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When looking at earnings from gaming companies, trying to figure out what all of the numbers mean can be confusing. Revenue and net income are easy enough, but luck plays a role and companies throw out terms like "rolling chips" and "drop" like they're everyday So, let's take a look at what those numbers mean and how they impact earnings reports.

How the house works Casino rolling program are generally three categories in any earnings reports: Mass market is simple enough: It's the average person who walks into a casino and puts money down at a table or into a slot machine. VIP players play on credit and use what are called rolling chips. Slots are just that -- slot machines.

Here's what the terms and numbers mean. Slots Before we dive into the all-important VIPs, let's start with slots. Casino rolling program every company reports the same data, but full disclosure would include the following.

Below I have two examples, one from Las Vegas Sands ' NYSE: LVS Check this out Macau and the other from Wynn Resorts ' NASDAQ: WYNN Las Vegas operations.

Note that all numbers in this article are from third-quarter because not all companies have reported fourth-quarter results. You can see that hold percentage in The Venetian Macau was lower than that at Wynn Las Vegas, a typical difference between Las Vegas and Macau. Las Vegas Sands' U. To put these numbers into some perspective, MGM Resorts NYSE: MGM expects slot hold percentage to be 7.

This is what is known as the "drop," "table game drop," or sometimes "non-rolling chip drop. Win is usually expressed as a percent of drop, which also corresponds to revenue. Below are mass market drop numbers from three casinos in Macau, including Melco Crown 's NASDAQ: MLCO City of Dreams.

I've also included the expected win percentage for companies that publish such data. Think about these win percentages next time you enter a casino. Where the big bucks are made In recent years, investors have become focused on rolling chip drop, or VIP play in Macau's casinos.

Usually this is done with a junket, a company the rock & hard hotel casino will borrow a player's money and collect a cut of their losses from the casino. In Macau, junkets sometimes operate their own rooms, but no matter the arrangement, VIP players use rolling chips, which can't be cashed out read article for cash -- you have to gamble them.

Rolling chip drop or volume is the amount of rolling chips wagered and casino rolling program at the table like cash is dropped. Winnings are paid out in cash-equivalent chips. A casino records revenue based on how much of the rolling chip play is lost. Here are a few examples. With VIP casino rolling program accounting for a vast majority of casino revenue in Macau, you can see why this win percentage can create casino rolling program volatile earnings from quarter to quarter.

When reading gaming earnings, remember that rolling chip drop is the same as volume or turnover. Different companies use different terms, but they mean the same thing. How to use this data Even the small sample I've provided above can be used by investors. You can see that Wynn Resorts generates a large amount of revenue from VIP tables and The Venetian generates far less. On the flip side, The Venetian is a huge mass market location, as is City of Dreams, whereas Wynn Macau is not.

Over the past year we've seen VIP play in Macau slow and mass market play pick up. This is why these two companies have seen earnings grow more casino rolling program Wynn Resorts.

Here detailed numbers tell the story. Making things difficult Not all companies report the same numbers, and some don't report much of anything at all. While most companies in Macau report a fair amount of data about gaming trends, MGM Resorts doesn't reveal much data about its operations. CZR doesn't report much detail at all, not even about its largest Las Vegas operations. On the flip side, Las Vegas Sands is the most transparent, providing VIP, mass, and slot volume and win percentages at each of its casinos.

Hopefully this overview will casino rolling program next time you see all of these numbers in a company's earnings report. Fool contributor Travis Hoium owns shares of Wynn Resorts, Limited. You can follow Travis on Twitter at FlushDrawFool casino rolling program, check out his personal stock holdings or follow his CAPS picks at TMFFlushDraw.

The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, casino rolling program we all believe that considering a diverse range of insights casino rolling program us better investors. The Motley Fool has a disclosure policy.

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MASHANTUCKET, Conn. – Foxwoods Resort Casino announced Dec. 19 the introduction of the Rolling Chip, a new and exciting option for the serious gamer.

Macau has a long-standing tradition of rewarding the high roller with a rebate, according to his original buy-in and total volume of play. This all takes place in private VIP casinos, and often through an entity between the player and the casino, called a junket.

Some casinos will offer such programs directly to the player, as discussed in more detail later. If going through a junket, the junket operator will offer credit, dictate the Dead Chip terms to the players, and participate with the casino on some basis in the overall win or loss. These junket operators cater casino rolling program mainland Chinese players.

When I went to Macau I was harshly rebuked in Casino rolling program for getting anywhere close to these VIP rooms. It is my understanding, based on talking with Macau clients, that junket operators do not like to advertise, nor deal with the general public. Instead they prefer to do business on an honor, and word of mouth basis, in a limited area in China that the junket operator knows. Here is how it works. Whenever the player buys chips, he will be given Dead Chips, or what we would call in the U.

These chips the player holds until lost. If the player wins a bet, he keeps the Dead Chips, and is paid in cashable chips. Nothing happens with a push, and the Dead Chip is lost if the bet loses. The only game Dead Chips may be wagered on is baccarat. Eventually, the player will work through all his Dead Chips, and unless he lost every bet, will be left casino rolling program cashable chips.

He can then use the cashable chips to repurchase more Dead Chips. This is conveniently done with the aid of pretty girls who run the chips back and forth between the player and the cashier. With every such transaction, the casino rolling program note the total Dead Chips purchased.

After the player has worked through his last chip rotation, he will ask for his rebate. The cashier will give him chips usually cashable ones casino rolling program to the product of the agreed-upon rebate percentage and total Dead Chips casino rolling program. Let's look at an example. At this point he asks for his rebate, which would be 0. I thought for a casino rolling program about how to learn more here the value of these Dead Chip programs.

The expected value of a dead chip is as follows. In the case of the Banker bet, that is 1 — 1. Casino rolling program that mean the player should refuse a Dead Chip program? No, of course not. What I think casino rolling program appropriate to measure is the ratio of the expected loss to the total amount of action, which is significantly reduced with a Dead Chip program. The first table shows the financial value of the Dead Chips, according to the rebate casino rolling program the bet made.

Another way to express it is the return on investment of each Dead Chip purchase. This table is of little value to the gambler, but would be of interest to someone who took no pleasure in gambling. The next table shows the expected bet365 free rules to the total action. This, I believe, is the appropriate measure of the house edge, after adjusting for the Dead Chip program. The next table shows the percentage by which the Dead Chip click reduces the player's expected loss.

For example, an 0. The last set of tables show the Dead Chip rebate percentages that I am aware of. These are available when dealing directly with the casino, as opposed to going through a junket. The bankroll amounts are the minimum required for the given percentages.

All bankroll amounts are in Hong Kong dollars. I would be interested to hear directly from any other Macau casinos that offer Dead Chip programs directly to the public.

Hi, I am a Hold'em grinder living in Macau, and I am looking to pick up Blackjack for the players' reward programs in the casinos in Macau. I've looked at your Blackjack page http: Is it on purpose that you made that unavailable, if yes I'd respect that, but I want to know if that was intended in case there was a glitch because I have some questions regarding Blackjack.

Please login casino rolling program register in order to leave a comment. Dead Chip Programs in Macau Home » Gambling » Deadchip. Recent WoV related discussions Macau Gaming Casino rolling program Macau craps summary Junket Operator in City of Dreams Manila. Posted by James K. Wizard of Casino rolling programWizard of VegasLas Apuestas.

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