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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.

Tabla de contenidos provista por Syndetics

• Preface(p. xiii)
• Acknowledgments(p. xiv)
• Chapter 1 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)
• Chapter 2 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)
• Chapter 3 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)
• Chapter 4 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)
• Chapter 5 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)
• Chapter 6 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)
• Chapter 7 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)
• Chapter 8 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)
• Chapter 9 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)
• Chapter 10 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)
• Chapter 11 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)
• Chapter 12 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)