Explainer
How Tribal Casinos Are Valued: EBITDA, Multiples and Trust Land
Most tribal gaming assets never change hands — but they are valued constantly, and three variables explain nearly all of the gap to commercial comparables.
News, policy, and the complete directory of tribal casinos across the U.S. and Canada — a $41 billion industry, covered with the depth it deserves. From Seminole sports-betting compacts to Saskatchewan SIGA operations, we cover all 245+ tribal gaming operations.
Most tribal gaming assets never change hands — but they are valued constantly, and three variables explain nearly all of the gap to commercial comparables.
Pooling land position with capital is the obvious trade. Making it survive federal review and a change of council is the hard part.
One property funds the whole government. That single fact should reshape how tribes plan for the week the casino cannot open.
After a September 14 meeting with Chairman Selig, NCAI and IGA pressed for formal government-to-government consultation — and made clear why the distinction matters.
A North Dakota tribe holds 23 acres across from the Luxor. What it is building there answers to Nevada, not the NIGC.
Every federally recognized tribe operating a gaming facility in the United States, plus First Nations operators in Canada — verified, categorized by IGRA class, and searchable by state, nation, and property.
Operator of seven Hard Rock-branded properties in Florida and controlling interest in the global Hard Rock International brand. Holder of a 2021 federal compact granting exclusive statewide sports betting.
Operates WinStar World Casino & Resort — the largest casino in the world by gaming floor — plus 22 other gaming properties statewide.
Owner-operator of Foxwoods Resort Casino, long one of the largest integrated resort casinos in North America.
Operates Pechanga Resort Casino in Temecula — the largest resort casino on the West Coast.
A nonprofit consortium of 74 First Nations operating seven casinos under provincial framework agreement.
Everything operators, regulators, journalists, and tribal leaders need to know about what is — and is not — permitted under IGRA, state compacts, and the Canadian Criminal Code. Updated quarterly. Reviewed by Indian-law attorneys.