Like every other industry, the casino industry has its own jargon. In casinos and discussions about casinos, it is not uncommon to hear phrases like “casino rewards/goals,” “jackpot,” “risk,” “leverage” and “goal casino” used to describe not only industry-specific occurrences but also management and employment goals and strategies.
A casino manager’s job is to keep the casino operating smoothly and promote its continued growth by taking strategic actions to improve its day-to-day operations and meet long-term goals. Goals that casino managers set for themselves and their teams include breaking into new segments of the market, operating a safe, compliant casino and taking steps to ensure the casino is profitable. By continually setting, meeting and exceeding these goals, a manager can shape her resort into a resort that other casinos look toward as an example of a successful gaming destination.
Attracting and Retaining Guests
Without guests, a casino cannot profit. An effective manager knows this and actively takes steps not just to attract new guests but to retain existing guests. A few common strategies casino managers employ to attract new guests and keep previous guests coming back for more include:
- Offering casino rewards/goal programs, tiered bonuses like slot credits or free rooms for spending specific amounts of money.
- Hiring popular entertainers for show venues within casinos.
- Adding attractions other than gambling to casino resorts, like upscale restaurants and dance clubs.
- Building hype by advertising high odds and previous jackpots won at the casino.
- Running promotions like half-price drinks on certain weekdays.
One way to almost guarantee a casino keeps guests playing and coming back for more visits is to provide top-notch customer service. Word of mouth and social media are two of the most powerful marketing tools a casino manager can harness, and delivering a satisfying experience for every customer can get the resort glowing reviews online and offline, recommendations between friends and mentions on social media.
Ongoing Game Management and Repairs
Keeping games in working condition will keep guests coming back. To keep games in working condition, a manager should make regular rounds on the gaming floor to catch any malfunctions or breakdowns as soon as possible after they happen so a technician can be dispatched to the game. Additionally, the manager should have the casino's maintenance crew make frequent rounds on the gaming floor to keep it tidy.
There is more to maintaining an attractive casino than keeping the games in working order. The gambling floor should be clean and neatly organized, and lighting fixtures, decor and furniture should be in good condition. This means operating lights, furniture that is free of tears and stains and a clean, inviting bar area.
Return on Investment for a "Goal Casino"
For any business, profitability is a primary goal. This does not just mean making money but making a return on the amount of money invested in the casino.
The formula to determine an operation’s return on investment is:
(current value of investment - cost of investment)/cost of investment = ROI
Improving a casino’s ROI involves working with the casino’s accounting department to find areas in which to cut costs, its marketing department to determine more effective ways of targeting guests and its hospitality department to ensure that every guest need is met.
Continuing Regulatory Compliance
Ongoing regulatory compliance is critical to a casino’s continuing operation and success. Native American casinos are regulated by the National Indian Gaming Commission, while privately owned casinos in states that permit casino gambling are regulated by state regulatory agencies. For example, New Jersey’s casinos are regulated by the New Jersey Division of Gaming Enforcement.
Regulations with which casinos may be required to comply include:
- Retaining video surveillance for 30 days or longer.
- Operating surveillance cameras on the casino floor at all times.
- All requirements imposed by the Bank Secrecy Act.
- Reporting gaming odds.
- Accurately reporting all income.
Penalties for noncompliance include fines and the potential loss of licensure, forcing the casino to close.
Lindsay Kramer has been a full-time writer since 2014. In that time, she's experienced the ups, downs and crazy twists life tends to take when you're launching, building and leading a small business. As a small business owner, her favorite aspect about writing in this field is helping other small business owners and aspiring entrepreneurs become more fluent in the terminology and concepts they face in this role. Previously, she's written on entrepreneurship for 99designs and covered business law topics for law firms.