• How Much Do Vegas Casino Owners Make
• How Much Do Casino Owners Make A Year

How much tax will you have to pay as a Casino Owner. For an individual filer in this tax bracket, you would have an estimated average federal tax in 2018 of 35%. After a federal tax rate of 35% has been taken out, Casino Owners could expect to have a take-home pay of $167,210/year, with each paycheck equaling approximately $6,967. The average salary for a Restaurant Owner is $492,531 per year in United States. Learn about salaries, benefits, salary satisfaction and where you could earn the most.

If you’re entertaining dreams of owning your own casino one day, you’ll need anywhere from a few thousand dollars to a few billion.

The casino business is so lucrative that every time a new casino opens as “the most expensive casino ever built,” investors pop champagne bottles and raise a toast. It wasn’t always that way. Only a few decades ago, casino operators built on slim budgets.

Steve Wynn gambled big in the late ‘80s when he opened The Mirage in Las Vegas. Wynn and his backers invested an unheard-of $630 million in the new casino. At the time, industry analysts calculated the casino would have to turn an average daily profit of at least $1 million to meet its financial obligations.

In 2019 dollars, that isn’t so bad. If a casino has only 1,000 gaming machines, it can turn a $5 million daily profit just by retaining an average $1000 per machine.

According to a 2015 Las Vegas Sun article, about 40 million people visited Las Vegas on an annual basis at that time. That works out to nearly 110,000 visitors to Las Vegas daily. There are just over 100 casinos in Las Vegas.

In 2017, it was then reported that annual visitors had climbed to more than 42 million.

If each visitor loses only an average of $100 per day, Las Vegas is raking in $11 million in casino earnings every day. The reality is much more startling.

In 2013, the University of Nevada, Las Vegas published a study on the daily revenues of the 23 big casinos on the Strip. To be included in the study, a casino had to produce gaming revenue at least $72 million a year. The average for each of the big 23 turned out to be over $230 million per year.

That’s a far cry since The Mirage opened in 1989, but competition has changed the city’s gaming industry. Here is a deeper look at what it costs to build a casino.

Location, Location, Location

If you want to build a casino for as little as possible, buy cheap land. Where that wicket becomes sticky is in finding the right land. Not only do you need favorable laws allowing gambling and zoning for casinos, but you also need at least a good nearby highway.

Las Vegas is a hub for three Interstate highways and several US highways. The city is also home to McCarran International Airport. About 40 million passengers pass through the airport every year.

Considering AmTrak carries passengers to the city as well, tourists visit the city by car, bus, train, and plane.

If you decide to build your own casino, lacking the transportation channels that Las Vegas boasts means your location will attract fewer annual visitors. This probably explains why few cities dominate the casino industry. The casinos need both good zoning and access to transportation to attract visitors.

Hence, you should expect to pay a lot of money for the land.

Size Counts In Every Way

The Mirage currently boasts about 2,000 slot machine games. While that sounds like a lot, the WinStar World Casino in Thackerville, OK has about six times the floor space as The Mirage. The WinStar opened in 2003, making it 14 years younger than The Mirage.

According to their website in 2019, the WinStar holds about 8400 slot machines. They also have a 55-table poker room, all squeezed into 400,000 feet of floor space. If you want to compete with the WinStar, you’ll need a lot of floor space and thousands of more games.

The casino is owned and operated by the Chickasaw Nation, who had plenty of available land for development. That’s an advantage over the average commercial developer. By owning the land as part of their reservation, they were able to invest more in creating a high-quality resort.

You Need a Hotel and Restaurant

One reason why good casinos cost so much to build is the bigger casinos contain or are paired with big hotels. By providing their visitors with safe, comfortable accommodations, they ensure those visitors spend more time in their gaming areas.

On-site entertainment and dining venues enhance the hotel and casino experience. The farther away from Vegas and Atlantic City one gets in the United States, the less extravagant the casinos tend to become.

Only a handful of states and cities allow commercial casinos to congregate in their jurisdictions. The demand for suitable land limits the competition.

Biloxi, MS is North America’s third big commercial casino hub.

The Beau Rivage may be the best known of the Biloxi casinos. They only offer about 1800 slot games. Owned by MGM Resorts, Beau Rivage promotes its hotel, entertainment, dining, and nightlife venues equally with the casino.

These are not afterthoughts. They are part and parcel major pieces of the whole package.

According to Fixr.com, the average cost of a hotel in the United States is just over $22 million. A hotel comparable to the resorts at WinStar or Beau Rivage will easily set you back in the hundreds of millions of dollars.

Factor in the Cost of Games

Assuming the hypothetical new casino brings in a lot of slot machines, how much do they cost?

The website HowMuchIsIt.org rounds up a list of price ranges for popular slot machines. Expect to pay at least several thousand dollars per basic game. The enhanced games may run $30,000 or more for the consoles.

If you can bring enough people in, the games should pay for themselves in only a few months. That’s not so bad.

However, the games will need to be maintained. A new casino must include the cost of hiring qualified staff or for paying authorized service contracts.

Plant Operations Are Expensive

Whether you’re building a roadside casino with 100 machines or planning a massive resort with more than a handful of casino games, the buildings will need electricity, water, heating and air systems, sewage, and maintenance areas.

Assuming a modest 200-room hotel is built on the property, it will have its own plant facility. Ditto for a small restaurant.

This new casino will need tools and equipment no one thinks about when pushing buttons and counting cards. There are lighting systems, sound systems, security systems, communication systems, and staff offices.

Employees will need dressing rooms and lockers, or at least their own break room.

Administration will need at least one office, maybe two if there is a dedicated full-time security team.

The cashiers will need a counting room and vault.

All these facilities must be built out, equipped, and brought online. This is all before you hire your first employee.

Conclusion

If the idea of building a new casino seems crazy, it is. This is an industry for billionaires and rich investment fund managers to play in. It’s not for the faint-hearted or small business person.

It’s true there are hundreds of small casinos that do just fine. With only a few dozen to a few hundred games, they cater to local customers. They don’t need big highways, trains, and airports.

Even so, the cost of setting up a small commercial will run into the millions of dollars. Most communities won’t accept commercial casinos. Most states don’t license them. The Native American tribes may contract with casino management companies but only the big ones.

In short, it costs a lot of money to open a casino. Buying one is out of the question for most people. Donald Trump is believed to have lost about $1 billion in investors’ money by trying to buy his way into Atlantic City.

Short of inheriting a small fortune or casino, this kind of development is one game well beyond the reach of typical investors and small business owners.

WinStar World Casino and Resort is an American tribal casino and hotel located in Thackerville, Oklahoma, near the Oklahoma–Texas state line. It is owned and operated by the Chickasaw Nation. The casino opened as the WinStar Casinos in 2004, and was expanded (with a 395-room hotel tower) and renamed WinStar World Casino in 2009; its 370,000 square feet (34,000 m²) of casino floor made it the world's largest casino.^[2] In August 2013, WinStar Resorts completed a major expansion project, which added a new 1000-room second hotel tower that was divided into two phases; this also added a new casino that is attached to the tower. As a result of the completion of this expansion, the casino overtook Foxwoods Resort Casino to become the largest casino in the United States and one of the largest in the world based on gaming floor space. WinStar has 8,500 electronic games, a 55-table poker room, 100 total table games, Racer's off-track betting,^[3] high limit room, keno, and bingo.^[4]

Location and history[edit]

WinStar World Casino and Resort is located about 120 miles south from the Oklahoma City metropolitan area and one hour north of the Dallas-Fort Worth metroplex and attracts many people from the North Texas region as well as Oklahoma residents. The casino's 3,500 seat Global Event Center has been home to some popular entertainment attractions including Jay Leno, Vince Gill, Adam Lambert, Weezer, Lil Wayne, ZZ Top, Maroon 5, Kid Rock, Tony Bennett, and Davy Jones, who gave his final concert at WinStar on February 19, 2012.^{[5][6][7][8][9][10][11][12][13][14][15][16][17][18][19][20][21]}

The casino closed temporarily between March 16 to March 31, 2020 due to the 2019–20 coronavirus pandemic as announced by Chickasaw Nation Governor Bill Anoatubby.^[22] The casino was closed throughout the remainder of April 2020.^[23] The casino reopened on in May 2020, with restrictive guidelines.^[24]

Design[edit]

WinStar was conceived by noted designer Larry E. Seitz whose work includes Sands Casinos, Trump Taj Mahal, Grand Casinos in Mississippi, Barona Casino, Buffalo Run, Chisholm Trail, Grand Princess, SS Norway, Casino Panama, Costa Rica Casino, Stellaris Casino Aruba, and the Paradise Island Casino among others. Additionally Hotels created for the brands Hilton, Hyatt, Sheraton, Marriott, Crown Plaza, Melina, Loews, Holiday, Ramada, InterContinental, and independents worldwide. Restaurants and Clubs have been produced internationally.Special effects, commissioned art, and sculptures were constructed and implemented by Dallas-based ValueWorks and produced by their suppliers in the U.S. and around the world.The exterior of the building was detailed by Lyndon Stromberg, who also worked on The Venetian and the MGM Grand in Las Vegas as well as the Atlantis Paradise Island Resort in the Bahamas and Planet Hollywood in New York City. The long façade exterior of WinStar World Casino features replicas of London's Parliament Building, Rome's Coliseum and the Arc de Triomphe from Paris.^[25]

Hotel information[edit]

WinStar World Casino and Resort is home to the 12-story, 395-room WinStar World Casino Hotel that is adjacent to the gaming floor. On August 6, 2009, the 395-room hotel tower held a grand opening celebration that featured performances by American Idol winner Kelly Clarkson and American rock band Lynyrd Skynyrd. Meeting rooms that have varied capacities of 10-200 people, a resort-style pool with a custom-built waterfall grotto, the Spa Habitat, and the Cloverleaf Boutique gift shop also opened on this date. WinStar World Casino and Resort also offers a variety of restaurants, many of which are open until late night hours, including Toby Keith's I Love This Bar & Grill.^[26] The second hotel tower, the Pool Tower North, opened in August 2013, while the third hotel tower, the Pool Tower South, opened in early 2014. Both towers have a capacity of 500 rooms each and are adjacent to each other. The Inn at WinStar has 101 rooms, and is accessed from the casino and the RV park by a 24-hour shuttle service. There are around 100 table games at the WinStar World Casino. Table games include blackjack, Mississippi stud, midi baccarat, poker, ultimate Texas hold'em etc. The 19000 sq ft poker room has 55 poker tables. There is a restaurant Red River Grill inside the poker room.^[27]

Offsite areas[edit]

WinStar Golf Club[edit]

The WinStar Golf Club features two 18-hole golf courses designed by former PGA Tour Pro, D.A. Weibring which holds golf tournaments each year. In addition, the WinStar Golf Academy, a 4,850-square-foot (451 m²) facility, offers private golf lessons.^[28]

WinStar RV Park[edit]

WinStar RV park is a 200-space RV Park that is available to people visiting the casino. A shuttle service to the casino is available to guests in the RV Park.

Bull riding[edit]

How Much Do Vegas Casino Owners Make

In 2011, the Professional Bull Riders brought their Built Ford Tough Seriesbull riding tour to the WinStar World Casino with an event at an outdoor arena constructed near the casino itself. The event was sponsored by WinStar World Casino and was held annually from 2011 to 2017 under the name 'WinStar World Casino Invitational'. The 2011 event was the first outdoor event on the BFTS since 2005.

References[edit]

1. ^[1]Archived August 16, 2011, at the Wayback Machine
2. ^Lassek, P.J., 'What were the odds?', Oklahoma Curiosities: Quirky Characters, Roadside Oddities & Other Offbeat Stuff, p 30
3. ^'Casino City: WinStar World Casino'. Oklahoma.casinocity.com.
4. ^'Eyes on Texas and Oklahoma: WinStar World Casino'. Durangotexas.com.
5. ^'Davy Jones gives final interview to a Texoma radio personality'. Kxii.com. 2012-03-02. Retrieved 2013-11-23.
6. ^'WinStar World Casino Global Event Center in Thackerville, OK Convention / Conference Center 73459 - Dallas Morning News'. Listings.dallasnews.com. Retrieved 2013-11-23.
7. ^'The Official Site of the Chickasaw Nation WinStar World Casino and Resort opens new hotel tower, other expansion projects'. Chickasaw.net. Retrieved 2013-11-23.
8. ^'WinStar Global Event Center Oklahoma'. ChickasawCountry.com. Retrieved 2013-11-23.
9. ^'Rainmaker Implements GuestREV Revenue Management System at Chickasaw Nation Properties in Oklahoma'. Letitrain.com. 2013-11-04. Retrieved 2013-11-23.
10. ^'WinStar World Casino and Resort Opens new Hotel Tower, Other Expansion Projects - WFLA News Channel 8'. Wfla.com. Retrieved 2013-11-23.
11. ^GENE TRIPLETT (2011-10-07). 'Weezer will play casino date in Thackerville'. News OK. Retrieved 2013-11-23.
12. ^'Bellator MMA & WinStar World Casino Announce 2013 Event Partnership - Bellator MMA'. Bellator.com. Retrieved 2013-11-23.
13. ^@MMAjunkie (2012-12-18). 'Bellator plans three events for Oklahoma's WinStar World Casino in 2013'. MMAjunkie. Retrieved 2013-11-23.
14. ^'Area Attractions Fort Worth Chamber Chamber of Commerce'. Fort Worth Chamber. 2000-04-22. Retrieved 2013-11-23.
15. ^'Oklahoma: Casino resorts prove good gamble'. Smallmarketmeetings.com. Retrieved 2013-11-23.
16. ^'Casino resorts are on an expansion roll throughout the South'. Meetingsfocus.com. Retrieved 2013-11-23.
17. ^'Academy of Country Music :: Nominees'. Acmcountry.com. Retrieved 2013-11-23.
18. ^'World's Fifth Largest Casino, WinStar World, Opens New Hotel'. Prweb.com. 2009-08-06. Retrieved 2013-11-23.
19. ^'WinStar World Casino and Resort : Entertainment'. Winstarworldcasino.com. Retrieved 2013-11-23.
20. ^'WinStar Casino opens new hotel'. 500nations.com. 2009-08-06. Retrieved 2013-11-23.
21. ^'Winstar World Opens New Hotel, and Remodels Gaming Plaza'. Prweb.com. 2009-09-03. Retrieved 2013-11-23.
22. ^'WinStar, Choctaw Close Casinos to Prevent Spread of Coronavirus'. KXAS-TV. March 16, 2020.
23. ^Butcher, K. (April 10, 2020). 'Chickasaw Nation casinos, offices to remain closed due to COVID-19 pandemic'. KFOR-TV.
24. ^https://www.winstar.com/reopening/
25. ^'Stromberg Architectural Project Profile: WinStar World Casino'. Strombergarchitectural.com.
26. ^'TripAdvisor:WinStar World Casino Hotel, Thackerville'. Tripadvisor.com.
27. ^'Some of the Biggest Casinos in America - Refund Management Services'. Refundmanagement.com. 1 March 2018. Retrieved 4 August 2018.
28. ^'Facilities - Winstar Golf Club'. Winstar.rexacademies.com. Retrieved 2013-11-23.

External links[edit]

How Much Do Casino Owners Make A Year