Market segments
- Las Vegas Strip leisure tourist
- Las Vegas Strip premium gaming (high-roller)
- Locals + neighborhood gaming
- Regional drive-in market
- Convention + corporate group
- Entertainment + show
- Sports betting (post-PASPA)
Casino Resort KPIs.
Casino resorts integrate gaming (slots + table games) with hotel, F&B, entertainment, retail, and convention space. Performance is measured in win-per-unit (slot machines + table games), gaming hold percentage, RevPAR for the lodging component, and total economic mix between gaming + non-gaming revenue. The asset-and-operator structure has been increasingly bifurcated — gaming REITs hold real estate via triple-net leases at 5.5-7% cap rates while operators (Wynn, MGM, Caesars, Las Vegas Sands, Penn, Boyd) trade on operating economics. Public gaming REITs: VICI (largest, ~$30B+ market cap, owns Caesars + MGM properties via NNN), GLPI (Gaming and Leisure Properties — owns Penn Entertainment + others). Tribal casinos are valued separately due to sovereign status + federal compact regulation. Ilora.ai ingests daily gaming win + drop reports, slot per-machine performance, table game hold + rake, comp room reports, and player tracking + rated-play data, then benchmarks against gaming REIT and operator filings to surface revenue-mix and capital-allocation opportunities.
17 definitions · Sector: HOSPITALITY · Used by Ilora.ai specialist AI agents
- NOI
- Total revenue minus operating expenses (excludes financing and capital costs). The primary measure of property-level profitability.
- Cap Rate
- Net Operating Income divided by current property value. Expresses unleveraged annual yield as a percentage.
- DSCR
- Net Operating Income divided by total annual debt service. Lender-required cushion measure; below 1.0 means NOI cannot cover debt.
- LTV
- Loan amount divided by property value. Lower LTV = lower lender risk.
- OER
- Operating expenses divided by gross revenue. Lower is better, but varies by property type (hotels run higher than triple-net retail).
- GRM
- Property value divided by gross annual rental income. Quick valuation shortcut; less precise than cap rate.
- IRR
- Annualized return on investment accounting for time value of money across the full hold period.
- CoC
- Pre-tax annual cash flow divided by total cash invested. Measures the cash yield, not total return.
- DCF
- Valuation method that projects future cash flows and discounts them to present value at a chosen rate.
- TTM
- A rolling sum of the most recent 12 months. Smooths seasonality for KPI comparisons.
- RevPAR
- Total room revenue divided by available rooms over a period. Combines rate and occupancy into one metric.
- ADR
- Total room revenue divided by rooms sold. Measures pricing power.
- Occupancy
- Rooms sold divided by available rooms. Demand measure.
- GOPPAR
- Gross Operating Profit divided by available rooms. Profit-side complement to RevPAR.
- TRevPAR
- Includes room + F&B + ancillary revenue divided by available rooms. Captures total guest spend, not just rooms.
- CPOR
- Variable costs divided by rooms sold. Used to compare cost efficiency between properties of different scale.
- Flow-Through
- Incremental GOP as a percent of incremental revenue. Measures how well a property converts revenue gains into profit.
Net Operating Income
NOI = Revenue − Operating Expenses
Capitalization Rate
Cap Rate = NOI ÷ Property Value
Debt Service Coverage Ratio
DSCR = NOI ÷ Annual Debt Service
Loan-to-Value
LTV = Loan Amount ÷ Property Value
Operating Expense Ratio
OER = Operating Expenses ÷ Gross Revenue
Gross Rent Multiplier
GRM = Property Value ÷ Gross Annual Rent
Internal Rate of Return
Cash-on-Cash Return
CoC = Annual Cash Flow ÷ Total Cash Invested
Discounted Cash Flow
Trailing Twelve Months
Revenue Per Available Room
RevPAR = ADR × Occupancy = Room Revenue ÷ Available Rooms
Average Daily Rate
ADR = Room Revenue ÷ Rooms Sold
Occupancy Rate
Occupancy = Rooms Sold ÷ Available Rooms
Gross Operating Profit Per Available Room
GOPPAR = GOP ÷ Available Rooms
Total Revenue Per Available Room
Cost Per Occupied Room
Flow-Through Rate
Flow-Through = ΔGOP ÷ ΔRevenue
Sub-types
Sub-types within Casino Resort.
- Las Vegas Strip Mega-Resort
- All amenities under one roof, 3,000-7,000+ rooms (Wynn, Bellagio, MGM Grand, Caesars Palace).
- Off-Strip / Locals Casino
- Smaller off-strip + neighborhood casinos serving local Las Vegas residents.
- Tribal Casino
- Native American tribal-operated casinos under federal IGRA + tribal compact.
- Regional Land-Based Casino
- State-licensed land-based casinos (PA, OH, MD, MA, NY, MI, IL, CO).
- Riverboat / Dockside Casino
- Riverboat or dockside casinos in MS, LA, IA, MO, IN.
- Racino
- Racetrack + slot operation hybrid (NY, OH, PA, FL).
Amenities & features
8 amenities Ilora.ai tracks for Casino Resort.
- Slot Machine Floor (1,500-5,000+ Units)
Slot floor with denominations from penny to $100; primary gaming revenue.
- Win per unit per day
- Slot count
- Hold %
- Table Games Pit
Blackjack, roulette, craps, baccarat tables; higher hold % than slots.
- Table win per day
- Hold %
- Table count
- Hotel Lodging Component
Branded hotel attached to casino floor; typically 800-7,000+ rooms.
- Hotel RevPAR
- Comp room %
- Convention + Meeting Space
Convention space drives mid-week + group business; major attractor.
- Convention room nights
- Banquet revenue
- Multiple F&B Outlets (5-25)
Buffet + premium restaurants + casual + lounges; high non-gaming revenue.
- F&B revenue per visitor
- Outlet count
- Entertainment + Showroom
Production shows, headliner concerts, sportsbook viewing — drives traffic.
- Show revenue
- Headliner ticket sales
- Retail Promenade
High-end retail + convenience retail driving non-gaming revenue.
- Retail rent revenue
- Per-visitor retail spending
- Sportsbook + Race Book
Post-PASPA sports betting integration; growing non-gaming-but-gaming-adjacent revenue.
- Sports betting handle
- Sportsbook hold
Industry reference
How the casino resort sector operates.
Operating models
- Operator-owned + operated (WYNN, LVS, MGM partial)
- OpCo / PropCo with gaming REIT (VICI, GLPI lease to MGM, CZR, PENN)
- Tribal-owned + operated under IGRA compact
- State racino public-private partnership
- Regional operator (BYD, Boyd Gaming; CHDN, Churchill Downs)
Regulatory frameworks
- State Gaming Control Boards / Commissions (NV, NJ, PA, MS state-level)
- Federal Indian Gaming Regulatory Act (IGRA — tribal)
- Bank Secrecy Act + FinCEN (AML compliance)
- IRS gaming reporting (W-2G, Form 1042-S)
- PASPA repeal (2018) enabling state sports betting
- ADA Title III
- Local TOT/lodging tax
- Liquor licensing (multi-outlet)
Industry organizations
- American Gaming Association (AGA)
- National Indian Gaming Association (NIGA)
- Nevada Resort Association (NRA)
- AAHOA (gaming-resort owners)
- Casino Industry Reports (Forbes Lodging + Gaming)
- Las Vegas Convention and Visitors Authority (LVCVA)
Comparable public REITs / operators
- VICI (VICI Properties — largest gaming REIT, ~$30B mkt cap, owns Caesars + MGM properties via NNN master leases)
- GLPI (Gaming and Leisure Properties — owns Penn Entertainment + others, ~$13B mkt cap)
- Operators (not REITs but public): WYNN (Wynn Resorts), MGM (MGM Resorts), CZR (Caesars Entertainment), LVS (Las Vegas Sands — Asia-focused post US sale), PENN (Penn Entertainment), BYD (Boyd Gaming), CHDN (Churchill Downs Inc — racing + casinos), BALY (Bally's Corp), RRR (Red Rock Resorts — locals Las Vegas)
Documents Ilora.ai ingests
- Daily gaming win + drop report
- Slot per-machine performance report
- Table game hold + rake report
- Comp room + comp F&B report
- Player tracking + rated-play data
- USALI hotel + F&B P&L
- Convention + group production report
- Sports betting handle + hold report
- Tribal compact + revenue-share documentation
- AML compliance reports (Currency Transaction Reports, SARs)
Industry tools (we integrate with these)
- IGT (slot machines + sportsbook)
- Aristocrat (slot machines)
- Konami Gaming (slots)
- Light & Wonder (slots + sports)
- OpenBet (sportsbook)
- Sightline Payments (cashless gaming)
- Agilysys (PMS for casinos)
- Opera Cloud Casino
- Casino Marketing Profiler (player analytics)
- Caesars Sports BI
Frequently asked
Common questions about casino resort.
- How are casino resorts valued?
- Casino resorts are valued on EBITDA multiples (8-12x for stable operators) and gaming-license value (state license + tribal compact value, often valued separately from real estate). The asset-and-operator structure has been increasingly bifurcated — gaming REITs (VICI, GLPI) hold real estate via triple-net leases at 5.5-7% cap rates while operators (WYNN, MGM, CZR, LVS, PENN, BYD) trade on operating economics. Tribal casinos are valued separately due to sovereign status + federal compact regulation.
- What is win per unit in casino operations?
- Win per unit is the casino industry primary slot machine performance metric — total daily slot win divided by slot machine count. Industry benchmarks: Las Vegas Strip $200-500 per machine per day; locals casinos $100-200; regional casinos $150-300. Premium properties (Wynn, Bellagio, Cosmopolitan) achieve $400-600 per machine per day. Hold percentage (% of dollars wagered kept by casino) varies by game — slots typically 6-12%, table games 14-18%.
- What is the OpCo / PropCo structure for gaming REITs?
- The OpCo / PropCo structure separates casino operations (Operating Company) from real estate ownership (Property Company / REIT). VICI Properties (VICI) and Gaming and Leisure Properties (GLPI) hold the real estate of major casinos (Caesars Palace, MGM Grand, Mandalay Bay, Penn Entertainment properties) and lease them to operating companies (CZR, MGM, PENN) via 30-50 year triple-net master leases with annual escalators. The structure unlocked $20B+ of real estate value, allowing operators to deleverage while monetizing stabilized real estate at 5.5-7% cap rates. Master leases include provisions for periodic rent reset to fair-market rent.