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Textbook

Casino Operations Management, 2nd Edition

ISBN: 978-0-470-07364-3
416 pages
June 2006, ©2005
Casino Operations Management, 2nd Edition (0470073640) cover image
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 profitsā 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, 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.
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Preface.

Chapter 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.

Chapter 2: GAMING CONTROL.

History of Gaming Control in Nevada.

Atlantic City Gaming.

Indian Gaming.

Chapter 3: GAMING TAXES.

Gaming Taxes.

Internal Control Systems.

Differences Between Nevada’s and New Jersey’s Internal Controls.

Chapter 4: CASINO MANAGEMENT.

The Management Pyramid.

Casino Organizational Structure.

Casino Hotel Systems.

Staffing.

Chapter 5: CURRENCY REPORTING.

History.

Nevada’s Regulation 6A Model.

Title 31 Reporting.

Currency Transaction Reporting in Nongaming Areas.

Chapter 6: CASINO CAGE, CREDIT, AND COLLECTIONS.

Casino Cage.

Casino Credit.

Collections.

Chapter 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?

Chapter 8: INTRODUCTION TO TABLE GAMES.

Dice.

Roulette.

Blackjack.

Baccarat.

Keno.

Caribbean Stud.

Let It Ride.

Pai Gow Poker.

Chapter 9: TABLE GAME OPERATIONS.

Table Game Operations.

Revenue and Profit per Square Foot.

Betting Limits.

Chapter 10: CASINO ACCOUNTING.

Table Drop and Count.

Slot Drop and Count.

Key Control.

Internal Audit.

Casino Audit.

Statistical Reports.

Chapter 11: MATHEMATICS OF CASINO GAMES.

Dice.

Roulette.

Blackjack.

Baccarat.

Keno.

Chapter 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.

Chapter 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.

Chapter 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.

Chapter 15: CASINO MARKETING II.

Rebates on Loss.

Player Action Criteria.

Table Game Rule Modification as a Marketing Tool.

Chapter 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.

Chapter 17: SPORTS BOOK OPERATIONS.

History.

Sports Betting.

Money Lines.

Point Spread Betting.

Chapter 18: RACE OPERATIONS.

Betting at the Track.

Types of Races.

Types of Bets.

Racing Terms.

Regulatory Requirements.

Race Book Operations.

Chapter 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.

References.

Index.

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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.

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  • Presents new material on online gambling's effect on the industry.
  • Offers new information on customer service as a marketing tool, casino and guest security and safety
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  • Includes material on tribal casinos, riverboats, sports books, land base, and international gaming trends.

  • Features simplified mathematics and statistics and a variety of case studies.
  • Companion Web site, including PowerPoints, can be found at jimkilby.net
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