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Casino
Casino Management First Test
| Question | Answer |
|---|---|
| 1. Definition of gambling and difference with gaming | Gambling-to play a game for something of value involving a risk or uncertainty Gaming-defined as the action or habit of playing at games of chance for stakes, is a more refined term and typically refers to instances activity has been permitted by law. |
| 2. Definition of gross gaming revenue | Gross gaming revenue (GGR) is the earnings of an operation before paying taxes, wages and other expenses, it is also the amount wagered minus the winnings returned to players, a true measure of the economic value of gaming |
| 3. Types of US gaming a. Lotteries b. Categories of commercial casinos c. Pari-mutual gaming d. 2010 commercial gaming statistics | Commercial casino gaming 1) land-based casinos, Las Vegas style and 2)riverboats Lotteries-the first legal lottery operated in NH in 1964 Pari-mutual gaming-all bets are placed in a pool e.g. horse racing, dog racing, jai-alai |
| 4. 2010 profile of typical US casino visitors according to 2011 AGA report | 58%at least 50 years old Similar education (15% post-graduate, 30% college) Casino visitors are less likely to have a household income of less than $35,000 and more likely to have incomes between $35-100,000 More active travelers and leisure participan |
| 5. External and internal factors that impact commercial casinos | external -Economic Environ, social environ, pol n legal environment, consumer behavior, corporate culture and tech, changing competitive envir reflected by hist development internal- product, organization, pricing. location n transportation, promotions |
| 6. Reasons why people gamble | fun, stress-relief, social, health m cognitive benefit, pass the time |
| 7. Gaming timeline (posted on BB) | blahhh |
| 8. AGA 2012 annual report executive summary | blahhh |
| 1. Benefits of tribal casinos | social impacts-health, education, cultural employment spin-off devel |
| 2. Compact | make compact between state and tribe to let tribe have casino |
| 3. Multiplier/leakage | leakage-phenomenon that occurs when parts of that dollar are exported outside the local economy. Multipliers are used to determine the total impact of each dollar of direct spending on the local economy. |
| 4. Siegel and Anders Indian gaming research | Siegel and Anders found that the opening of Native American casinos results in an increasing loss of public-sector rev- enues resulting from reduced lottery revenues |
| 5. Four stages of problem gambling | Winning Losing Desperation Hopelessness |
| 6. Tax rates range for commercial casinos and Indian gaming according to PPs | 6.75% up to 50% for commercial on ggr None for Indian Casino |
| 7. Industry gross gaming revenues ranking | commercial casino 34-31, indian casinos 26-29, lotteries 25-25 |
| 8. Negative economic/social impacts of gaming and the most critical social cost in gaming | higher taxes for property owners, small buis leave/bankrupt, increased crime=more $ on police, $ for pathological gamblers, problem gaming, |
| 9. Spin off development | need more hotels, restaurants, entertainment need to build these places, roads, homes, |
| 10. Definition of problem gambling in PPs | A mental disorder characterized by a continuous or periodic loss of control over gambling, a preoccupation with gambling and with obtaining money with which to gamble, irrational thinking and a continuation of the behavior despite adverse consequences |
| 11. Cannibalization as an effect in gaming development | ew product "eats" up the sales and demand of an existing product, cannibalization refers to a reduction in sales volume, sales revenue, or market share of one product as a result of the introduction of a new product by the same producer |
| 12. Percentage of problem gamblers in the US | According to National Council on Problem Gambling 3% to 4% of the U.S. population are problem gamblers |
| 13. Profile of a pathological gambler | Male, poor education, parents w/current/past problems, user/abuser, attitude money causes/solution to all prob, household income is below the mean, Single persons, Age group 18-24, Frat, vet, mental health disorder Early onset, Early unexpected big win |
| 14. Action gambler/escape gambler | action problem gambler, who gambles to achieve a rush that ultimately proves problematic escape problem gambler, who gambles not so much to feel great, but rather to feel nothing |
| 15. Signs of problem gambling on the casino floor | spend all $, stay all day, dont wanna do anything except gamble, |
| 16. Crimes related to problem gambling and founder of problem gambling field | Fraud, stealing, embezzlement, forgery, robbery DSM (Diagnostic and Statistical Manual of Mental Disorders) created by Dr. Robert Custer founder of problem gambling field |
| 17. Criteria of a pathological gamblers | spend all $, stay all day, dont wanna do anything except gamble, |
| 1. Social and economic benefits. Which cost is considered the most dangerous and hard to attach a dollar amount? | employment-direct/indirect, taxes 4 state, spin-off devel, pop incres, med/educ 4 NA, support community programs, tension relief, cognitive/health benefits, |
| 2. Why casinos are concerned with good corporate citizenship? | to uphold a good standing in the community and with their employees. |
| 3. Definitions: Displacement, house, discretionary income, cost-benefit analysis | displac-customers start spending money on gambling,they will stop spending it on something else dis income- fun money |
| 4. Factors determining the governmental behavior in legalizing or/and expanding gaming | people opinion, need for state income, democracy, crime rates, |
| 5. Core objectives of gambling regulations | most of the daily operational regulations of the commercial or Native American casinos are controlled by state or tribal law. Federal laws generally assist states in the enforcement of their gaming laws. |
| 6. How gambling was traditionally viewed | bad |
| 7. Permissivism, protectivism and democratic consensus. Best practice | permissivists—less gov, ok w/ casino protectivists—no gambling 4 same reasons as drugs democrat - in middle |
| 1. Gambling Devices Act | procedures formanufacturing and shipping gaming equipment in interstate commerce throughout the the United States. The act prevents the shipment of gaming devices into jurisdictions where the machines are not legal under state law. |
| 2. Indian Gaming Regulatory Act and description of three classes | U.S. Congress in 1988 when it enacted the Indian Gaming Regulatory Act. This federal law outlines procedures whereby federally recognized Indian tribes can operate casino gaming |
| 3. U.S. Patriot Act | Against terrorism and money laundering |
| 4. The Bank Secrecy Act or Title 31 | Required to report cash transactions more than $10,000 |
| 5. Michigan State Gaming Control Board licensing responsibilities | occupational licences for employees, licenses for establishments to have gaming |
| 6. Nevada gaming commission role | Enacts all gaming regulations Authority on licensing and disciplinary matters |
| 7. Nevada gaming control board role and the Black Book | Deals with day-to-day operations player disputes, reviews surveillance, gaming tokens, enforces operation standards, work cards, responsible gambling education |
| 8. Tribal sovereignty | tribes right to govern themselves, including gaming |
| 9. Selection process of new casino operators | Competitive selection process (bids) Background investigation (p. 103) |
| 10. Leading gaming manufacturing companies | international game tech (IGT) konami ballys shuffle master |
| 1. Gambler’s fallacy | The gambler's fallacy is the mistaken notion that the odds for something with a fixed probability increase or decrease depending upon recent occurrences. |
| 2. From being an outlaw to being respectable-new trends | try to bring in rich, famous, smart, well-known, |
| 3. Casino terminology e.g. whales, racino, NIMBY | high roller, race track/slots, not my back yard |
| 4. States were gambling is illegal | hawaii, utah |
| 5. Odds of winning-from DVD Casino Overview | |
| 6. Strategies in keeping or not patrons in the casino-from DVD casino Overview | all the amenities n variety (food, drink, etc) |
| 7. Strategies to avoid card counters in table games-from DVD Casino Overview | card shufflers more decks |
| 8. Dealing procedures-from DVD Casino Overview | keep hands in view |
| 9. Howard Hughes management style | trend toward respectable industry games for the rich and smart like him |
| 10. Reasons the first state referendum in Atlantic City failed | citizens/voters denied it nimby |
| 11. Challenges of Indian casinos when they opened | funding, unskilled, id of/for tribal members, motivations problems for youth |
| 12. Riverboats-challenges and first riverboat casino | in 91 first boat in iowa amenities; small boat taxation is high |
| 13. Slots statistics from PPs | Initially for women 60-75% of casino revenue ≠ Asia 30 billion in revenue 80% of casino floor |
| 14. Random number generator | A mechanism inside the computer of a Class III game that ensures that each pull has an equal chance of hitting the jackpot. it randomly generates numbers and symbols combinations. |
| 15. True or myths about slots according to PPs | hot/cold machines club card increase chance |
| 16. Table games statistics according to PPs | Slots and Video Poker: 53% Blackjack: 23% Poker: 7% Roulette-Craps: 3% |
| 17. Slot types according to PPs | mechanical reel video reel progressive/linked machines |
| 18. Advantages of paper machines/EZ Pay | EZ-pay decreases the needs for refilling the machines with coins and consequently the casino cuts down on its staff needs. staff redirected revenue increase as number of slots decrease |
Created by:
kag222
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