The Las Vegas Strip is filled with multibillion-dollar megaresorts, all built with the goal of attracting customers willing to empty their pockets at table games, slots, and activities other than gambling. Some target young customers looking for a party; others go after high rollers. 

There's one resort that outperforms all others on the Las Vegas Strip and has for quite some time. It's Wynn Las Vegas, the flagship resort for Wynn Resorts (NASDAQ:WYNN) and the home for Las Vegas icon Steve Wynn. Here's how Wynn Las Vegas makes all that money. 

View of the Las Vegas Strip from the north.

Image source: Getty Images.

Wynn Las Vegas' lead over competitors

There are a handful of resorts in Las Vegas that generate over $1 billion per year in revenue. We don't know exactly how much Caesars Palace generates because Caesars Entertainment (NASDAQ:CZR) doesn't disclose resort-level numbers, but here are four of the biggest moneymakers in Las Vegas. 

Resort Revenue (ttm) EBITDA (ttm)
Wynn Las Vegas $1.69 billion $532.9 million
Bellagio $1.36 billion $515.4 million
Venetian and Palazzo $1.61 billion $388.0 million
MGM Grand $1.13 billion $323.1 million

Source: Company earnings releases. ttm = trailing 12 months.

You can see that Venetian and Palazzo for Las Vegas Sands (NYSE:LVS) generate nearly as much revenue as Wynn Las Vegas, but aren't as profitable, as measured by EBITDA. MGM Resorts' (NYSE:MGM) Bellagio is the second-most profitable resort in Las Vegas, as far as publicly disclosed numbers show. 

Where Wynn Las Vegas makes its money

What's surprising about Wynn Resorts is that it isn't as casino-centric as you might think. Sure, high-end gamblers are a major market, but nightclubs, restaurants, and shopping generate a lot of revenue for the company. 

The casino generated $646 million in revenue over the past year, but hotel rooms nearly matched that figure at $608.4 million. Food and beverage at $530.6 million in revenue and entertainment, retail, and other at $223.3 million are both big segments as well. 

Resorts in Las Vegas have seen revenue trend away from the casino for two decades, but Wynn Resorts has arguably done the most to capitalize on its non-gambling-related operations. The resort is built with the luxury that people spending well over $200 per night are looking for, and the high-end shopping, restaurants, and clubs mean guests can drop thousands in a few nights without ever leaving the hotel. 

The core of this revenue machine is the Wynn Las Vegas resort itself, which is built to serve consumers willing to pay for the experiences the resort has to offer. 

More ways to monetize the Las Vegas Strip

To add to the biggest moneymaker in Las Vegas, Wynn is developing the golf course behind Wynn Las Vegas. Plans aren't finalized yet, but the company will build a large hotel tower, convention space, and lagoon with retail and restaurant space surrounding it. The development could add hundreds of millions in revenue to the resort that's already Las Vegas' biggest moneymaker. 

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