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Asian gambling basics
Gambling became popular in China in the last phase of the imperial dynasty i.e. from 1644 to 1912. Canton, Macao, Shanghai and Hong Kong became the famous for their liquor and gambling. These areas inhabited foreigners, usually Americans, who were...
Famous Armenians
Being a very small nation, Armenia gave many Famous people to the World Civilization. Below is a short list of some of them. Alain Prost-Race Car Driver-Won Formula 1 Race 4 Times Alan Hovhaness-Composer-The Prayer of St. Gregory, Symphonies,...
Texas Hold em Poker Basics
Texas Hold em Poker (also know as Holdem Poker) is a card game which you'll take a few minutes to learn but many years to master. As a beginner you'll want to learn the Texas Hold em Poker basics - the rules, hands rankings and types of texas...
The Sounds of Music--A Guide to Free Music Downloads.
The download revolution is in full gear! In 2004, legal song downloads increased tenfold to more than 200 million worldwide. According to some projections, downloads will account for a quarter of record company sales by 2009. There are now over...
Where Can I Buy Classic Arcade Games Machines?
If you miss some of your favorite classic arcade games, don’t worry. You may be able to still find one. First, however, you should be patient in doing research. It can be quite hard to find one and patience will be needed. Your first option would be...
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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.
About the Author
Mansi gupta writes about. casino business Learn more at http://www.casinobusinessnotes.com
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