Casino Financial Controls Tracking the Flow of Money
by Durham, Steve; Hashimoto, Kathryn, Ph.D.Edition: 1st
Format: Paperback
Pub. Date: 2019-07-04
Publisher(s): Pearson
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Summary
The need for financial literacy is critical in the casino industry. Incredibly easy-to-understand, Casino Financial Controls: Tracking the Flow of Money provides solid explanations of accounting principles as well as examples of accounting entries.
Table of Contents
| Preface | p. xiii |
| Acknowledgments | p. xiv |
| Introduction | p. 1 |
| The Need for Financial Controls | p. 2 |
| The History of Financial Controls in American Casinos | p. 3 |
| Harrah and Financial Controls | p. 5 |
| The Casino Business as a Cash Business | p. 6 |
| Unique Terms | p. 7 |
| The Importance of Hold | p. 8 |
| Types of Controls | p. 8 |
| Traditional Controls | p. 8 |
| Accounting Controls | p. 9 |
| Comp Controls | p. 10 |
| Credit Controls | p. 12 |
| Terminology | p. 14 |
| Introduction | p. 15 |
| Drop | p. 15 |
| Modern Slots and Drop | p. 15 |
| TITO | p. 17 |
| Paid Out | p. 18 |
| Hold | p. 18 |
| Profit and Loss | p. 18 |
| Further Terms | p. 19 |
| House Advantage | p. 20 |
| Explaining House Advantage | p. 20 |
| Determining Winners | p. 21 |
| Random-Number Generators | p. 23 |
| Additional Terms | p. 24 |
| Hold Percentage | p. 26 |
| Hold | p. 27 |
| Hold Percentage | p. 27 |
| Amount Wagered versus Drop | p. 28 |
| Drop Team | p. 28 |
| Fills | p. 30 |
| Theoretical versus Actual Hold Percentage | p. 30 |
| Keno, Bingo, and Racebook | p. 31 |
| Using the Hold Percentage as a Control | p. 31 |
| Cheating | p. 34 |
| Controls in Place | p. 37 |
| Introduction | p. 38 |
| Manual Procedures | p. 38 |
| Public Forms of Manual Procedures | p. 38 |
| Manual Procedures for Dealing | p. 39 |
| Signatures | p. 41 |
| Separation of Duties | p. 41 |
| Multiple Employee Involvement | p. 42 |
| Surveillance | p. 42 |
| Duplicate/Triplicate Forms | p. 43 |
| Cash Countdowns | p. 44 |
| Digital Trail | p. 44 |
| Man Trap | p. 44 |
| Supervisory Oversight | p. 44 |
| Technology's Impact | p. 44 |
| Paper Trail of Revenue and Payouts | p. 49 |
| Introduction | p. 50 |
| Forms | p. 50 |
| Fills | p. 51 |
| The Fill Process | p. 52 |
| Slot Fills | p. 54 |
| Credits | p. 55 |
| Wager Documentation | p. 56 |
| Keno | p. 56 |
| Race and Sportsbook | p. 56 |
| Bingo | p. 57 |
| Impact of Technology | p. 58 |
| Paper Trail Uses | p. 59 |
| Conversion of Financial Data into Financial Statements | p. 61 |
| Introduction | p. 62 |
| Definitions | p. 62 |
| From the Floor to the Accounting Department | p. 65 |
| "21" | p. 66 |
| Cocktail Service | p. 68 |
| Payroll | p. 70 |
| Analysis of Financial Statements | p. 73 |
| Introduction | p. 74 |
| Financial Statement Structure | p. 75 |
| Basic Statement Structure | p. 76 |
| Prior Year and Budget | p. 77 |
| Variance Analysis | p. 79 |
| Small Variances Add Up | p. 81 |
| Overstaffed or Overscheduled | p. 82 |
| Other Key Ratios | p. 84 |
| Purpose and History of Comps and Credit | p. 87 |
| Introduction | p. 88 |
| Definitions | p. 88 |
| Comps | p. 88 |
| Credit | p. 90 |
| Markers | p. 92 |
| History of Comps | p. 93 |
| Slot Clubs | p. 95 |
| History of Credit | p. 99 |
| Criteria for Issuing Credit | p. 101 |
| Introduction | p. 102 |
| Criteria for Issuing Credit | p. 102 |
| Income | p. 103 |
| Assets | p. 103 |
| Cash on Deposit | p. 104 |
| Credit | p. 104 |
| Marker Play | p. 105 |
| Repayment | p. 107 |
| Collections | p. 108 |
| Legality of Markers | p. 110 |
| Criteria for Offering Comps | p. 113 |
| Introduction | p. 114 |
| Determining Player Worth | p. 115 |
| The Importance of House Advantage | p. 115 |
| The Importance of Average Betting | p. 117 |
| Comp Method | p. 118 |
| Slot Comps | p. 119 |
| Redemption | p. 121 |
| Method of Redemption | p. 122 |
| Impact of Comps and Credit on Financial Results | p. 125 |
| Introduction | p. 126 |
| Transfer Pricing | p. 126 |
| Impact of Comps on the Profit/Loss Statement | p. 128 |
| Retail Method of Transfer Pricing | p. 128 |
| Cost Method of Transfer Pricing | p. 128 |
| Impact of Comps on the Receiving Department | p. 130 |
| Controlling Comps | p. 131 |
| General Methods of Control | p. 131 |
| Targeted Comp Amounts | p. 133 |
| Other Methods | p. 134 |
| Impact of High-Limit Play on the P/L Statement | p. 135 |
| Examples of the Impact of High-Limit Play | p. 135 |
| Conclusion | p. 139 |
| Introduction | p. 140 |
| The Reason for Controls | p. 140 |
| Review of Key Terms | p. 141 |
| Financial Statements | p. 143 |
| Expenses | p. 145 |
| Conversion into Financial Information | p. 146 |
| Managing Comps and Credit | p. 147 |
| Author's Biography | p. 151 |
| Index | p. 153 |
| Table of Contents provided by Ingram. All Rights Reserved. |
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