The house edge is the amount the casino keeps for itself, minus the rake from the players, plus any payout from the bank.
Since you mentioned you have an understanding of how casino revenue is calculated, you might be able to get an idea from the information provided by the Las Vegas Sands Corporation on their website.
The following chart gives a quick look at casino revenue and expenses, profit and loss, as well as expenses from Macau in relation to the consolidated revenue:
According to data from the Nevada Gaming Control Board, Strip revenue has climbed by 4.1 percent annually over the past five years.
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The combination of additional revenue from parking, beverages, slot machines, table games, and other fees is expected to drive Strip revenue up by 2.7 percent for this year.
This means the house edge is well below 1 percent, but what about home values? The house edge is defined as the portion of your property’s value over the average house price, which is in the middle of the cost range for a given market.
In other words, you should be able to buy a $200,000 house, then add $100,000 in value to it every year for five years. This will generate a house with a value of $205,000, a 1.5 percent house edge.
But remember, the house edge includes your property tax on the entire value of your property, not just the property value on which the casino is located.
If you were to build a new house for $200,000, you would have to add $100,000 in value to it before you would get a 1.5 percent house edge on your property, even if you had no casino property nearby.
If you want to take the casino out of the equation for purposes of estimating your house edge, then you have to add your property taxes, which would increase your home value by $180,000, generating a house with a value of $216,000, a 1.7 percent house edge.