How Much Is a Casino Worth? Valuation Tips List
Determining how much a casino is worth involves revenue multiples, assets, and market trends. Valuations range from $10M for small venues to billions for giants like MGM. This listicle breaks down key factors and tips for buyers, sellers, or investors.
Revenue-Based Valuation Multiples
Casinos trade at 5-12x EBITDA depending on location and type.
- Online: 8-15x
- Tribal: 6-10x
- Vegas Strip: 10-20x
Asset Value: Slots and Real Estate
Count machines, tables, plus property worth.
- Slot: $10K-50K each
- Land: $1M+ per acre prime
- Tables: $20K+ per unit
License and Regulatory Factors
Gaming licenses add premium; scarcity boosts value.
- Nevada: Highly transferable
- Tribal compacts: Restricted
- Europe: Varies by country
Market Comps and Recent Sales
Compare to peers like recent $1.5B regional sales.
- MGM Grand: $4B valuation
- Small Midwest: $50M avg
Debt, Liabilities, and Adjustments
Subtract loans; add customer databases.
- Player loyalty value: $500/player
- Pending lawsuits deduct
Future Projections and Growth
Online expansion adds 20-50% uplift.
- Sports betting licenses
- Crypto integration
Pro Tips for Accurate Appraisal
Hire certified valuators.
- Use DCF models
- Factor tourism trends
- Annual revaluation
Frequently Asked Questions
How much does a small casino cost?
$5-50M, based on slots and location.
What's the average casino valuation multiple?
7-12x EBITDA for most properties.
Do online casinos sell for more?
Yes, 10-20x due to scalability.
How to value tribal casinos?
Compact terms key; often 6-9x revenue.