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The Proper Care & Feeding of the Golden Goose
Under the new paradigm of declining economic conditions across a broad spectrum of consumer spending, casinos face a unique challenge in addressing how they both maintain profitability while also remaining competitive. These factors are further complicated within the commercial gaming sector with increasing tax rates, and within the Indian gaming sector by self imposed contributions to tribal general funds, and/or per capita distributions, in addition to a growing trend in state imposed fees.
Determining how much to “render unto Caesar,” while reserving the requisite funds to maintain market share, grow market penetration and improve profitability, is a daunting task that must be well planned and executed.
It is within this context and the author’s perspective that includes time and grade hands-on experience in the development and management of these types of investments, that this article relates ways in which to plan and prioritize a casino reinvestment strategy.
Cooked Goose
Although it would seem axiomatic not to cook the goose that lays the golden eggs, it is amazing how little thought is oft times given to its on-going proper care and feeding. With the advent of a new casino, developers/tribal councils, investors & financiers are rightfully anxious to reap the rewards and there is a tendency not to allocate a sufficient amount of the profits towards asset maintenance & enhancement. Thereby begging the question of just how much of the profits should be allocated to reinvestment, and towards what goals.
Inasmuch as each project has its own particular set of circumstances, there are no hard and fast rules. For the most part, many of the major commercial casino operators do not distribute net profits as dividends to their stockholders, but rather reinvest them in improvements to their existing venues while also seeking new locations. Some of these programs are also funded through additional debt instruments and/or equity stock offerings. The lowered tax rates on corporate dividends will likely shift the emphasis of these financing methods, while still maintaining the core business prudence of on-going reinvestment.
Profit Allocation
As a group, and prior to the current economic conditions, the publicly held companies had a net profit ratio (earnings before income taxes & depreciation) that averages 25% of income after deduction of the gross revenue taxes and interest payments. On average, almost two thirds of the remaining profits are utilized for reinvestment and asset replacement.
Casino operations in low gross gaming tax rate jurisdictions are more readily able to reinvest in their properties, thereby further enhancing revenues that will eventually benefit the tax base. New Jersey is a good example, as it mandates certain reinvestment allocations, as a revenue stimulant. Other states, such as Illinois and Indiana with higher effective rates, run the risk of reducing reinvestment that may eventually erode the ability of the casinos to grow market demand penetrations, especially as neighboring states become more competitive. Moreover, effective management can generate higher available profit for reinvestment, stemming from both efficient operations and favorable borrowing & equity offerings.
How a casino enterprise decides to allocate its casino profits is a critical element in determining its long-term viability, and should be an integral aspect of the initial development strategy. While short term loan amortization/debt prepayment programs may at first seem desirable so as to quickly come out from under the obligation, they can also sharply reduce the ability to reinvest/expand on a timely basis. This is also true for any profit distribution, whether to investors or in the case of Indian gaming projects, distributions to a tribe’s general fund for infrastructure/per capita payments.
Moreover, many lenders make the mistake of requiring excessive debt service reserves and place restrictions on reinvestment or further leverage which can seriously limit a given project’s ability to maintain its competitiveness and/or meet available opportunities.
Whereas we are not advocating that all profits be plowed-back into the operation, we are encouraging the consideration of an allocation program that takes into account the “real” costs of maintaining the asset and maximizing its impact.
Establishing Priorities
There are three essential areas of capital allocation that should be considered, as shown below and in order of priority.
- Maintenance and Replacement
2. Cost Savings
3. Revenue Enhancement/Growth
The first two priorities are easy enough to appreciate, in that they have a direct affect on maintaining market positioning and improving profitability, whereas, the third is somewhat problematical in that it has more of an indirect affect that requires an understanding of the market dynamics and greater investment risk. All aspects that are herewith further discussed.
Maintenance & Replacement
Maintenance & Replacement provisions should be a regular function of the casino’s annual budget, which represents a fixed reserve based on the projected replacement costs of furniture, fixture, equipment, building, systems and landscaping. Too often however we see annual wish lists that bear no relationship to the actual wear & tear of these items. It is therefore important to actually schedule the replacement cycle, allocating funds that do not necessarily have to actually be incurred in the year of accrual. During a start-up period it may not seem necessary to spend any money on replacement of brand new assets, however by accruing amounts to be reserved for their eventual recycling will avoid having to scurry for the funds when they are most needed.
One area of special consideration is slot machines, whose replacement cycle has been shortening of late, as newer games & technologies are developing at a much higher rate, and as the competition dictates.
Cost Savings
Investment in cost savings programs & systems are, by their very nature and if adequately researched a less risky use of profit allocation funding then almost any other investment. These items can often take the form of new energy saving systems, labor saving products, more efficient purchasing intermediation, and interest reductions.
These items have their caveats, one of which is to thoroughly analyze their touted savings against your own particular application, as often times the product claims are exaggerated. Lease buy-outs and long term debt prepayments can sometimes be advantageous, especially when the obligations were entered into during the development stage when equity funds may have been limited. In these cases it is important to look at this strategy’s net effect on the bottom line, in comparison with alternative uses of the monies for revenue enhancing/growth investments.
One recent trend is the growing popularity of cash-less slot systems, which not only provide labor savings for fills, counts and hand-pays, but also serve as an aid to patrons who do not like to lug around those cumbersome coin buckets, while also encouraging multiple game usage.
Revenue Enhancing & Growth
Leveraging is the key catalyst of any revenue enhancing/growth related investment. It includes the following:
o Patronage Base
o Available Funds
o Lands
o Marketing Clout
o Management Experience
The principal is to leverage the use of the available asset towards achieving higher revenues & profitability. Typical examples include increasing average patronage base spending and widening the effective trading radius, by offering additional products/services, such as retail stores, entertainment alternatives, recreational/leisure amenities, overnight accommodations, more restaurant choices, and of course, expanded gaming.
Master Planning
Anticipation of potential growth and expansion should be fully integrated into the project’s initial master planning so as it assure cohesive integration of the possible elements in a phased-in program, while also allowing for the least amount of operational interruption. Unfortunately, it’s not always possible to anticipate market changes, so expansion alternatives must be carefully considered.
The Big Picture
Before embarking on any type of expansion and/or enhancement program we strongly recommend first stepping back and assessing the property’s present positioning relative to the market and competitive environment. As we have observed in numerous gaming jurisdictions around the country, often casino ventures that have been operating “fat and happy” for a few years, find themselves in a zero-growth period. Sometimes this is due to competition stemming from either/both new local area casinos or regional venues that have the affect of reducing patronage from peripheral area markets. Additionally, the current customer base may become bored with their experience and are seeking greener pastures. The historical growth of the Las Vegas strip is testament to the success of continually “reinventing” oneself. 안전놀이터
Our approach to these market studies is initially focused on determining the degree to which the current facility is penetrating the potential market and in relationship to any competitive market shares. Typically, this represents an analysis of the current patronage base in terms of information gleaned from the player tracking data base, and mailing lists, coupled with day-part, daily, weekly, monthly and seasonal revenue trends.
This data is then interfaced with an assessment of the overall market potential to indicate the extent to which certain market segments are utilizing the facility and the needs it is fulfilling. More importantly however, is that this type of analysis will indicate those market segments that are not utilizing the facility more fully, and why.
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But if you’re looking for a phone that’s not only attractive and eye catching, but also fun, then you should really consider buying the Vivo Y73. This is the ultimate cell phone for anyone who loves to use their smartphone. For those who are interested in playing games, the phone also comes equipped with a powerful gaming system, called the Funtouch gaming platform. The device also comes equipped with a memory card, which contains space for more than two hundred songs. Users can expand this memory up to 1GB using a microSD card.
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For those that use their smartphones heavily, the Vivo Y73 comes equipped with a high definition front camera and a dual tone multi-color capacitive screen for vivid color experience. It has a built-in memory card reader, so you don’t have to purchase an additional one, and it has an efficient 2.5D screen that makes watching videos a pleasurable experience. The multimedia rich gadget also comes complete with a large and vibrant 8 GB RAM, a fast 2 mega pixels rear camera, a large high definition screen, a memory card slot, a standard headphone port, and a micro USB port for charging.
If you want a high quality and powerful smartphone that will give you plenty of things to do, then the Vivo Y73 is perfect for you. It has a robust design that is loaded with features that will amaze you, and has been loaded with the latest version of Android operating system, namely the Mediatek Helio G95. With a Android OS that is packed with tons of useful features, you should have no problem finding plenty of things to do on this powerful smartphone.
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The online gaming world is full of slots. It would take hours to name and describe them all. Nevertheless, there are a number of tips, strategies and facts regarding the way in which you can play slots profitably.
I intend to go through the most important slot strategy concepts in the subsequent article.
Stick to your budget
Choose a suitable slot that fits within your bank roll/budget. The higher the bets you make, in comparison to your budget, the sooner you will be out of money. So if you have £100 to spend within one session, stick to the lowly slots with minimal spin costs. Whereas if you have £100,000 to spend play the high roller slots which cost a lot more to spin.
Betting the maximum amount possible
When you have figured out a betting level that suits your budget, go one level lower, and get into the habit of always making maximum bets. Instead of betting £1, bet the maximum number of quarters possible. More often than not, there is very little difference between these two slots strategies, but to qualify for the really high payouts, you must bet the maximum amount possible. Generally speaking, you have slightly better odds if you bet the maximum amount they allow.
Read any information given regarding the slot and make sure you understand the payout schedule. Some slots have an auto-spin feature that lets you play spin after spin without the need to watch; if this option is available by all means use it, if you are playing solely for monetary gain. Playing slot is not a career choice, but instead a recreational and fun game which can earn you money in the process. But where’s the fun in having a computer wasting your money while you wash the dishes? 우리카지노 도메인
Seeing all the angles
It’s essential to understand the concept of pay lines. This is an important part of both live and online slots strategy. Some slots have as many as 25 pay lines. It’s crucial to know that in cases like this, it is not enough to just play the max amount. If you play the maximum amount on one pay line out of 5, you won’t win the largest payout or the progressive jackpot. To hit the biggest payouts possible, you must play not only max amount but also the max pay lines. Obviously, this will cost more, but the rewards are far greater.
Slots and bonus rounds
Consider utilising the bonus rounds offered by the slots. They are in effect a game in their own right where you gamble with some or all the credits you have won while playing the regular spin slots. It’s a bet that often pays even money, which makes it the best bet available to you while playing an online slot. However, while it gives you a decent chance of winning more credits, it also means there is a possibility of losing the credits you have just won.
How to Find Good Online Casinos Offering Online Slots?
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