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Casino Accounting and Financial Management

Second Edition

E. Malcolm Greenless

Publication Year: 2008

A completely revised and expanded edition of the most comprehensive book on casino accounting

Published by: University of Nevada Press

Title page

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pp. vii-viii

Illustrations and Tables

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pp. ix-xii

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Preface to 2nd Edition

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pp. xii-xvi

The second edition of Casino Accounting and Financial Management represents both an updating and an expansion of the original text published first in 1988. In the intervening years, the casino industry has experienced both unprecedented growth and change. The industry has spread geographically—from what was a commercial industry spanning just two states—to an industry ...

Part I: Background and Environment of Casino Gaming

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pp. 1-2

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Chapter 1: Casino History and Operating Environment

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pp. 3-34

In the last dozen years a limited and localized industry has exploded into the newest and most exciting national industry. The gaming business has experienced unprecedented growth—both in existing as well as new jurisdictions. Gaming also has become the economic salvation of many Native American Indian tribes. The last twelve years have seen quantum leaps in gaming ...

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Chapter 2: Casino Licensing and Regulation

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pp. 35-67

This chapter discusses the licensing and continuing regulation of casino operations. It begins with a brief discussion of the historical development of gaming regulation. The differences in regulatory philosophy between Nevada, New Jersey, and other jurisdictions, including a detailed look at the respective gaming control agencies and their operations, are examined. ...

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Chapter 3: Revenue Taxation of Casino Operations

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pp. 68-94

This chapter presents and discusses the various types of taxes levied on casino operations. The discussion is limited to taxes applied on gross revenue, together with various license fees. Taxation of income from casino operations is dealt with in chapter 13. These gross revenue taxes are significant costs of operation in a casino and are of importance in the accounting and financial ...

Part II: Accounting for Casino Operation

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pp. 95-96

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Chapter 4: Casino Revenue Flows

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pp. 97-121

This chapter discusses the basic concepts of casino revenue accounting, which represents the truly unique aspects of casino counting control, systems, and procedures. The importance of understanding these casino revenue flows cannot be overemphasized. The diversity, the complexity, and the commingling or mixture of revenue transactions with exchange or cashiering ...

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Chapter 5: Slot Machines and Gaming Devices

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pp. 122-156

This chapter describes the development of slot machines, some of the important historical developments, along with the current status of the slot machines in various casino-like settings. The components of slot machines, their operation in a casino environment, and the procedures relating to slot machine accounting are discussed in the next chapter. That chapter also examines ...

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Chapter 6: Slot Machine Accounting

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pp. 157-200

This second chapter on slot machines expands the discussion of the detailed accounting and control procedures which casinos use in this important revenue area. ...

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Chapter 7: Games Accounting

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pp. 201-235

This chapter deals with accounting for the principal table games utilized in a casino, which generally include 21, craps, roulette, and baccarat. All of these are banking games—that is, the house or casino participates for profit. In addition, there are several other casino side games that are introduced from time to time. In recent years, games such as “Three Card Poker,” “Let It Ride ...

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Chapter 8: Keno Accounting

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pp. 236-255

This chapter consists of a discussion of the accounting for keno games only. Other minor games such as bingo, poker, and race and sports books are considered in chapter 9. ...

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Chapter 9: Bingo, Poker, Race and Sports Book

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pp. 256-270

Bingo, poker, race and sports book operations are minor contributors to the overall revenue stream of a casino. As described in table 9- 1, these games collectively contribute about 3.5% of the total revenue statewide in Nevada. Still, despite their minor revenue contribution, they are often a vital part of the casino product line and are very popular with many patrons. In fact, the ...

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Chapter 10: Central Cashiering

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pp. 271-297

Central cashiering could be described as the nerve center of the casino cash flows and the operational center of the casino itself. Having the cashier as the central point of the operation also creates an atmosphere of control over the casino operation. If the controls over the cage cashier are strong, then the controls over the entire casino operations are typically strong. ...

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Chapter 11: Casino Credit Accounting

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pp. 298-316

Recognition of the role that credit extension plays in casino operations is important in developing a proper understanding and appreciation of the necessary internal controls and procedures for credit accounting. The availability of casino credit is a crucial element of a casino’s marketing and operating strategy. While the importance of credit is indisputable, the necessity of ...

Part III: Auditing, Taxation, and Financial Management Issues

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pp. 317-318

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Chapter 12: Casino Auditing, Minimum Internal Control Standards, and Financial Reporting

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pp. 319-368

This chapter describes the current practice and principal problems in the auditing of casino operations, the status of ac counting principles as they apply to unique casino balance sheet and income statement items, and current problems regarding the financial reporting and disclosure requirements for the industry. Many of the issues that are discussed in this chapter have been either ...

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Chapter 13: Gaming Income Taxation

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pp. 369-385

With the growth in the popularity and size of the casino industry, there is increasing concern regarding the taxation issues arising from casino operations. There is a desire on the part of accountants to provide services to casino clients, but the industry practices and operating policies are not well known. This chapter discusses a number of taxation issues that are unique to casino ...

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Chapter 14: Managerial Accounting in Casinos

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pp. 386-411

The traditional objectives of casino accounting usually focus on safeguarding assets and assuring accurate financial statements. However, increasingly, ac-counting systems are being called upon to provide analysis of data for managerial decision making and measuring management performance. These areas are usually described as managerial accounting as opposed to financial ...

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Chapter 15: Currency Transaction Reporting, Suspicious Activity Reporting, and Title 31

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pp. 412-432

In 1984, the federal government was becoming increasingly sensitive to the problems of money laundering by criminal elements involved with the drug trade. In October of 1984, Congress passed the Bank Secrecy Act (BSA).1 The purpose of this act, which became known as Title 31, was to require all banks and financial institutions to record and report all cash transactions which ...

Appendix 1: List of States with Casinos, 2005

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pp. 433-434

Appendix 2: Gross Annual Wager of the United States ($ in Millions)

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p. 435-435

Appendix 3: State-by-State Gaming Profiles, Listed in Chronological Order, by Legalization Date

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pp. 436-438

Appendix 4: Summary of State Laws

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pp. 439-440

Appendix 5: Nevada State Gaming Control Board

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pp. 441-442

Appendix 6: Nevada State Gaming Control Board

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pp. 443-444

Appendix 7: Sample Local Government Gaming Taxes in Nevada

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pp. 445-446

Appendix 8: Summary of State-by-State Gaming Taxes

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pp. 447-454

Appendix 9: Distribution or Earmarking of State Gaming Taxes

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pp. 455-457

Appendix 10: Slot Machines in North America, by Geographic Location and Type of Location

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pp. 458-460


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pp. 461-470

Gaming Glossary

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pp. 471-486

Selected Bibliography

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pp. 487-492


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pp. 493-510

E-ISBN-13: 9780874177770
Print-ISBN-13: 9780874177671

Page Count: 480
Illustrations: 91 b/w illustrations
Publication Year: 2008

Edition: 2