Casino Operations Management
John Wiley & Sons Inc (Verlag)
978-0-471-26632-7 (ISBN)
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Complete guidance to the ins and outs of gaming operations
Management personnel need a thorough understanding of the business side of the casino industry to ensure profitsâ??and to avoid losses. It′s a sure bet that Casino Operations Management, Second Edition will help current and future gaming management professionals better serve any casino.
Written by experts with over 65 years of combined experience in the field, this Second Edition offers all the critical skills and know–how to equip gaming and casino operators with the knowledge needed for the management office, cage operations, and table game and slot operations.
This updated edition features detailed coverage of:
Current high–roller marketing tactics and their effect on profitabilityThe effect of popular money management systems on casino profitsThe initial development process of an Indian casinoStudies designed to identify the patronage motives of gamblers, including those of riverboat customersSlot club design: player rating issues, point accumulation schemes, and morePrinciples of casino floor design: managing table game and slot locationStudies designed to measure the profit contribution of popular slot promotions
Casino Operations Management, Second Edition uses simplified mathematics and statistics throughout, and provides readers with a thorough understanding of all aspects of the casino industry business. It is a must–have reference for students and casinos that develop managers internally.
JIM KILBY is the Boyd Professor of Gaming at the University of Nevada, Las Vegas. He has more than 35 years of experience in all facets of casino operations and has served as a consultant to casinos throughout the United States, the Caribbean, Malaysia, Australia, and South Africa. JIM FOX is the Director of Nevada Destinations for Jefferson Wells International. A Certified Internal Auditor and Certified Fraud Examiner, he has over 20 years of experience in the gaming industry and is the instructor for the Auditing in the Gaming Industry class at the University of Nevada, Las Vegas. ANTHONY F. LUCAS, PhD, is a professor of gaming management at the University of Nevada, Las Vegas. Drawing on his 10 years of casino industry experience, Dr. Lucas has produced award–winning research articles in the area of casino marketing. He has also served as a consultant to many leading casino companies.
Preface ix
Chapter 1 THE HISTORY OF MODERN GAMING 1
Nevada: The Birthplace of Modern Gaming 1
The Wide Open Gambling Bill 2
The Bull Pen Casino 3
The Grandest Club in Southern Nevada 4
Big–Time Gambling 4
The Birth of the Las Vegas Strip 5
Bugsy 5
Howard Hughes 7
Modern–Day Las Vegas 8
Steve Wynn 9
Sol Kerzner 10
Chapter 2 GAMING CONTROL 13
History of Gaming Control in Nevada 13
Atlantic City Gaming 21
Indian Gaming 24
Chapter 3 GAMING TAXES 35
Gaming Taxes 35
Internal Control Systems 39
Differences Between Nevada s and New Jersey s Internal Controls 41
Chapter 4 CASINO MANAGEMENT 43
The Management Pyramid 43
Casino Organizational Structure 43
Casino Hotel Systems 49
Staffing 53
Chapter 5 CURRENCY REPORTING 61
History 61
Nevada s Regulation 6A Model 63
Title 31 Reporting 74
Currency Transaction Reporting in Nongaming Areas 81
Chapter 6 CASINO CAGE, CREDIT, AND COLLECTIONS 83
Casino Cage 83
Casino Credit 84
Collections 103
Chapter 7 SLOT MANAGEMENT 107
Slots 107
Video Pokers 120
Floor Configuration 129
The Slot Floor Layout and Consumer Behavior 133
Elements of a Successful Slot Servicescape 134
Determining Slot Win 134
The Importance of Hit Frequency 135
Random or Pseudo–Random? 139
Chapter 8 INTRODUCTION TO TABLE GAMES 141
Dice 141
Roulette 150
Blackjack 151
Baccarat 156
Keno 158
Caribbean Stud 161
Let It Ride 163
Pai Gow Poker 165
Chapter 9 TABLE GAME OPERATIONS 167
Table Game Operations 167
Revenue and Profit per Square Foot 179
Betting Limits 184
Chapter 10 CASINO ACCOUNTING 193
Table Drop and Count 193
Slot Drop and Count 195
Key Control 197
Internal Audit 199
Casino Audit 201
Statistical Reports 204
Chapter 11 MATHEMATICS OF CASINO GAMES 207
Dice 207
Roulette 214
Blackjack 214
Baccarat 214
Keno 216
Chapter 12 ELEMENTS OF AN EFFECTIVE PLAYER RATING SYSTEM 219
Importance of Player Rating Systems 220
Actual versus Theoretical Win 220
Estimation of Average Bet and Time Played 221
The Player Rating System 221
Establishing Guidelines 233
Player Rating Systems 233
Chapter 13 TABLE GAME HOLD AS A MANAGEMENT TOOL 241
Uses of Table Game Hold 241
Determinants of Hold 241
Theoretical Win and Hold 245
High Table Occupancy May Be Hazardous to Profit 250
Chapter 14 CASINO MARKETING I 255
The Cost of Match Plays and Nonnegotiables 255
Match Play: Problems and Solutions 259
Gambler s Spree 260
Dead Chips and Chip Warrants 267
General Slot Marketing 276
Consumer Choice Factors 279
Chapter 15 CASINO MARKETING II 283
Rebates on Loss 283
Player Action Criteria 294
Table Game Rule Modification as a Marketing Tool 295
Chapter 16 CASINO MARKETING III: THE PREMIUM PLAYER SEGMENT 301
Defining the Premium–Play Segment 302
Acquisition Costs Keep Going Up 302
Deconstructing the Premium–Play Segment 304
The Hidden Cost of Discounting 304
The Net Effect of a Premium Play 307
Quick–Loss Rebate Policies 308
Costs of Competing for Premium Play 310
Discounts for Twenty–one Players 311
Discounts for Craps Players 312
Testing a Minimum–Play Constraint 312
Rationale Behind Discounting 313
Baccarat Discounting Recommendations 315
Dangers of Discounting 318
Chapter 17 SPORTS BOOK OPERATIONS 319
History 319
Sports Betting 322
Money Lines 324
Point Spread Betting 334
Chapter 18 RACE OPERATIONS 343
Betting at the Track 343
Types of Races 345
Types of Bets 346
Racing Terms 346
Regulatory Requirements 347
Race Book Operations 349
Chapter 19 CASINO STATISTICS 357
Population 357
Sample 358
Parameters and Statistics 358
Average or Mean 358
Median 359
Mode 360
Measures of Dispersion 360
Range 360
Variance 361
Standard Deviation 361
Weighted Average 364
Probability Distribution 365
Expected Value 365
Calculating the Standard Deviation with Uneven Betting 367
Sample Game Probabilities, Variances, and Standard Deviations 371
Our Worst Fears Realized A Money Manager 372
Appendix: Z Table 377
Glossary of Casino Terminology 379
References 391
Index 397
| Erscheint lt. Verlag | 2.4.2004 |
|---|---|
| Verlagsort | New York |
| Sprache | englisch |
| Maße | 192 x 241 mm |
| Gewicht | 862 g |
| Themenwelt | Sachbuch/Ratgeber ► Freizeit / Hobby ► Spielen / Raten |
| Wirtschaft ► Betriebswirtschaft / Management ► Unternehmensführung / Management | |
| ISBN-10 | 0-471-26632-9 / 0471266329 |
| ISBN-13 | 978-0-471-26632-7 / 9780471266327 |
| Zustand | Neuware |
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