Casino management final exam 2023 questions and answers 100% verified
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Course
Casino management
Institution
Casino Management
Casino management final exam 2023 questions and answers 100% verified
Baccarat basic rules & payouts
goal is to get a hand value closest to 9, 10's and face cards are 0, aces are worth 1, banker and player are each dealt 2 cars, can get a third
Payout-
player bet 1:1
banker bet 1:1
casi...
casino management final exam 2023 questions and answers 100 verified baccarat basic rules amp payouts goal is to get a hand value closest to 9
10s and face cards are 0
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Casino management final exam 2023 questions and
answers 100% verified
Baccarat basic rules & payouts
goal is to get a hand value closest to 9, 10's and face cards are 0, aces are worth 1,
banker and player are each dealt 2 cars, can get a third
Payout-
player bet 1:1
banker bet 1:1
casino keeps 5 percent commission so it is .95:1
House advantage
The mathematical winning edge that the casino gives itself by manipulating the rules of
the games to ensure profitability.
-Balance and fairness needed to ensure profitability
Comp
Given for free or as a gift
-Valuable marketing tool, needed to drive play
Player rating
Process by which a table game floor supervisor monitors the gambling routine of a
patron
-Process
• Player must qualify to be rated
-Qualify = average bet; varies across properties
Theoretical win
asino's expected win from player
• House Adv x Game Pace x Avg Bet x Duration = TW
-European Roulette
» 2.7% x 3.75 x $200 x 60 = $1,215.00 (TW)
evolution of casino comps
Very flexible; relied on subjectivity of floor personnel to known guests; lacked research
• Today
-More strategic approach to comp systems -Created to generate efficient revenues,
while building value for player -Connects customer service to Stakeholder Capitalism!
-Need for internal marketing
• Casino competition at all-time high; customers are most important asset, comps
enable retention and growth
• Dealers and other personnel who interact with customers must buy-in to mgmt
philosophy
• Casino mgmt and marketing departments must be coordinated • Need for 'marketing-
minded leadership'
Gary loveman
CEO of Harrah's, Inc. • Hired as COO in 1998 • Took four steps to increase revenue
through loyalty programs
, -1. Overhauled Harrah's marketing team, replaced with CRM experts -2. Improved
customer service, even though it was already strong -3. Invested in national branding -
4. Human resources refocus: brainpower and leadership more valuable
than industry experience
• Program emphasized and incentivized continued involvement that decreased
consumer business with competitors
front money
personal players' funds put forward to establish credit
credit marker
A line of credit extended by a casino
Number of casinos at Foxwoods
6 casinos
Size of Foxwoods' workforce
8 thousand
Foxwoods' gaming space size, number of slots and table games
4800 slots, 22 table games, 250 tables
Difference between surveillance and security
security is outside the casinos
surveillance is looking at table games and casino things, surveillance has access to
security cameras where security does not have access to surveillance
Employee theft vs. Customer theft
employees taking chips
customers cheating
HEART customer service training
H ear
E mphatize
A pologize
R espond
T hank the person
Current trend in gaming vs. entertainment space
moving toward more percentage of entertainment
tribal owners
tribe owns the land, on indian land, technically not in the state of Connecticut, tribe has
their own laws
Tactic to assist problem gamblers
foxwoods pays $ to the gaming authority who helps with problem gambing, their is also
a hotline
Integrated marketing communications'
Four Major Techniques: 1. Personal Sales 2. Sales Promotion 3. Public Relations (or
'Publicity') 4. Advertising
The best campaigns integrate and coordinate these channels to enable one clear,
consistent, and compelling message . . .
. . . about the organization its brand(s) and product(s)
Integrated Marketing Communications (IMC
'Player development'
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