Casino Industry Fundamentals

Upon successful completion of this course, participants will be able to:

• Recognize the competitive factors impacting the gaming industry, the different types of gaming niches, the impact of corporate ownership on it, value creation, risk factors, and how differentiation is used within the industry.
• Recall the subsections of the industry that have bargaining power, how to establish the competitive radius of a casino, structural factors for tribal gaming entities, and the unique operating factors and risks associated with each type of gaming.
• Recognize the general organizational and procedural structure of a casino, how procedural adjustments are used to create value, which controls are most critical, and how financial analysis and reporting can be used to optimize results.
• Specify the operational characteristics of casino games, the win-loss probabilities associated with them, how a casino earns profits from them, and the impact of outcome volatility on earnings.
• Recall how slot machines function, the key controls and risks related to them, and how they are positioned to optimize profits and equipment maintenance.
• Recognize how table games function, the key controls and risks associated with them, data collection requirements, how a casino earns a profit from them, and how their operations can be optimized.
• Recall how sports betting operations function, how to optimize and measure them, the key controls and risks associated with them, how a casino earns a profit from them, and how to operate digital sportsbooks.
• Recognize how online and mobile gaming operations function, how to optimize and measure these operations, the key controls and risks associated with them, and how a casino earns a profit from them.
• Specify how poker and tournament operations function, how to optimize and measure these operations, the key controls and risks associated with them, and how a casino earns a profit from them.
• Recall the process flow within a cage, the key transactions it performs, essential cage controls, and the key risks that a properly-functioning cage can mitigate.
• Recognize the process flow for granting credit to customers, essential risks and how they are controlled, how to optimize credit operations, and the documentation standards of the credit function.
• Recall how player loyalty systems are constructed, controlled, and optimized, as well as how marketing activities and employee performance expectations are set to maximize profits while supporting responsible play.
• Recognize the structure of gaming regulations, how they apply to casinos and gaming-equipment manufacturers, and how casino operations should be structured to remain compliant at all times.
• Specify how tribal gaming is structured, both in terms of regulatory requirements and ownership, as well as casino accounting and reporting requirements, how to deal with compliance issues, and deal with casino funding requirements versus the needs of the tribe.