

That would be the smart thing, but for how long did the FDIC insure accounts up to $100,000 until they increased the amounts during the Bush administration?

Quote: Boz

I am shocked to see ...

That is the important point to be made. There are a great many casinos they are fairly close to each other and although they do use "loyalty cards" that is not much of an incentive so the real significance is: who is making more money than they "should" be making?

Per slot machine, per square foot, per parking space, per hotel room, .... per whatever: who is at the top and who is at the bottom?

Oh, I don't mean to compare Terribles and Venetian... what I mean is that for comparable properties, who is doing real well?

Quote: FleaStiff

Per slot machine, per square foot, per parking space, per hotel room, .... per whatever: who is at the top and who is at the bottom?

Every state with legalized gambling publishes detailed reports about how each casino is doing. In Nevada it is against the law. It's much harder to figure out details like that.

The "over $72 million" casinos (gaming income) are counted in the Abstract released once a year (January 10, 2014 was last release). They counted 23 casinos on the Vegas Strip (the same as last year). Tropicana, and Hard Rock still do not qualify, despite spending tens of millions of dollars in improvements.

1. ARIA RESORT & CASINO
2. BELLAGIO
3. EXCALIBUR HOTEL AND CASINO
4. LUXOR HOTEL AND CASINO
5. MANDALAY BAY RESORT & CASINO
6. MGM GRAND HOTEL/CASINO
7. MIRAGE, THE
8. MONTE CARLO RESORT & CASINO
9. NEW YORK - NEW YORK HOTEL & CASINO
   =======
10. BALLY'S LAS VEGAS
11. CAESARS PALACE
12. FLAMINGO LAS VEGAS
13. HARRAH'S CASINO HOTEL LAS VEGAS
14. PARIS LAS VEGAS
15. PLANET HOLLYWOOD RESORT & CASINO
16. RIO ALL-SUITE HOTEL & CASINO
    =======
17. COSMOPOLITAN OF LAS VEGAS, THE
18. GOLD COAST HOTEL AND CASINO
19. PALACE STATION HOTEL & CASINO
20. PALMS CASINO RESORT
21. TREASURE ISLAND
22. VENETIAN RESORT HOTEL CASINO/PALAZZO RES
23. WYNN LAS VEGAS

Quote: pacomartin

Here is the complete list in table format for over $72 million gaming revenue casino licenses in FY2012 for all of Nevada

	Las Vegas Strip		Boulder Strip & Henderson
	MGM Resorts Inc	24	BOULDER STATION HOTEL & CASINO
1	ARIA RESORT & CASINO	25	GREEN VALLEY RANCH STATION CASINO
2	BELLAGIO	26	SUNSET STATION HOTEL & CASINO
3	EXCALIBUR HOTEL AND CASINO	27	SAM'S TOWN HOTEL & GAMBLING HALL
4	MANDALAY BAY RESORT & CASINO	28	M RESORT SPA AND CASINO, THE
5	MGM GRAND HOTEL/CASINO		Outside City Limits of Las Vegas
6	MIRAGE, THE	29	ORLEANS HOTEL AND CASINO
7	MONTE CARLO RESORT & CASINO	30	RED ROCK CASINO RESORT SPA
8	NEW YORK - NEW YORK HOTEL & CASINO	31	SOUTH POINT HOTEL AND CASINO
9	LUXOR HOTEL AND CASINO		Inside City Limits of Las Vegas
	Ceasars Inc	->	PALACE STATION HOTEL (in City of LV)
10	CAESARS PALACE	32	GOLDEN NUGGET (in City of LV)
11	BALLY'S LAS VEGAS	33	SUNCOAST HOTEL (in City of LV)
12	FLAMINGO LAS VEGAS/O'SHEAS	34	SANTA FE STATION HOTEL (in City of LV)
13	HARRAH'S CASINO HOTEL LAS VEGAS		Laughlin
14	PARIS LAS VEGAS	35	AQUARIUS CASINO HOTEL LAUGHLIN
15	PLANET HOLLYWOOD RESORT & CASINO	36	HARRAH'S CASINO HOTEL LAUGHLIN
16	RIO SUITE HOTEL & CASINO	37	RIVERSIDE RESORT & CASINO
	Other Corporations		Reno
17	GOLD COAST HOTEL AND CASINO	38	ATLANTIS CASINO RESORT
18	COSMOPOLITAN	39	PEPPERMILL HOTEL & CASINO
19	PALMS CASINO RESORT		South Shore Lake Tahoe
20	TREASURE ISLAND	40	HARVEYS RESORT HOTEL/CASINO
21	VENETIAN CASINO RESORT		North Las Vegas
22	WYNN LAS VEGAS		zero
23	PALACE STATION HOTEL (in City of LV)	<-

The abstract was published for 2014. The count is still 23 casinos on the strip and 40 casinos in the entire state that made over $72 million in gaming.

It is possible that they are not the exact same 40 casinos, but the information that reveals the names has not been released. I don't think anything radical happened.

Of the 40 casinos over $72 million non gaming revenue is up 5.17% while gaming revenue is up 3.30%.
Of the remaining casinos statewide over $1 million non gaming revenue is up 1.75% while gaming revenue is up 0.12%.
Of the strip casinos over $1 million non gaming revenue is up 5.39% while gaming revenue is up 4.21%.

The state is still nowhere near it's pre recession peak.

What do you think about the new investment going into the strip? Like SLS Las Vegas Hotel & Casino, Crown Resorts and Genting ! Is it crazy based on this modest recovery?

What about?

Thanks for posting this.

I guess the information isn't publicly available, but I would love to see a ranking of all Las Vegas casinos based on gaming revenue. I don't think I've seen anything for the lower end of revenue.

I forgot about FountainBleu:
http://en.wikipedia.org/wiki/Fontainebleau_Resort_Las_Vegas

"In October 2010, Icahn auctioned off the furnishings previously intended for the building. For example, the Plaza Hotel & Casino in Downtown Las Vegas bought rugs, furniture and mattresses from the sale and used them in a refurbishment that was completed in late 2011. Future plans for the hotel project have not yet been disclosed to the public.[14]

The 68-story Fontainebleau Vegas is described in court papers as essentially a tear-down: valuable for its land on the north end of the Strip, but burdened by a five-year-old (as of 13 November 2013), unfinished tower that Icahn may demolish.[15]"


I am still shocked that SLS actually completed seeing how poorly FountainBleu and Echelon projects went.


edit:
While I'm at it, here's an update to the structurally unsound Harmon Hotel at MGM's City Center:
http://en.wikipedia.org/wiki/The_Harmon

"On July 11, 2011 a report was released by Weidlinger Associates, an engineering firm hired by MGM Resorts International. This report indicated that the building was likely to collapse in a major earthquake and that a determination of possible repairs would take at least a year.[14] On August 15, 2011 MGM announced plans to implode the building.[15]

The hotel's demolition was approved by a judge in August 2013, as the building represented a threat to public safety due to the risk of collapse in an earthquake.[16] Dismantling of the hotel began in June 2014 and is expected to last throughout 2015.[17] The dismantling is expected to cost $11.5 million.[18]"


I assume MGM won their lawsuits vs the construction company?

I would love to know how the construction company messed up installing rebar?!
it's not exactly rocket science. put up rebar. pour concrete over rebar.
and the rebar is only tied together with tie-wire! (Think chicken wire.) Just enough so that it doesn't come apart when the concrete is poured.
(this is for a 10story building. for a 40story building like the Harmon, it might be different?)

Quote: 100xOdds

I would love to know how the construction company messed up installing rebar?!
it's not exactly rocket science. put up rebar. pour concrete over rebar.
and the rebar is only tied together with tie-wire! (Think chicken wire.) Just enough so that it doesn't come apart when the concrete is poured.
(this is for a 10story building. for a 40story building like the Harmon, it might be different?)

It's amazing the stuff contractors can mess up. Here's a similar case from Seattle. Corroded tension cables! Wooo!

Quote: 100xOdds

I would love to know how the construction company messed up installing rebar?!

The placement of rebar in a concrete slab is critical. This is done with rebar chairs. The print will spell out the exact location. There will be so much coverage above and below concrete. The overlap of rebar is of equal importance. It is usually 36 times the diameter of the steel. Some jobs require that the overlap be welded. These things (and others) should trigger a failed slab inspection prior to placement. Why this didnt happen is scary.

$365,358,367 Harrah's 2.50%
$330,612,924 Caesars (1.7%)
$32,807,400 Caesars Interactive NJ
$224,898,123 Bally's (8.0%)
$953,676,814 <-----

$687,265,044 Borgata 10.7%
$297,201,629 Tropicana 29.9%
$185,595,110 Golden Nugget 48.4%
$139,389,834 Resorts 6.6%

$215,862,922 Trump Taj Mahal (16.9%)
$7,216,885 Trump Plaza (Internet)

$2,486,208,238 Total: Current Operators (a) 7.8%
$255,919,470 Discontinued Operators (b)
$2,742,127,708 Total: Industry (4.5%)

Quote: Coastal

I guess the information isn't publicly available, but I would love to see a ranking of all Las Vegas casinos based on gaming revenue. I don't think I've seen anything for the lower end of revenue.

Nevada is the only state that keeps that information strictly confidential. It is illegal for them to release it to the public. I wrote to the chief statistician for the NGC and asked him about a strange discrepancy in the numbers. He wrote back and asked me where I got that information as he thought someone released it to me. I told him I figured it out. They can't even tell you which casinos are in the the "over $72 million " category.

Quote: mdh

Quote: 100xOdds

I would love to know how the construction company messed up installing rebar?!

... These things (and others) should trigger a failed slab inspection prior to placement. Why this didnt happen is scary.

I recall seeing some photos of the problems, though I don't recall where they were shown. The one that really caught my eye was a reinforced concrete beam. It appeared that the rebar had been positioned inside a box form (mold) that the concrete was poured into in place. The photo showed that the form had not been completely filled with concrete, that the beam was incomplete, and that significant portions of the rebar were exposed after the form was removed.

Yes, getting concrete to flow into a form can be difficult, and they typically use vibrators on the forms to get the concrete to flow and fill everywhere. After this beam (and perhaps many others) was improperly formed, it should have been removed and re-formed. Inspectors either failed to notice this, or perhaps they never performed the inspection, or perhaps someone was "persueded" not to report the problem.

Quote: Doc

Yes, getting concrete to flow into a form can be difficult, and they typically use vibrators on the forms to get the concrete to flow and fill everywhere. After this beam (and perhaps many others) was improperly formed, it should have been removed and re-formed. Inspectors either failed to notice this, or perhaps they never performed the inspection, or perhaps someone was "persueded" not to report the problem.

You have to admit that you never hear about this problem in major construction. It was convenient to have this problem in a hotel that would have been extremely expensive to operate, and it was nice to be able to blame in on shoddy construction.

I think the construction error I saw photographed was much more extreme than the one in the photo that pacomartin provided. That one looks almost as if it was an after-the-fact inspection of the internal rebar, but I don't know.

Quote: Doc

I think the construction error I saw photographed was much more extreme than the one in the photo that pacomartin provided. That one looks almost as if it was an after-the-fact inspection of the internal rebar, but I don't know.

Yes, I agree.

I understand what you're describing, and that isn't it. That concrete has been cut away in careful sections.

Quote: AcesAndEights

Yes, I agree.

I understand what you're describing, and that isn't it. That concrete has been cut away in careful sections.

Yes, it does look as tho they are checking to see the location of the steel in relation to edges or face of the column.

Quote: Doc

Quote: mdh

Quote: 100xOdds

I would love to know how the construction company messed up installing rebar?!

... These things (and others) should trigger a failed slab inspection prior to placement. Why this didnt happen is scary.

I recall seeing some photos of the problems, though I don't recall where they were shown. The one that really caught my eye was a reinforced concrete beam. It appeared that the rebar had been positioned inside a box form (mold) that the concrete was poured into in place. The photo showed that the form had not been completely filled with concrete, that the beam was incomplete, and that significant portions of the rebar were exposed after the form was removed.

Yes, getting concrete to flow into a form can be difficult, and they typically use vibrators on the forms to get the concrete to flow and fill everywhere. After this beam (and perhaps many others) was improperly formed, it should have been removed and re-formed. Inspectors either failed to notice this, or perhaps they never performed the inspection, or perhaps someone was "persueded" not to report the problem.

Too much water in the mix can kill the strength of concrete. Pouring too dry is not good either. The concrete wont wrap around the steel like it should , even with a vibrator. Plastisizer(spelling) is an additive that is used in the mix. It will let you pour the concrete at a 5 or 6 inch slump verses a drier slump. This will usually prevent cold joints also (the hardening of concrete before another load can be placed next to or on top of).

Quote: mdh

Quote: 100xOdds

I would love to know how the construction company messed up installing rebar?!

The placement of rebar in a concrete slab is critical. This is done with rebar chairs. The print will spell out the exact location. There will be so much coverage above and below concrete. The overlap of rebar is of equal importance. It is usually 36 times the diameter of the steel. Some jobs require that the overlap be welded. These things (and others) should trigger a failed slab inspection prior to placement. Why this didnt happen is scary.

I'm a plumbing inspector here in Austin.
I don't know how it's done in Vegas. But here in Austin our building inspectors don't inspect concrete. They require a letter from a PE (Professional Engineer). That's all. I guess one would hope that somebody from that engineering firm inspects the rebar before it is poured.

Took a photo of its death last month. Foster is on a bad track in the US the past few years.

That's a great photo, km! Thanks for posting it. Too bad it's foggy; it would make a great puzzle otherwise, but the fog adds a lot to the actual melancholy and forlorn aspect of the building's death.