Las Vegas Gaming / Casino Market


The value of gaming / casino properties, as with a number of other commercial properties, is usually directly related to their income generating capacity.  Gaming properties are complex, especially the large-scale properties that have a number of "Departments" that include; food, beverage, rooms, gaming, bowling, owned retail, leases and other income.  Appraisers must consider the value of the going-concern and the contribution from each of the Departments that make up the entirety.  Thus, the going-concern value is also called the  Business Enterprise Value (BEV) since it includes; the the value of the business entity (if any), the value of the furniture, fixtures & Equipment (FF&E) and the value of the real property. 


Information regarding room occupancy, average daily room rate, net operating income and capitalization rates derived from the market are all important and investigated for comparison.  Appraiser calculate the Earnings Before Income Tax, Depreciation and Amortization (EBITDA) of gaming / casino properties and use it with multipliers and in the determination of capitalization rates. 


Appraisers also consider the sale of similar gaming / casino properties in a sales approach.  The cost approach is not generally utilized in the valuation of gaming / casino properties due to the fact that costs do not reflect the economics of this property type.        


Sources of Gaming information include, but are not limited to, the University of Nevada Las Vegas UNLV Online Gaming Abstract published by the UNLV Center for Gaming Research and the Applied Analysis AAIG Gaming Index.     


Contact us with your questions or concerns regarding gaming properties or regarding your specific appraisal assignment in Nevada at 1-702-568-6699.  We can also be e-mailed at



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Commercial Real Estate Appraisals in the Las Vegas & Henderson, Nevada Area.