Money counters can help casinos increase profits
Casinos gain profit by increasing revenue or cutting costs, and money and ticket counters can play a big role in those initiatives. The cash desk is a particular pain point at many gaming centers, since there has to be an employee there at all times in case people want to cash in their winnings. These machines use ticket in, ticket out reading technology that quickly identifies and sorts the amount of money a customer won at the hall. By making the winnings receipt process quick and efficient, these businesses have the potential of reducing overhead, which improves the bottom line overall.
Increases in revenue and savings from TITO ticket readers mean profits
Casinos in America often have a very distinct business model, in part because of the portion of revenue they need to supply to the states in which they do business. This makes their bottom lines far more constrained than in other industries. The focus on increasing revenue and cutting down on overhead is an important part of the business model because of the significant take that local governments expect from them. This applies to not only privately run gaming centers but also those run by Native American tribes on reservation land.
In this respect, the Potawatomi Tribe in Wisconsin is doing well in increasing revenue. The tribe's casino in Milwaukee, one of the three largest in the state and the only one serving its largest city, recently announced its earnings reports, indicating positive revenue. According to the Milwaukee Journal-Sentinel, the gaming center earned approximately $360 million in revenue in fiscal year 2014-2015, up 2.4 percent from the year before. Taking into account the $25 to $30 million in revenue given to the state of Wisconsin, the net win was about $390 million. This information is based on the city and county of Milwaukee receiving $10.82 million from the tribe at the end of the fiscal year, which is supposed to represent 3 percent of the net win.
The outlook for the casino is bright. Many analysts believe the casino industry has finally recovered from the aftermath of the Great Recession. More importantly, it is unlikely the casino will face any competition in the form of new gaming centers and resorts as found elsewhere in the country. Still, increasing profits is important, which is why a money and ticket counter is extremely useful in this situation. It can help tribal casinos cut overhead by reducing labor costs, which puts more money into the hands of their members and the state economy.
October 12, 2015