The University of Las Vegas found that the 23 Vegas casinos bringing in over $72 million each in the 2013 fiscal year ended up with over $5 billion of their visitors’ money, altogether. That’s an average of over $630,000 a day, per casino.
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- Which Casino In Vegas Makes The Most Money
Steve Wynn has been called the 'unofficial king of Las Vegas.' But these days, his business empire draws most of its riches from China.
The billionaire gaming magnate developed towering resorts such as the Bellagio, Treasure Island and Mirage, changing the face of the fabled Las Vegas Strip. In the most recent financial quarter, though, his company's businesses in the city generated less than a quarter of its total revenue.
The vast majority came from Macau, a tiny former Portuguese colony that's currently the only place in China where gambling is legal.
Wynn, the 76-year-old founder and CEO of Wynn Resorts(WYNN), now stands accused of sexual misconduct in a detailed investigation by the Wall Street Journal. The board of directors of his company has formed a special committee to investigate the allegations, which Wynn has denied.
For decades, the mogul has been a major figure in the world of gambling.
'Wynn was the first one [to build casinos where] when you walked in you had restaurants there. You had all kinds of shows,' said Richard McGowan, a Boston College professor who studies the gambling industry. 'He's the one who really turned it into total entertainment.'
Chinese high rollers
After reshaping Las Vegas in the 1990s, Wynn set his sights on the even bigger prize of the massive wealth being created by China's rapid economic rise.
Macau's gambling revenues overtook those of Las Vegas more than a decade ago. And Wynn made sure he was along for the ride.
'I was involved at the inception here,' he said in an interview with CNNMoney in Macau in 2016.
His company managed to secure one of the handful of casino licenses in the Chinese territory, opening its first resort there in 2006. An even bigger one, Wynn Palace, followed in 2016. Together they hold more than 700,000 square feet of casino space -- and the company is planning to expand that further.
Wynn Resorts latest earnings show how much it now relies on Chinese gamblers. Of the company's $1.7 billion in revenue in the last quarter of 2017, more than $1.3 billion came from Macau. While Wynn's business in Las Vegas declined slightly from a year earlier, in Macau it surged more than 40%.
It's not yet clear how the allegations against Wynn could affect his company's Asian business. The Hong Kong-listed shares of Wynn Macau(WYNMF), most of which are owned by Wynn Resorts, sank 6.5% on Monday. That followed a 10% plunge in the parent company's shares on Friday in the United States.
Wendy Wong, a spokeswoman for Macau's Gaming Inspection and Coordination Bureau, told CNNMoney on Monday that it has no plans to revoke Wynn Macau's license, which expires in 2022. But she said it hasn't decided yet whether to conduct an investigation into the allegations against Wynn.
Wynn Macau declined to comment beyond referring CNNMoney to statements on the matter by Wynn Resorts and Wynn himself, who is chairman and CEO of the Macau unit.
With Macau dominating its business, Wynn Resorts no longer controls many of the iconic properties the mogul developed in Las Vegas. It sold Mirage Resorts, which owned the Bellagio, Treasure Island and Mirage, to MGM Grand in 2000. Wynn Resorts still owns and operates Wynn Las Vegas and Encore in the city.
The company is also developing Wynn Boston Harbor in Everett, Massachusetts. The $2.1 billion project is scheduled to open in 2019, but following the allegations against Wynn, the state gaming regulator has said it is reviewing the license it issued.
From bingo to the Bellagio
Wynn's empire building has made him an extraordinarily rich man.
He's now worth $3.5 billion, according to Forbes. Wynn Resorts went public in 2002, and now has a market cap of more than $17 billion. Wynn has an 11.8% stake, according to the company's most recent SEC filings.
The tycoon is also handsomely paid for his work as CEO. His total compensation for 2016 came to $28.2 million. And over the past five years of reported income, his total compensation came to $111.6 million.
Wynn first entered the world of gambling when he took over his father's bingo parlors in Maryland. He moved to Las Vegas in 1967 with a stake in the Frontier Hotel, followed by a short stint as the owner of a wine and liquor distributor, Wynn said in a 2014 interview with the Hoover Institution's Peter Robinson.
Things picked up when Wynn scored a lucrative land deal via business mogul Howard Hughes. He parlayed that money into an investment in the Golden Nugget Casino.
Wynn's success in transforming the Golden Nugget into an elegant destination led to a string of new projects, each one increasingly opulent.
'Wynn is known for setting a standard -- very luxurious facilities that really set the bar for the industry very high,' said Clyde Barrow, a professor at the University of Texas, Rio Grande Valley, who specializes in gambling policy.
The Mirage, Wynn's first major casino on the Vegas Strip, opened in 1989. He then opened Treasure Island in 1993, and the Bellagio in 1998.
'Before the 1990s, what we now think of as the Strip basically didn't exist,' Barrow said.
Wynn brought Siegfried and Roy's magic act to the Mirage and installed fine art and a famous fountain show at the Bellagio.
Succession plan?
In its current form, the company remains centered around its founder.
'He's the one that's innovative,' McGowan said.
Hong Kong-based gambling analysts at investment firm Bernstein said they think Wynn's leadership 'would be extraordinarily difficult to replace if he were to step down.'
'There does not seem to be any clear succession plan at the company,' they wrote in a research note Monday. 'And without Mr. Wynn's guiding hand, the ability to ... limit the collateral damage from infighting that may evolve out of any Steve Wynn departure is very difficult to predict.'
-- Sherisse Pham, Chris Isidore and Qiaoqiao Yu contributed to this report.
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Caesars Palace is a casino known as a destination for high rollers, in no small part because it keeps popping up in movies playing that part. This is a place with plenty of high limit games, so come prepared to spend some money. Poker players can enjoy a large room that offers a daily tournament schedule. A race and sports book give players a vast array of games to watch and bet on, plus private booths with their own individual screens. Numerous restaurants, an A-list of entertainers and an upscale shopping mall are also on the grounds of the hotel, in case you decide to give Lady Luck a break for a while.
Recommended for Casinos because: Caesars Palace has an upscale reputation as a high-limits casino but players will find a wide selection of games.
Terrisa's expert tip: The poker room at Caesars Palace was recently relocated and now offers players 4,500 square-foot poker room featuring Pai Gow, Texas Hold'em, Let it Ride and Three Card Poker.
The El Cortez in Downtown Las Vegas has been around for decades, long before mega-sized casinos and ATM machines. The property's history includes Ben 'Bugsy' Siegel, who was once a partial owner. Today the vintage casino attracts patrons who want to experience what's left of Old Vegas. Gamblers will find a large selection of low-limits games, a casual atmosphere, and a large supply of colorful customers who keep the vibe authentic. Perhaps most notably, gamblers can also find single and double deck blackjack. Las Vegas got its start Downtown, thanks to places like the El Cortez. Today, it's still a reason to make the trip to Fremont Street.
Recommended for Casinos because: The El Cortez gives players a taste of 'Old Vegas' with its vintage ambiance, low-limit machines and single and double deck blackjack.
Terrisa's expert tip: If you miss the clinking and clanking of coin-operated machines, El Cortez has an abundance of old-school style penny and nickel machines along with plenty of modern games with tickets.
South Point's location on the far end of Las Vegas Boulevard means it's not considered a part of the Strip, which is a bonus for visitors looking for less glitzy options. The casino has a large local customer base, which many believe means better odds. The casino offers a wealth of machine play, with over 2,200 slot and poker machines. The casino floor holds over 60 table games, including all the standards as well as some newer games like Progressive Fortune Pai-Gow Poker, No Commission Baccarat and Three Card Poker. A non-smoking poker room, bingo room and a race and sports book round out the gaming options here.
Recommended for Casinos because: With over 2,200 slot and poker machines, South Point's casino is a great choice for players who prefer machine play.
Terrisa's expert tip: The South Point's Arena and Equestrian Center hosts events throughout the year, with an emphasis on horse-related shows and events. Check the website for a listing of coming attractions.
This beautiful resort on the far west side of the city is one of those Vegas casinos that attracts both locals and tourists. Boasting thousands of slot/video poker machines and table games including blackjack, baccarat, craps, poker and roulette, the casino at Red Rock Resort is sure to have everyone's favorite game. There's even a 610-seat bingo hall (with a non-smoking section) and a keno lounge. Non-smokers can also enjoy a game of poker in Red Rock Resort's smoke-free poker room. A private high-limit room is available for high rollers, a mobile app is available for wagering and there's a 206-seat race and sports book with a 96-foot video wall for sports fans to watch and bet on all the latest games.
Recommended for Casinos because: The casino at Red Rock Resort has the typical casino games but also bingo and keno, which aren't offered in all casinos.
Terrisa's expert tip: When you need a break from the tables, the Red Rock has plenty of non-gambling things to do, like bowling and movie theaters, plus they have great restaurants.
Bellagio Las Vegas is a luxury property with an Italian-ish theme, but that only scratches the surface of this iconic Vegas hotel and casino. The atmosphere here is perhaps the biggest reason to stop in and check out the casino, with its high-class attitude and well-kept decor. Notably, Bellagio has a 7,000 square-foot poker room with two high-limit areas. On the casino floor, you'll find a race and sports book, table games like Pai Gow, craps, baccarat and slots. The classy, slightly less-smoky casino wins points from many players. The upscale clientele and a large selection of high-limits games attract gamblers looking for a more refined Vegas casino experience.
Recommended for Casinos because: The Bellagio's casino has an upscale feel with plenty of games, a sports book and a large poker room with two high-limit areas.
Terrisa's expert tip: If you're looking for the well-known, high-limit 'Bobby's Room' poker area, it's been renamed to the Legends Room. This smoke-free area includes tableside dining and a full-service cashier cage.
Just as you'd expect from a classic Las Vegas casino, The Mirage has the full array of expected games: blackjack, Baccarat, craps, roulette, a variety of poker and even casino war. Guests can also enjoy non-smoking tables, once an unusual feature in Las Vegas but something more people are requesting. Slots range from a penny per play to $1,000. A full-service, non-smoking race and sports book will let you watch and wager on all the games, which are broadcast on huge 85' HD projection screens. A sports bar is also available onsite, and VIP seating is offered as well. Mobile betting is also offered.
Recommended for Casinos because: With a wide range of games and a smoke-free race and sports book, the Mirage's casino is prepared for every type of gambler.
Terrisa's expert tip: The Mirage offers BetMGM, a mobile gaming app that allows bettors to place wagers on sports from anywhere--in the casino, in your room--as long as you're within the state.
The D in Downtown Las Vegas has been around for a while. Originally opened as the Sundance, later changed to Fitzgeralds, and now in its latest incarnation as The D, this long-time Fremont Street casino hotel is going stronger than ever. On the first floor, players will find a standard array of table games, slots and video gaming. On the second floor, the vibe is vintage with coin-operated machines. The D's Dancing Dealers® will spice up your game, and when you're in need of a break, LONGBAR offers over a thousand feet of counter, flair bartenders and video poker machines. On the second floor, Vue Bar gives you a great view of Fremont Street perfect for watching the Viva Vision light show.
Recommended for Casinos because: The D's selection of modern and vintage games means players are certain to find a table or machine that's just right for them.
Terrisa's expert tip: The D's second floor is home to a host of vintage gaming machines, like the Sigma Derby horse racing machine. If you miss the sound of quarters clanking through machines, this floor is for you.
The sleek and sophisticated casino at ARIA features more than 150,000 square feet of gaming space, including 1,940 slot machines and 145 table games. Gamblers can test their luck at blackjack, craps, baccarat, roulette, Let it Ride, Pai Gow and Ultimate Texas Hold'em, among other games. ARIA also has a luxurious 24-table poker room, a favorite stop among many poker players. ARIA also boasts an intimate (and non-smoking) race and sports book that can show up to 200 live events at once and displays big events on at least one of its 220-inch TVs, so bettors are never in danger of missing any of the action. You can also use your mobile device for sports betting from anywhere in the state of Nevada when you use the BetMGM app offered at ARIA and other MGM properties.
Recommended for Casinos because: ARIA's casino has an impressive array of table games and slots, a popular poker room and a non-smoking race and sports book.
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Terrisa's expert tip: The popular poker room at ARIA holds a daily tournament at 1 p.m. On weekdays buy-in is $140, but weekends start at $240, when no-limit Hold'em is offered.
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You don't have to be a high roller to feel like one at this upscale casino, featuring 111,000 square feet of gaming space. Alongside popular table games like baccarat, blackjack, Big 6, European roulette, mini-baccarat, Pai Gow poker, roulette and three card poker, guests will find all their favorite slot machines, including Wheel of Fortune and Monopoly. There's also a state-of-the-art race and sports book featuring a VIP section with individual wagering monitors and a 27-table poker room that offers a variety of games and limits to suit all levels of play. Daily tournaments are available, and players can dine without leaving their seats.
Recommended for Casinos because: The elegant Wynn Las Vegas offers guests a large casino floor and sports book, all with a sophisticated ambiance.
Terrisa's expert tip: If you plan on spending much time in the casino, be sure to join the players club, Wynn Rewards. You'll get discounts and benefits throughout the property.
The Venetian's stunning architecture provides bettors with one of the more memorable gambling environments on the Vegas Strip. Combined with its sister property, The Palazzo, The Venetian offers hundreds of table games in separate areas covering a huge area. Gaming options include blackjack, baccarat, roulette, craps, Pai Gow poker and various novelty games. For guests who prefer playing the one-armed bandit, there are more than 1,000 slot machines to choose from at the Venetian alone. Even when the casino is busy, it's large enough that you never feel crowded. There's also poolside gaming available at The Palazzo, and the Venetian offers mobile gaming for race and sports book betting no matter where you are.
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Recommended for Casinos because: With a large casino offering everything from slots to baccarat, The Venetian is sure to have the right game for every type of player.
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Terrisa's expert tip: Sports fans may be disappointed to hear that the popular sports bar Lagasse's Stadium is closed, but the Venetian's nearly 10,000 square-foot Race & Sports Book still offers fans ample space to watch and bet on games.