Message Font: Serif | Sans-Serif
No. of Recommendations: 2
The Wynn conf calls continue to be amazing. Whether they're talking macro points about Macau/China and Las Vegas, or micro points like what the theoretical vig is on 10x odds at craps, you learn so much esp if you are starting to follow the industry.

If you read 10 Wynn calls, you will definitely feel like you have a handle on what they're doing [incl the EPS reports, of course.]

I love stuff like this, most CEOs never give you anything like it:

'But in the old days in dice, whatever you bet on the line you could bet the same amount behind the line, and that was a whole percentage of a little under 1%. Then they started giving double odds to -- compared to the amount of money you bet on the pass line and that lowered the house percentage to 0.57.

Then there became a pattern on the Strip of what's called the three, four, five. Depending on what numbers you were betting on the crap table to come up before number seven came up, you could get three times odds, four times odds, or five times odds, depending -- there are pairs of numbers on a dice table....That became a house advantage of 0.37. With three dealers and a box man and half of a floor man for every table, craps is not a really profitable game at that level.

So I changed the casino. In effect, I raised the price and I went to double odds only, except for extremely high play with a $1,000 minimum bet. I also rearranged the floor in the casino to put our specialty games that are very popular with the public that have a higher margin and I put them in the 100% location, and I moved my less -- my games with less of a margin to secondary locations. "

10x odds is 0.14% edge, iirc. Best bet for the players in the house! [Just huge vol...] And free top-shelf liquor! ;)
Print the post  


What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.