Casino Financial Controls: Tracking the Flow of Money

  • Share this:
Share with a friend
Sign into your email account to send this page to a friend:
Outlook or Apple Mail
or other default program

Save $25 when you open a Walmart® Credit Card and spend $75 today.*

*Offer subject to credit approval
Learn More
or Apply Now

Advertisement
Advertisement

Casino Financial Controls: Tracking the Flow of Money

Format:  Paperback,

158 pages

Publisher: Prentice Hall

Publish Date: Mar 2009

ISBN-13: 9780131748095

ISBN-10: 0131748092

Buy from Walmart

Shipping & Pickup
Online
$59.73

In stock for:

  • Store information not available.

 Buy from Marketplace

Shipping & Additional Information

Book Information

The following content was provided by the publisher.
Every manager and supervisor must be financially literate in order to advance their career in casino management. Managing expenses, a key aspect of performance reviews for managers, relies heavily on the ability to read financial statements. Since there is cash and cash equivalents moving around the casino facility like in no other business, the need for financial literacy is critical in the casino industry. Money exchanges hands at gaming tables and at the cage. Employees assume responsibility for banks and chip racks worth thousands of dollars. Extending credit and issuing comps have a material effect on the profitability of casinos. Money is everywhere and controls must be in place to avoid theft and embezzlement. Incredibly easy-to-understand, "Casino Financial Controls: Tracking the Flow of Money "gives solid explanations of accounting principles as well as examples of accounting entries. Examples of procedural controls and the reasons for each control are also included and explained in pragmatic terms. The criteria for extending credit or issuing comps are used to avoid serious damage to the bottom line. In addition, pictures and illustrations are included to help the reader to better visualize the reality behind the words. This book is aimed at the non-financial managers who need to know the basics of casino financial controls.

Specifications

Publisher: Prentice Hall
Publish Date: Mar 2009
ISBN-13: 9780131748095
ISBN-10: 0131748092
Format: Paperback
Number of Pages: 158
Shipping Weight (in pounds): 0.6
Product in Inches (L x W x H): 7.5 x 9.0 x 0.25

Chapter outline

Prefacep. xiii
Acknowledgmentsp. xiv
Introductionp. 1
The Need for Financial Controlsp. 2
The History of Financial Controls in American Casinosp. 3
Harrah and Financial Controlsp. 5
The Casino Business as a Cash Businessp. 6
Unique Termsp. 7
The Importance of Holdp. 8
Types of Controlsp. 8
Traditional Controlsp. 8
Accounting Controlsp. 9
Comp Controlsp. 10
Credit Controlsp. 12
Terminologyp. 14
Introductionp. 15
Dropp. 15
Modern Slots and Dropp. 15
TITOp. 17
Paid Outp. 18
Holdp. 18
Profit and Lossp. 18
Further Termsp. 19
House Advantagep. 20
Explaining House Advantagep. 20
Determining Winnersp. 21
Random-Number Generatorsp. 23
Additional Termsp. 24
Hold Percentagep. 26
Holdp. 27
Hold Percentagep. 27
Amount Wagered versus Dropp. 28
Drop Teamp. 28
Fillsp. 30
Theoretical versus Actual Hold Percentagep. 30
Keno, Bingo, and Racebookp. 31
Using the Hold Percentage as a Controlp. 31
Cheatingp. 34
Controls in Placep. 37
Introductionp. 38
Manual Proceduresp. 38
Public Forms of Manual Proceduresp. 38
Manual Procedures for Dealingp. 39
Signaturesp. 41
Separation of Dutiesp. 41
Multiple Employee Involvementp. 42
Surveillancep. 42
Duplicate/Triplicate Formsp. 43
Cash Countdownsp. 44
Digital Trailp. 44
Man Trapp. 44
Supervisory Oversightp. 44
Technology's Impactp. 44
Paper Trail of Revenue and Payoutsp. 49
Introductionp. 50
Formsp. 50
Fillsp. 51
The Fill Processp. 52
Slot Fillsp. 54
Creditsp. 55
Wager Documentationp. 56
Kenop. 56
Race and Sportsbookp. 56
Bingop. 57
Impact of Technologyp. 58
Paper Trail Usesp. 59
Conversion of Financial Data into Financial Statementsp. 61
Introductionp. 62
Definitionsp. 62
From the Floor to the Accounting Departmentp. 65
21p. 66
Cocktail Servicep. 68
Payrollp. 70
Analysis of Financial Statementsp. 73
Introductionp. 74
Financial Statement Structurep. 75
Basic Statement Structurep. 76
Prior Year and Budgetp. 77
Variance Analysisp. 79
Small Variances Add Upp. 81
Overstaffed or Overscheduledp. 82
Other Key Ratiosp. 84
Purpose and History of Comps and Creditp. 87
Introductionp. 88
Definitionsp. 88
Compsp. 88
Creditp. 90
Markersp. 92
History of Compsp. 93
Slot Clubsp. 95
History of Creditp. 99
Criteria for Issuing Creditp. 101
Introductionp. 102
Criteria for Issuing Creditp. 102
Incomep. 103
Assetsp. 103
Cash on Depositp. 104
Creditp. 104
Marker Playp. 105
Repaymentp. 107
Collectionsp. 108
Legality of Markersp. 110
Criteria for Offering Compsp. 113
Introductionp. 114
Determining Player Worthp. 115
The Importance of House Advantagep. 115
The Importance of Average Bettingp. 117
Comp Methodp. 118
Slot Compsp. 119
Redemptionp. 121
Method of Redemptionp. 122
Impact of Comps and Credit on Financial Resultsp. 125
Introductionp. 126
Transfer Pricingp. 126
Impact of Comps on the Profit/Loss Statementp. 128
Retail Method of Transfer Pricingp. 128
Cost Method of Transfer Pricingp. 128
Impact of Comps on the Receiving Departmentp. 130
Controlling Compsp. 131
General Methods of Controlp. 131
Targeted Comp Amountsp. 133
Other Methodsp. 134
Impact of High-Limit Play on the P/L Statementp. 135
Examples of the Impact of High-Limit Playp. 135
Conclusionp. 139
Introductionp. 140
The Reason for Controlsp. 140
Review of Key Termsp. 141
Financial Statementsp. 143
Expensesp. 145
Conversion into Financial Informationp. 146
Managing Comps and Creditp. 147
Author's Biographyp. 151
Indexp. 153

Book description

Every manager and supervisor must be financially literate in order to advance their career in casino management. Managing expenses, a key aspect of performance reviews for managers, relies heavily on the ability to read financial statements. Since there is cash and cash equivalents moving around the casino facility like in no other business, the need for financial literacy is critical in the casino industry. Money exchanges hands at gaming tables and at the cage.

Employees assume responsibility for banks and chip racks worth thousands of dollars. Extending credit and issuing comps have a material effect on the profitability of casinos. Money is everywhere and controls must be in place to avoid theft and embezzlement. Incredibly easy-to-understand, Casino Financial Controls: Tracking the Flow of Money gives solid explanations of accounting principles as well as examples of accounting entries. Examples of procedural controls and the reasons for each control are also included and explained in pragmatic terms. The criteria for extending credit or issuing comps are used to avoid serious damage to the bottom line. In addition, pictures and illustrations are included to help the reader to better visualize the reality behind the words.

Customer Product Reviews

 

Gifting Plans

Financing Offers

Enjoy Great Financing!

Make the most of your shopping experience with the Walmart Discover® or Walmart Credit Card.

Save $25 when you open a Walmart® Credit Card and spend $75 today.*

*Offer subject to credit approval

Learn More or Apply Now

No Payments + No Interest if Paid in Full in 6 Months!
Enjoy no payments for 6 months. You'll have 6 months with no payments, and no interest if paid in full within 6 months on orders over $250. Otherwise, interest will be charged from the original date of purchase. Bill Me Later is the quick, easy, secure way to buy online without using your credit card. Simply select Bill Me Later at checkout. Subject to credit approval.

See Terms