Casinos are more than just fun and games. They are big business , and they can have a big impact on the local economy .
Their revenue can be significant , often exceeding $1 billion annually, according to the United States Gaming Commission. Casinos were the leading source of gambling revenue in the United States in 2009, with $33.8 billion in revenues and $6.9 billion in profits, according to the commission .
Casinos employ tens of thousands of people, many of them permanent , full-time positions . Many casinos are part of a larger resort complex that includes shopping, dining and entertainment venues.
Casinos also tend to do well in economically tough times. By offering entertainment , dining and lodging, they provide a convenient option for people who might be looking to spend discretionary cash .
With all that in mind , successful casino management requires a great deal of knowledge and attention to detail . Here are some of the basics:
The Basics of Casino Management
Casino bk8 management is a blend of business , finance and gaming expertise . You have to understand both how to run a casino and how to run a casino business.
For example, casinos need to make money, but what they don’t know is how much money they need to make to keep themselves in the black. Likewise , casinos have to consider their clientele and market to that audience . Casinos must also offer competitive games, but they also have to consider the games their customers like to play and the games they can afford to play.
To be successful , a casino manager must also understand profit and loss statements, cash flow management, accounting and other aspects of the business side of casino management .
“You have to have people skills as well as business skills to run a good casino. You have to be able to deal with people, both customers and employees, and you have to be able to produce the results for which the casino pays you,” said John Wilson, a casino consultant in Las Vegas . “At the end of the day , the casino is a service business.”
Wilson is the author of the “Casino Player’s Handbook” (http://www .casinoplayerhandbook.com) , one of the best guides to playing casino games and gambling strategy available.
“You also have to be a very organized person. All casinos run on very tight schedules . They have to be on time for opening and they have to be closed on time as well. They can’t make any mistakes.”
Casino Management: Problems and Solutions
A common problem among casinos — not just in the gaming industry — is finding and keeping competent management for the long term .
”Casinos are businesses just like any other business. They have problems like any other business,” said Michael Gaughan , a casino owner in Connecticut .
“One of the major problems every manager faces is turnover. Casinos tend to have turnover in their management because the pay is not high and there are a lot of other jobs in New York or Las Vegas or Atlantic City .”
Many casinos have experienced managers who stay for many years and retire to become consultants or instructors for casino managers’ schools .
One common problem among casinos — not just in the gaming industry — is finding and keeping competent management for the long term .
“When you have turnover in your management team , it presents problems because you don’t have the knowledge of your people,” said Gaughan .
Another problem is a misperception of casino management skills. “I think casino managers often get a bad rap because casino managers are dealing with gamblers and not with businessmen ,” said Gaughan .
“Casino managers don’t run their businesses like businessmen run their businesses. They run their business in a completely different way .”
Casino Management: The Bottom Line
Casino management is a balance of business and financial acumen with a working knowledge of gaming regulations and business needs .
The bottom line is that casino managers need to be well-versed in the inner