Steve Wynn is beating the odds in Macau and his envious competitors want to know how.
It has to do with VIP room action in baccarat. Experts say that the average house win percentage in the game is 2.85 percent. Yet, except for the first months of operation, Wynn Macau has been averaging better than 3 percent for nine straight quarters. In fact, during the first quarter of this year, the hold rate was 3.6 percent.
How important is that?
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Well, based on a turnover of $10.7 billion during that first quarter, it amounts to an extra $80.25 million in gross revenue.
The high hold rate hasn’t escaped the notice of Wynn’s competitors, the local gaming inspector or an analyst for Credit Suisse. The analyst, Gabriel Chan, says he can’t find a scientific answer to the casino’s consistent win percentage.
He says there could be several reasons, such as, a different method of accounting for baccarat play; the possibility that the house has just been playing lucky and that at any given time that luck could change, or it could be just a matter of good customer service in a spectacular casino that is perfectly located.
Or, says a gambling expert, "They might have a number of players who just aren’t that smart."
Steve Wynn should be so lucky!
Question? Comment? E-mail me at: Ray Poirier