There were the news reports about the property laying off workers and that a bankruptcy might be imminent. (Both were incorrect.) There have also been rumors that Wynn's show, "Avenue Q," isn't selling well. Wynn has since tweaked the Le Reve show, which flopped for some initial audiences, and the nightclub, which wasn't bringing in a choice crowd. There's also unconfirmed talk that the art gallery will close.

But in the casino business, where attractions have a short shelf life, a few numbers are worth a thousand words.

Wynn Las Vegas, during its first full quarter of operations from July through September, reported operating cash flow -- typically defined as earnings before interest, taxes, depreciation and amortization -- of $73 million. By comparison, Bellagio reported operating cash flow of about $84 million and the Venetian reported operating cash flow of about $65 million.

Without naming names, Steve Wynn pointed out that difference in performance between Bellagio -- the property he opened, then sold, to MGM Mirage -- and Venetian.

"One is enormously more profitable," Wynn said during his company's third quarter conference call. While the Venetian is known for its two million square feet of convention space, the Bellagio "addresses the balance of the facilities," Wynn said. Wynn Las Vegas, like the Bellagio, is a "facility that directly addresses the aspiration of tourists from around the world," he said.

Wynn's dig at the Venetian and by extension, its competitive boss Sheldon Adelson, should be taken with a big grain of salt.

And those numbers only tell part of the story. Bellagio is known on Wall Street for being the most profitable property on the Strip. But the Bellagio has a benefit that Wynn and Venetian, its closest competitors, don't. The property's overhead is shouldered by one of the world's largest gaming companies. On the other hand, Wynn is a single property company, and Venetian owner Las Vegas Sands only has one other casino, the Sands Macau.

There's lots of ways to make your property come out on top.

Wynn Las Vegas reported a whopping $7,321 in gambling revenue per table per day in the third quarter and $251 in slot revenue per machine per day. By comparison, Venetian reported $5,691 in gambling revenue per table per day and $190 in slot revenue per machine per day. Wynn's results are closer to what Las Vegas Sands is earning in Macau, arguably the world's most lucrative market. At Sands Macau, win per table was $7,444, and slot win was $218 per machine in the third quarter.

Wynn appears to win in the room rate department, too. Wynn's average daily rate of $264 is higher than the Venetian's reported rate of $203 in the third quarter. Such numbers can be deceptive because many rooms in high roller land aren't paid for in cash but can be booked under the rate the company believes it could have earned from a paying customer had it not comped the room. (For comparison purposes, MGM Mirage didn't disclose similar rate or win information for Bellagio.)

With an extensive high-limit room and hotel rooms aimed at attracting the world's most discriminating customers, observers should expect Wynn Las Vegas to generate big numbers at the tables and for its rooms.

There's another and perhaps more effective way to look at performance. Divided by Wynn's 2,700 rooms, the resort's $251 million in third quarter net revenue amounts to about $93,000 in net revenue per room. Net revenue includes the cost of casino promotions. Taking into account MGM Mirage's $1.8 billion in net revenue and 48,575 rooms companywide, that company generated about $37,000 in net revenue per room.

By the same standard, net revenue per room at the Las Vegas Sands was about $107,300. That includes the company's 52 rooms at the Sands Macau, which technically aren't for sale and are instead reserved for high-rollers.

This comparison is closer to Adelson's line of thinking.

During his company's conference call to discuss third quarter earnings, the Venetian's boss said his property was probably the "biggest earning hotel in the history of hotels" in 2004.

"We'll set the pace for increased room rates" in Las Vegas, Adelson said. "We've done it for six years since we've been open."

As room rates rise across the Strip, the Venetian has more opportunity to raise its own rates, he said. And with a significant number of rooms being filled several months to a year in advance by convention-goers on expense accounts, the remainder of rooms can be raised to the stratosphere for last-minute travelers. (Read: those poor saps whose companies end up paying $800 per night for a room that they didn't know they would need until a month before convention time. It happens.)

Analysts know there are many ways to slice and dice quarterly numbers. Long-term investors will be looking to next year and the year after to judge the true performance of Wynn Las Vegas, a property that has proven itself financially during the honeymoon period.

Liz Benston can be reached at (702) 259-4077 or by e-mail at benston@lasvegassun.com.