Harrah's Winning Hand

Harrah's Las Vegas and the Rio have recently been operating at 140% to 150%, meaning the properties are capturing a higher percentage of overall gaming in the market without an accompanying larger share of gambling tables or slot machines.

That's impressive considering that the Harrah's site is older and that the Rio is not well-located, away from the center of the Strip.

Recently, the casinos Harrah's purchased from Caesars -- such as Caesars Palace -- have jumped from 100% to a range of 110% to 115% in the Majestic metric as Harrah's incorporates its total rewards marketing plans at those properties, Jacob says.

In comparison, the Wynn casino and the Bellagio, which are considered two of the most top-notch casinos on the Strip, operate closer to 100%.

"You would think Bellagio or Wynn would do a better job," Jacob says.