Term Paper: Management of Casinos the History

Pages: 10 (2783 words)  ·  Bibliography Sources: 1+  ·  Level: College Senior  ·  Topic: Recreation  ·  Buy This Paper

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[. . .] Treat the chips as hard-earned cash you save for your child's tuition, mortgage payment and other regular bills.

4) Never increase your bet when you lose. If you do, you become like a lamb led to slaughter. Discipline is the virtue to use in gambling sessions as well as at home and in the larger community. It is the most important element of money management. You must set your losing limit as well as your win goals.

5) Choose the most profitable opportunities by shopping for the best odds, rules and playing conditions. Do not play games in which the casino has more than a 2% house advantage.

6) Never gamble with the money you cannot afford to lose (Pilarski)

7) Using credit cards to gamble is a show of desperation, just to stay in session. Do not bring your credit cards and bank teller cards to the casino so you will not be tempted to draw cash from them.

8) Do not quit a hand when you are winning. You may be lucky without knowing it. It is possible to have 15, 18 or even 20 hands in a row. But when it ends in a loss, rush to the cashier's cage.

9) Managing your money will not affect the house advantage or guarantee that you will win more. If that house advantage exits, it will still be there even after you apply money management techniques. Effective money management principally means limiting or minimizing losses and, in most cases, protecting winnings (Pilarski).

Casinos that flourish or thrive develop comprehensive systems that emphasize the management of guest behavior in order to gain a competitive edge (KPMG 1998). Industry leaders know that they must attract guests to their properties and ambience and strive to make their guests' entire experience special, if not magical. That magical experience begins at the front door of the casino, the guests' arrival, services during their stay, checkout and through follow-ups. The KPMG, for example, helps casino owners develop state-of-the-art systems to capture, analyze and use data in managing their customers' behavior I creating value to their business. KPMG says that, while these systems are in place in most casino establishments, some of these have remained inadequate in meeting sophisticated needs or contain excess or unmanageable information. The solution is to have just the right systems in place that will capture and analyze the needed information and then show casino companies how to best utilize their resources. If a casino establishment has the proper data, it can develop and implement the right marketing strategy and make the correct sales decisions required in gaining or maintaining that competitive advantage in realizing superior shareholder value (KPMG). Today's guests or players demand greater value for their money. But when the establishment has the precise information, accurate analyses pus the right products, it can manage these money value-conscious guests, at the same time realize the greatest value to the business and its shareholders.

The bottom line is that each guest experience is critical and entire. A successful casino business must know how to effectively read through and translate volumes of individual guest experience data into specific operational changes that it must undertake in order to improve customer service and increase customer value. This is why, through the years, successful casino establishments have kept focused on the maintenance of their operation systems. This focus is shared by the front desk, the catering section and the sales systems. What is more is that these establishments are concentrating on seeking out and providing customer preferences and trends. This means putting technology to optimum use in making each guest feel really special and enhancing that total guest experience. KPMG stresses the customer-centric approach, which means that the business must re-think its strategy in customer relations and product development. It suggests an approach that will develop a new point-of-sale system and then provide tools to capture information on guest behavior and preferences. Utilizing this feedback, the casino cn better serve its guests during their stay and thus maximize its growth chances.

In the past, casinos gave away rooms and served foods just to attract new guests, especially the high rollers, and in order to motivate them to come back. But today, non-gaming areas are increasingly a focus of potential profit opportunities and these include rooms, food, shows, retail space and other aspects or features of their property. It boils down to the same thing about understanding guest preferences and behavioral patters. Guests must be more than satisfied, they must be delighted. If the casino business is customer-centric, it puts its technology, marketing and personnel in the right places in order to capitalize on this important opportunity called guest experience.

Casino businesses know that they must put their guests first, otherwise, these businesses are behind and fumbling. They need not only to catch up with the trend but to make giant leaps in order to remain in competition. The lesson to learn is that the casino is in business for the loyalty of each guest, therefore, that guest is at the center of it. If the guest can be made to feel like a royalty, he or she will remember it when he or she leaves, and then come back.

What is the role of your chief financial officer in the business? His financial reports are terrifying, but he can eliminate that terror by explaining how the business stands. He may say it is well or not as good as last year. You will develop apprehensions and ask if your business is making more or less than other casinos the size of yours, if your purchasing decisions have been not too inaccurate, if your suppliers are paid promptly, your casino's insurance, if your accountants and auditors are following proper procedures and if your excess funds are invested properly (Irwin 1998) These are questions your chief financial officer can answer.

The officer is part of your business' executive staff and who develops and manages certain systems, such as electronic systems, procedures and professional staff members under him. These staff members function to:

1, safeguard the gaming license and financial assets of the casino by using appropriate risk-management techniques (such as insurance, self-insurance, risk management audits and others);

2. insure the processing and recording of the financial transactions, which must reflect all of the casino's business, such as revenue generation, accounts payable, payroll, expenses paid and such like;

3. produce timely and credible accounting reports that summarize the results of the business' operations;

4. develop and maintain a profit plan or budget system;

5. produce timely and credible comparative report that provide data and insights into the success of the business operations in relation to its goals, achievements in previous periods, and achievements of other similar businesses in the industry or within the same locality;

6. prepare and submit regulatory and timely reports to regulatory bodies and agencies;

7. provide analytical support to other members of the executive team, such as new games analysis, financial analysis of proposed expenditures, and lease-buy decisions;

8. acquire and share external financial service providers, such as banks, auditors, insurance companies and investment firms;

9. buy goods and services other than those already obtained within the organization;

10. dispose funds only when duly authorized in writing by the proper person or persons in the organization or business; and 11. encourage the professional staff to upgrade their knowledge and skills (Irwin).

Bibliography

Best Gambling Games. Beginning Gambling History. http://www.best-gambling-games.com/gambling_history.html

Dunstan, Roger. History of Gambling in the United States. California Research Bureau: California State Library, Jan 1997. http://www.library.ca.gov/CRB/97/03/chapter2.html

Irwin, Arthur E. Your Casino's Chief Financial Officer, an Important Regulatory Ally. Gaming Regulation News,… [END OF PREVIEW]

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