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GREEN: Casino Valuation Is Neither Traditional Metrics Nor Some Mysterious Metaphysics of Losing Bets

Valuation models for casino properties continue to amaze me. This week alone I read news stories about: the purported assessment of the Caesars acquisition; the failure of one large casino because of a slack in “high roller” traffic; and a debate over segregating tangible casino assets into a R.E.I.T. structure. One failed Las Vegas casino even blamed their catastrophes —in their property sales brochure— on “several unlucky months”.

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