By April Bacon and Shanice York
Are you tracking data in vast Excel spreadsheets? Does it cost you hours in manpower to maintain those spreadsheets?
Casinos collect statistics across different departments, but it’s often not a simple process. Manual entry and competing priorities means your data isn’t real-time. And it’s far too easy to fall behind.
But if you did have real-time stats, you could easily and quickly compare data across different departments and use those comparisons to bolster decision-making. A casino accounting software tool like CasinoEdge, powered by Sage Intacct, enables that real-time data and fast, robust decision-making. Here’s how:
1. Compare gaming vendors
There are several major slot machine vendors. Technology like CasinoEdge allows you to track slot flash data and lets you compare metered as well as actual revenue by each vendor.
You can see if certain machines aren’t performing as well as machines of a similar kind or as well as during the same timeframe the previous year, or if they seem to be underperformers for a continued period of time. Then you can determine if they aren’t performing well because of where they are placed on the gaming floor, if they have dated themes, or if there are other reasons why performance may be suffering. This leads to more informed decision-making when it comes to swapping out slot machines or choosing which vendor you obtain new machines from.
While some casinos buy slot machines, others lease them. If you can sparse out revenue by vendor, you can also use this real-time information to create vendor lease payments and/or verify payments against month-end invoices.
2. Compare machines by denomination
Several factors come into play when creating your slot floor mix. Where your slot machines are placed on the floor is a strategically planned map. With the help of CasinoEdge, real-time, comparative data can help you decide your slot floor mix down to the level of machine denomination. You can view how machines do by day, by denomination and/or by vendor to help make an informed decision on your slot machine mix driven by an analysis of revenue numbers at this granular, detailed level. This can help you improve machine performance.
You can also analyze revenue at these levels for certain promotions. If you have senior day promotions frequently and see that penny denomination slots perform particularly well in these events, then you may make the decision to add more penny machines to your slot floor. If a certain denomination is consistently an outstanding performer, you can exchange some of your underperforming denominations for those machines.
Having access to real-time, comparative data assists you in adjusting your slot mix faster and more strategically to increase revenue to the maximum amount for your organization.
3. Compare events
Speaking of events, you can easily compare them by using technology like CasinoEdge.
In that software, you can tag revenue and expenses by event, allowing you to run a P&L by event to analyze overall performance. Compare data for gaming days that the event occurred on as it relates to the F&B revenue generated and table games revenue. You can even add calculations such as machine utilization, average coin-in and theoretical hold percentages.
Then, looking at events, you can see what areas each event impacted the most. Which event brought the most people into the casino? Which event most increased slot play, or table games play? Which event was even more successful than the one held on the same day last year? What events work better on certain days of the week?
Event planning is about meeting customer wants to bring in more customers, which, in the end, drives revenue for your organization. With the ability to perform event comparisons, you are empowered with valuable data to make strategic decisions on future events and the ability to quickly analyze revenue at a very minute detail.
4. Compare days of the week
This metric is valuable in measuring how your casino is doing year over year. If you can see that the casino performed a lot better on the same day three years ago, you can determine reasons why. Was the weather a factor this year? Was there a very successful event back then? Do you need to adjust your slot and table mix?
With CasinoEdge, you can build stat reports for each day, compared to the previous three weeks for that same day. This enables deeper analysis and more strategic — and proactive — decision-making to improve future performance.
5. Compare Class II vs. Class III revenue
Some casino properties are required by NIGC or state gaming regulations to track revenue for Class II and Class III slot machines separately. Others may want to track this data for statistical purposes.
With CasinoEdge, you can break out revenue by class and ensure compliance with that regulatory requirement.
The right technology can make a huge difference
So how does casino accounting technology like CasinoEdge enable all of this comparative decision-making?
CasinoEdge pulls in real-time data through templates customized to your casino’s needs, and then parses it by the factors that matter most to you. It provides an easy way to bring statistical data into your financial accounting software for easy, automatic side-by-side comparisons.
By bringing data into one place, you can more easily and quickly compare it and then make the decisions that will best benefit your organization.
If you want to learn more about CasinoEdge’s capabilities and benefits, click here. Or read more in these articles:
Top 3 benefits of simplifying your chart of accounts across casino properties
3 ways to improve casino operations with automated income statement creation
Clean up your casino’s vendor management