Posts tagged Business

Casino Business Basics

Like any other enterprise, casinos focus on profit. However, their undertakings are varied and diverse than any other organization. The various activities in which a casino indulges include gambling, restaurants, hotels. Gambling in itself is quite complex comprising of various card games, machines and table games. The conversion of money to chips, given the large inflow of cash and the threat of thefts, is an art in itself. Apart from all this there is a lot of manpower involved. Being a licensed body, it is subjected to tax as well. To add to all this there is periodical auditing which determines the continuance of the license. Thus, opening and monitoring a casino requires a lot of homework to be done.

Every casino, like any other organization, has a hierarchical structure. The top position in a casino can be of the owner or the Board of Directors. Generally, the casinos have some lower managers to take care of the various operations of the casino. These include the Manager of Finance, Manger of Food and Beverages, Manager of Casino Operations etc. the number of departments and managers depends on the size of the casino and the range of activities undertaken by it. Due to the huge cash flows, the accounting department of the casino is distinct from other departments. It has its own structure comprising of five levels which includes the clerks, cashiers, vault employees, financial managers, accountants and internal auditors.

An important aspect of the gambling world is law. Information regarding controlling bodies and legislations are very important while administering a casino. These enactments and regulations provide licensing procedures, gaming rules etc.

Like all other enterprises, accounting forms an integral part of the Casinos. Accounting, here aims at proper and exhaustive recording of all cash flows, prevention of theft while recording these transactions and analyzing the data for decision making. Fulfillment of all the above objectives is quite difficult as all the transactions are reported once a day and the bulk of this transaction is enormous. Fair accounting helps in an effective cost profit analyses of the casino, thus leading to better decision making. The revenue generated through the casino is an important source of income for the government. Tax acts as, both, a deterrent for gambling a source of income. Tax is imposed at the federal as well as the state level.

The accounting process of the casino is evaluated by means of auditing. While regular internal audits are important, statutory audits are also conducted by gaming control agencies. Internal audits primarily help the casino to prevent cheating. Fraudulent activities can cost a casino its license, not to mention the goodwill and customers. independent auditors check the functioning of the casinos, especially when the casino trades publicly in stock. Most of the financial activities of the casino involves certified public accountants.

Casinos are nowadays diversifying and evolving. Nevada and New Jersey are now becoming famous holiday spots for all and are no more mere gambling hubs. This diversification can prove to be profitable for the business only when the owners and proprietors are well aware of their decisions and their implications. Hence, thorough knowledge and information is a pre requisite for any profitable casino.

Mansi aggarwal writes about. casino business Learn more at http://www.casinobusinessnotes.com

Casino Business History – Reality and Legends – Part Three

Lucky number “for Sagebrush State”.

In December of 1829 a Mexican merchant, Antonio Armijo, led his caravan to Las Vegas. Though it was winter – it had no effect on the climate of the local deserts: hot sun and burnt earth, scrub and monotonous landscape could drive anyone mad. It is no wonder that the guide at some point realized that they had lost their way! Armijjo was not disheartened and ordering to fix a camp, set a small troop to look for water. One of Antonio’s scouts – Rafael River- decided to take “an individual search” and soon he came across a wonderful source of fresh water – which is priceless in Nevada desert.

Rivera’s finding was of revolutionary significance. California was overwhelmed with “gold rush” and now the potential gold-diggers could considerably shorten the road to the gold-bearing lands.

A quarter of a century later, Mormons came to the source which was given a Spanish name Las-Vegas – which means “meadows”. They settled a fort to protect the Los Angeles-Salt Lake City mail route, they even mined coal, planted fruit trees, cultivated vegetables, but in 1858 they abandoned the settlement much because of the endless Indian raids.

The next stage of history of Las Vegas started only three decades later, when the epoch of conquest of the Wild west was in full swing. Railroad laid its tracks through the Valley, where Rafael once found his water supply, camp site was built for the passengers to have rest during the stops of the train. In a while, workshops, hotels, stores, cigar shops and surely saloon started sprout like mushrooms after the summer rains. In the saloons the passengers could not only have a drink or eat something, but also they had an opportunity to play cards, dice and roulette.

It is difficult to believe but until “sex revolution” in the late 60-s America had much more strict and patriarchal morals than Europe. Even the character of Dreiser’s “An American Tragedy” Clyde Griffiths knew that he could hook up with a foreign lady – as they were more light-minded than American women. The regulators of Nevada banned gambling within its territory under the pressure of the so-called “moralists”. A wild western custom to throw the coin up into the air when paying for the drink was also forbidden. In October of 1910 a local newspaper commented on this epochal event with evident rapture: “Stilled forever is the click of the roulette wheel, the rattle of dice and the swish of cards. ” You will hardly believe today that it was all about Las Vegas.

As the historians state, the ban did not even last a month. The authorities were fighting with illegal gambling houses for more than twenty years, but then simple economics prevailed. Upon the common belief Nevada was not so lucky as other states: it does not have any specific natural resources as in oil-bearing Texas or Oklahoma, no rich lands as in Iowa, no golden beaches and favorable climate as in Florida and California.

Today no one remembers who decided to allow in Nevada what was banned throughout the United states. But the job was done: Prohibited in all other states gambling was legalized in Nevada, and moreover the procedure of marriage and divorces was significantly simplified. The wheel started to spin and now the whole state benefited. Unlike Monte Carlo with its only casino, casinos in Las Vegas were literally sprouted, giving the pas probably to the hotels. Even in the worst times of the Great depression you could find work and earn money here – someone owned a casino, others were selling hamburgers, someone was changing the linen at the hotels and cleaning the ashtrays being grateful to the God for having the job and salary…

Arthur Prudent is the developer of Casino bonus codes , web site covering gambling news, features reviews on Casinos, Poker rooms, bingos, Sports Betting bonuses promotions and more. Casino business history: reality and legends. Part three

Casino Business Plans

Go into the casino business if you want to have fun while you work. Casino business plans are all the rage these days, as more and more entrepreneurs are getting attracted to this lucrative opportunity. Although, it is a growing business, you would be wise to plan the detail specifics of your operations and conduct adequate market research to understand the extent of this opportunity.

Casino business plans fall into two categories. You can plan to set up either an online casino or invest in the location casino business. For an online business, you could make an outright purchase of a casino on sale. Many online casinos even offer a franchise. They have readymade casino business plans and are willing to set up your business website. You will be given all the tools necessary for your operations.

Pre-built poker and casino rooms are available to set you rolling. But you will have to devise the marketing strategy on your own. Online marketing is expensive and you will have to allocate sufficient funds under this head. The number of hits at your website will decide your ultimate revenues. The start-up costs for an online casino business depends upon your investment capacity. Even a very low initial investment can set you going. Online gaming is a home-based business and can turn out to be very lucrative, if marketed appropriately.

The location casinos cater chiefly to the corporations, the non-profit and civic clubs. The entire casino atmosphere is replicated at the given location. The location casinos are in great demand during conferences to entertain the delegates. They are often used as fundraisers too. Be sure to check if you need a license to operate a casino and study the state government regulations. Get information on the locations that do not permit casinos. Sample casino plans are available at the local Small Business Administration office. Use them as guidelines to draw up your strategy. Then start scouting for employees who are ready to work on a payment-per-event basis.

Have fun and pocket those profits!

Since 1999, Growthink’s business plan writers have developed more than 1,500 business plans. Growthink clients have collectively raised over $1 billion in venture capital funding, and Growthink has become the firm of choice for venture capital firms, angel investors, corporations and entrepreneurs in the know. To learn more about our business plan services, call 877-BIZ-PLAN (877-249-7526). Growthink has also developed a business plan template that allows entrepreneurs to quickly and cost-effectively develop professional business plans.