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 profits–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 profitability
• The effect of popular money management systems on casino profits
• The initial development process of an Indian casino
• Studies designed to identify the patronage motives of gamblers, including those of riverboat customers
• Slot club design: player rating issues, point accumulation schemes, and more
• Principles of casino floor design: managing table game and slot location
• Studies designed to measure the profit contribution of popular slot promotions

Casino Operations Management 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.

Contents

1. The History of Modern Gaming
   • Nevada: The Birthplace of Modern Gaming • The Wide Open Gambling Bill • The Bull Pen Casino • The Grandest Club in Southern Nevada • Big-Time Gambling • The Birth of the Las Vegas Strip • Bugsy • Howard Hughes • Modern-Day Las Vegas • Steve Wynn • Sol Kerzner
2. Gaming Control
   • History of Gaming Control in Nevada • Atlantic City Gaming • Indian Gaming
3. Gaming Taxes
   • Gaming Taxes • Internal Control Systems • Differences Between Nevada’s and New Jersey’s Internal Controls
4. Casino Management
   • The Management Pyramid • Casino Organizational Structure • Casino Hotel Systems • Staffing
5. Currency Reporting
   • History • Nevada’s Regulation 6A Model • Title 31 Reporting • Currency Transaction Reporting in Nongaming Areas
6. Casino Cage, Credit and Collections
   • Casino Cage • Casino Credit • Collections
7. Slot Management
   • Slots • Video Pokers • Floor Configuration • The Slot Floor Layout and Consumer Behavior • Elements of a Successful Slot Servicescape • Determining Slot Win • The Importance of Hit Frequency • Random or Pseudo-Random?
8. Introduction to Table Games
   • Dice • Roulette • Blackjack • Baccarat • Keno • Caribbean Stud • Let It Ride • Pai Gow Poker
9. Table Game Operations
   • Table Game Operations • Revenue and Profit per Square Foot • Betting Limits
10. Casino Accounting
    • Table Drop and Count • Slot Drop and Count • Key Control • Internal Audit • Casino Audit • Statistical Reports
11. Mathematics of Casino Games
    • Dice • Roulette • Blackjack • Baccarat • Keno
12. Elements of an Effective Player Rating System
    • Importance of Player Rating Systems • Actual versus Theoretical Win • Estimation of Average Bet and Time Played • The Player Rating System • Establishing Guidelines • Player Rating Systems
13. Table Game Hold as a Management Tool
    • Uses of Table Game Hold • Determinants of Hold • Theoretical Win and Hold • High Table Occupancy May Be Hazardous to Profit
14. Casino Marketing I
    • The Cost of Match Plays and Nonnegotiables • Match Play: Problems and Solutions • Gambler’s Spree • Dead Chips and Chip Warrants • General Slot Marketing • Consumer Choice Factors
15. Casino Marketing II
    • Rebates on Loss • Player Action Criteria • Table Game Rule Modification as a Marketing Tool
16. Casino Marketing III: The Premium Player Segment
    • Defining the Premium-Play Segment • Acquisition Costs Keep Going Up • Deconstructing the Premium-Play Segment • The Hidden Cost of Discounting • The Net Effect of a Premium Play • Quick-Loss–Rebate Policies • Costs of Competing for Premium Play • Discounts for Twenty-one Players • Discounts for Craps Players • Testing a Minimum-Play Constraint • Rationale Behind Discounting • Baccarat Discounting Recommendations • Dangers of Discounting
17. Sports Book Operations
    • History • Sports Betting • Money Lines • Point Spread Betting
18. Race Operations
    • Betting at the Track • Types of Races • Types of Bets • Racing Terms • Regulatory Requirements • Race Book Operations
19. Casino Statistics
    • Population • Sample • Parameters and Statistics • Average or Mean • Median • Mode • Measures of Dispersion • Range • Variance • Standard Deviation • Weighted Average • Probability Distribution • Expected Value • Calculating the Standard Deviation with Uneven Betting • Sample Game Probabilities, Variances, and Standard Deviations • Our Worst Fears Realized—“A Money Manager”

Appendix: Z Table
Glossary of Casino Terminology
Index