MGMT 471 Gaming Entertainment – Flashcards
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Industry trends & international growth
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As gaming entrainment industry becomes more competitive, exceptional service quality will become an increasingly important completive advantage. The industry will continue to provide management opportunities for careers in the hospitality industry. Gaming revenue is depending less on casino revenue and more on room, F&B, retail, and entrainment revenue for profitability and growth.
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What is the difference between gaming & gambling?
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Gaming entertainment offers gambling as part of the total package of entertainment. Gaming services as customer base of "social gamblers"
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Who are the 3 key players in the industry?
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1. MGMG Resorts: Owns Aria, Vdara, Bellagio, MGMrgand, the signature, manually bay, THEhotel, the Mirage, Monte Carlo, New york New york, Luzer, Excalibur, and Circus Circus. ...... 2. Caesars Entertainment: Owns: Harrahs, Caesars, Bally's, Flamino, Imperial palace, Paris, Plant Hollywood, Rio ...... 3. Boyd Gaming Owns: the orlean hotel and casino gold coast coast hotel and casino sun coast hotel and casino
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What 4 things must you consider in slot management?
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1. Machine type 2. Hit frequency 3. Floor configuration 4. Services scape: design, color, sound, music
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Which hotels are station casinos?
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Red Rock Casino Resort ; Spa. Green Valley Ranch Resort ; Spa sunset station
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What is a "marker"?
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a signed document that is essentially a loan from the casino to the customer.
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What does Las Vegas Sand corp own?
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The Venation The Palazzo Sands Expo.
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How do Casinos make money?
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Most common: 1. Arranging for player to play against the casino where odds are in the favor of the house. a. in the long run customer pay for the pleasure they get from playing by losing money. b. casinos pay for capital and operating costs out of the money that the players lose. Least Common: 2.Charging for services provided: a.impose a charge for participating in a poker game. b. take a percentage of each pot.
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Terminology: What is a "Drop" or a "Handle"
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it is the revenue a casino collects from all the gambling activities during a given time frame the total amount of cash + markers
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Terminology: Keno=
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Write
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Terminology: Sportsbook=
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Handle
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Terminology: Bingo=
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Take
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Terminology: What is a "Paid out" or a "Payouts"?
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Money given to the player for winning a bet.
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Terminology: what is a "Hold" of a "Win"
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difference between money wagered and the amount of wining bets "Money the casino holds onto when gambling activity ceases." Drop - Paid Outs = hold. Handle - Paid Out =Win
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what two states do not permit some from a of gambling?
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Hawaii and Utah
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Who gambles?
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1. Men gamble more than women 2. Older american gamble more then younger americans (45 yrs) 50% of casino patrons are 50 yrs and older 30% of casino patrons are 60 yrs and older 3. College educated gamble more than those who are less than college educated. 4. Those who have a higher income above $70,0000 median household income = above $50,000 50% of population believe that gambling should stay at current levels. 30% of the pollution believe that gambling should be reduced or banned 20% of the population believe that going should be expand.
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Briefly describe the history of legalized gaming in the United States.
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The gaming entertainment started in Las Vegas. From 1940 to 1976 Las Vegas had a monopoly on the casino business. Atlantic City in 1976 was next when NJ voters approved casino gambling. Casino Control Act was developed to create jobs , attract tourist, pay taxes and invest capitol so urban redevelopment would occur. Not soon after other states followed New Jersey other states approved gambling.
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What defines the gaming entertainment business?
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Gaming entertainment business is identified by all aspects ,including hotel operations, entertainment offerings, retail shopping, recreation activities, food and beverage, and other operations in addition to wagering on the gaming floor.
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____is the most important factor when considering the layout of a casino floor
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Proft Margin. young people choose table gambling because its more social. which generates the max profit? slots 60-70% table games 15-20% Keno25-30% put popular machines near entrences and high earner in high traffic areas and also test machines in hight traffic areas... Ex. Sex and the city slot
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Describe International growth in gaming.
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MACAU Increase traffic of wealthy Chinese from the mainland Why do wealthy chinese come to Macau to gamble? closer then traveling to Las Vegas The average gambler in China tends to bet up to 10 times more than an American. 40% increase in revenue from high rollers.
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Explain how the attraction of gaming entertainment to the designation of a tourist.
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Its a place where a tourist can base a vacation , where entertainment, recreational activities, shopping ,sightseeing,lodging ,food and drink can be at full service .
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Why is it necessary for strict regulations to be in force on the casino floor?
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Legal ,regulatory and compliance issues must be enforced. Broken laws can result in lawsuits and cost companies large sums of money. casino gambling is strictly regulated by the sate governments and integrity developed over time by the regulations is necessary for survival of the industry.
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How are hotel operations in a "gaming entertainment business" different from hotel operations in a "non-gaming environment".
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Volatility, because of volatile casinos are not like other hospitality business. Comps, freebies to attract patrons business, comps are distributed as usual part of business. (unlike other services that use comps for customer failure.) Because gaming entertainment properties have hotels that are much larger than non-gaming hotels ,department heads have a large number of supervisors reporting to them more responsibilities. Reservations,front desk, housekeeping ,valet parking, and guest services can be very large departments with many employees.
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Give examples of non gaming revenue.
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Entertainment Operations with some shows in the $30 to $90 million range. Food and Beverage Operations , Retail Operations, Hotel Operations
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Define Gambling
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The act of placing stakes on an unknown outcome with the possibility of securing a gain if the bettor guesses correctly.
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20 of the 30 largest hotels in the world are casino resorts on the Las Vegas strip
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True
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In addition to gaming, what activities are included in the gaming entertainment industry?
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Production shows,theme parks,thrill rides,museums ,cultural centers , recreational activities
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Define Handle:
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Dollars waged or bet
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Define Gambling:
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To bet money on the outcome of a game of chance
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Define Win:
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Dollars won by the gaming operation from its customers.
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The total amount of all customer spending in a casino is called: [Hint] Bet Handle Win Wager
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Correct Answer: Win
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2 . What did the Indian Gaming Regulatory Act of 1988 provide? [Hint] A standard for civil penalties for violation of contracts A National Indian Gaming Commission to oversee Native American land A framework by which games are conducted to protect both tribes and the general public All of the above
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Correct Answer: All of the above A standard for civil penalties for violation of contracts. A National Indian Gaming Commission to oversee Native American land. A framework by which games are conducted to protect both tribes and the general public
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3 . The Mirage mega resort features all of the following except: [Hint] World's largest atrium Suspended floats from the ceiling A giant erupting volcano All of the above
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Correct Answer: Suspended floats from the ceiling
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4 . All of the following are casino operation jobs except: Housekeeping Slot machine technicians Table-game dealers Security
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Housekeeping
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5 . Gambling is: Giving someone money in return for more Playing a game of risk for the thrill of the "action" and the chance of making money An agreement to give someone money in return for a service None of the above
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Playing a game of risk for the thrill of the "action" and the chance of making money
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What are the 3 Gambler types?
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1. Recreational gambler or the "majority": Recreational gambler view gambling as just another form of recreation and go from high roller to low rollers. 2. Occupational gambler: Occupational gambler believe that their skills enable them to make money from gambling. Typically occupational gamblers use a rational process and learn probabilities of games and attend workshops to study. the have to file an IRSE tax return on their winnings. 3. Compulsive gambler: compulsive gambler live by gambling and live fro gambling. Compulsive gambler gamble obsessively causing family crises and have hight job insecurity.
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6 . What is the average percent of total revenues casino gambling companies pay in taxes? Half of all revenue 12% 25% None of the above
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12%
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7 . How many states have some form of legal gambling? 48 10 28 45
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48 states
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8 . A gaming entertainment business always has: A large hotel A pool and spa A casino floor area None of the above
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A casino floor area
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9 . What percent of U.S households gamble in casinos? 66% 50% 15% 33%
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33%
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10 . Which of the following features a life-sized replica of the great Temple of Ramses II? The Masquerade Village The Mirage Luxor Las Vegas Grand Casino Tunica
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Luxor Las Vegas
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11 . Which of the following features canals, bridges, and ancient architecture? Le Jardin The Beau Rivage Hilton Hotel Paris Casino Resort Las Vegas Sand's Venetian
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Las Vegas Sand's Venetian
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12 . All of the following are considered industry giants in the gaming entertainment business except: Circus Circus Harrah's Entertainment MGM Mandalay
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Circus Circus
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13 . In comparison to the average American, casino players tend to: Have a high level of income Hold white-collar jobs Have a high level of education All of the above
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All of the above Have a high level of income, Hold white-collar jobs and Have a high level of education
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14 . What percent of Americans believe casino entertainment is acceptable for everyone? 33% 90% 50% None of the above
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None of the above
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15 . All of the following are trends in the gaming entertainment industry except: Less dependence on room, food and beverage, and entertainment revenue as opposed to casino revenue Increase in management employment opportunities Improving service quality None of the above
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Less dependence on room, food and beverage, and entertainment revenue as opposed to casino revenue
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1 . Casino gambling relies less heavily than most industries on domestic labor and domestic suppliers. [Hint] True False
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False
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2 . Gambling on Native American lands accounts for more than 11% of all winnings from gambling in the United States. True False
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True
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3 . Casino entertainment is one of the most tightly regulated industries in the U.S. True False
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True
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4 . Circus Circus prides itself on operating the world's largest hotel/casino. [Hint] True False
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False
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5 . Foxwoods Resort Casino in Connecticut is owned and managed by the Mashantucket Pequot Tribal Nation. [Hint] True False
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True
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1. The total amount bet is called the _______________ in the gaming industry. handle wager bet win
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Handle
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2 . ________________ has been transformed from a dusty watering hole to one of the most elaborate cities in the world. Cannes Atlantic City Monte Carlo Las Vegas
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Las Vegas
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3 . A ___________ frenzy has occurred in the gaming industry. merging gaming downsizing societal
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Merging
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4 . Park Place, MGM, Harrah's, and Madalay are the ____________ in the gaming entertainment business. first casino resorts first casinos in Las Vegas only individually owned Casinos industry giants
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Industry Giants
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5 . Gaming entertainment properties have hotels that are much ___________ than non-gaming hotels. larger smaller expensive efficient
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Larger
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I. Wining hand totals closest to nine
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Baccarat
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2. An amount wagered in a gaming activity
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Bet
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3. Wining hand closest to 21 without going over
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Blackjack
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4. Played with 2 dice
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Craps
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5. Not affected by the outcome of the bet
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Handle
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6. Participants play against each other not the casino
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Poker
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7. A. Players wager on which number a small ball will fall
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Roulette
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8. An electronic gaming device
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Slot Machines
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9. Compensation to be paid to person who wins bet
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Wager
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10. Dollars won by gaming operation from customers. The net spending of customers on gaming is called the ____, also known as gross gaming revenue (GGR). "what the casino keeps"
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Win
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The dollars wagered or bet, often confused with win. Whenever a customer places a bet, the handle increases by the amount of the bet. the handle is not affected by the outcome of the bet.
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Handle
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1. The gaming industry includes approximately how many casinos across the United States? 139 casinos 291 casinos 432 casinos 679 casinos
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432 casinos
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2. The total amount that gamblers bet in casinos is called the: Hold. Deal. Handle. Split.
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Handle
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4. What percentage of U.S. households feels that casino entertainment is acceptable? 70% 80% 90% 100%
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90%
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5. The average visitor to Las Vegas budgets how much for gambling (on average)? $503 $675 $851 $1,050
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$503
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6. When did Atlantic City approve casino gambling? August 1965 May 1971 November 1976 July 1982
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Correct Answer: November 1976
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7. Which of the following is part of the framework of the Indian Gaming Regulatory Act of 1988? Provide tribal economic development. Protect Indian gaming from organized crime. Establish an independent authority for governing National Indian Gaming. All of the above.
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All of the above
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8. How many Native American gaming facilities are there on reservations in the U.S.? 123 197 281 346
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346
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9. Which Las Vegas hotel boasts the world's largest atrium, an IMAX theater, and a life-sized replica of the temple of Ramses II? MGM Grand The Bellagio The Venetian Luxor
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Luxor
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10.Which of the following is not a casino operations job? Front desk clerk Slot machine technician Market research Table-game dealers
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Front desk clerk
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11. The gaming entertainment area that finds the most opportunities for students of hospitality management is: Casino floor. Rooms and guest services department. Food and beverage. Entertainment operations .
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Rooms and guest services department.
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12. Which of the following is not considered a table game? Keno Poker Craps Roulette
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Keno
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13.Gaming entertainment is dependent less on casino revenue and more on: Off-track betting. Food and beverage. Retail. Both 2 and 3.
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Both 2 and 3. Off-track betting. Food and beverage
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14. Casino players are more likely to: Have a higher level of income. Hold white collar jobs. Have a higher level of education. All of the above.
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All of the above
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15. Which of the following is not a current trend in the gaming entertainment industry? Higher level of government scrutiny. Room inventory is expanding. Casino wagering is declining. Continued management opportunities in management.
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Casino wagering is declining.
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Question 1. __________ is the nation's largest gaming business. Open Hint for Question 1 in a new window. Harrah's Circus Circus MGM Grand Hilton
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Hilton
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Question 2. The net amount spent by a customer is termed ______ by the gaming industry. Bet Win Wager Handle
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Win
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Question 3. United States households make ___________ visits annually to casinos. 200 million 100 million 400 million 300 million
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300 million
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Question 4. _______________ owns The Mirage, Treasure Island and the Bellagio casino hotels. Harrah's Circus Circus Mandalay Resorts MGM
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MGM
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Question 5. Gaming entertainment hotel properties are ___________ than non-gaming hotel properties. More expensive Smaller Less expensive Larger
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Larger
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Question 1. Retail operations are often a major source of revenue for casinos. True False
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True
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Question 2. Gaming entertainment is limited to casinos only. True False
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False
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Question 3. Before 1976 there were no hotels or entertainment in the casino business. True False
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True
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Question 4. Native American gaming often pays revenues in order to maintain statewide monopolies. True False
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True
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Question 5. Caesars Palace Hotel and Casino is the largest hotel/casino in the world. True False
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False
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The real creation of the modern day casino came in 1941
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El Rancho Vegas
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Trends in gaming Entertainment
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gaming entertainment is depending less on casino revenue and more on room, food and beverage and entertainment revenue for its profitability and growth.
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What gives the gaming industry competitive advantage?
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As the gaming industry becomes more completive, exceptional service will become an increasingly important competitive advantage.
