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• W52484862 abstract "AbstractUsing performance data from three Las Vegas hotel-casinos, time series regression models were employed to better understand the relationship between race and sports book wagering volumes, and slot and table game play. Variables representing both race and sports book wagering volumes failed to produce statistically significant effects in seven of twelve hypothesis tests, within models designed to explain the daily variation in slot and table game play. The results directly extend the work of Abarbanel, Lucas and Singh (2011) by examining the relationship between book wagering levels and table game play, and provide additional empirical tests of the Full Service Theory examined in Lucas (2013b). Casino operators and developers gain valuable insight related to the contribution of books to primary casino profit centers, and the methodological approach is readily adaptable to other leisure service businesses interested in estimating the contributions of one profit center to another.Key words: Race book operations; sports book operations; casino management; slot operations; table game operations; casino operations analysisIntroductionOver the decade ended December 31, 2012, gross gaming win in Nevada race and sports books peaked in 2006 at $97M and $191M, respectively (Nevada Gaming Control Board (NGCB), 2013). By the end of 2013, Nevada sports books had rebounded from the post-peak decline with a record-high annual win of $203M, while race books continued their steady decline to end at $52M in annual win (NGCB, 2013). The advance of online offshore wagering in the 1990s and the 2008 global financial crisis dealt successive blows to the business volumes of land-based books. The sports books seem to have recovered in recent years, but the race books have not.The lean years following the global financial crisis prompted gaming executives to question whether the books represented the best use of finite floor space. Lower profits in the books often lead to claims of contributions to other more critical gaming areas such as slot and tables, to stave-off possible reductions in floor space, or worse yet, elimination of the books (Lucas, 2013b). Unfortunately, little is known about the relationship between race and sports books and slot and table game play.This study directly extends the work of Abarbanel, Lucas and Singh (2011), in an effort to better understand the relationship between race and sports book business volumes and slot and table game play. The results will also add to the battery of findings related to similar propositions couched within the Full Service Theory examined in Lucas (2013b). Advocates for the books are quick to claim contributions to other profit centers (Bontempo, 2007; Eng, 2008; Manteris, 1993; Pugmire, 2009), but offer no rigorous empirical support for these claims. Despite the paucity of empirical research, these claims have gained traction. For example, Bontempo (2007) reports that Las Vegas casino executives are making their books larger and more elaborate, in an attempt to lure more patrons to the properties.Others have taken different paths, ranging from greatly reducing the dedicated footprint of the race and sports book to replacing it with nothing more than a wagering kiosk. The Cromwell, for example, opened on the Las Vegas Strip in 2014 with a kiosk in lieu of a race and sports book (KNTV, 2014). Other newer Strip properties such as the Cosmopolitan and SLS offer books that occupy a minimal amount of dedicated floor space. The Cosmopolitan's book is relegated to the second floor of the property alongside several nongaming outlets (Cosmopolitan, 2014), while the SLS book is configured in a multi-use capacity, embedded within a restaurant (SLS, 2014), similar to that of Legasse's Stadium in the Palazzo.The industry is headed in multiple directions and improved knowledge of the relationship between book and casino business volumes would be most helpful in making capital investment and floor space decisions related to book operations. …" @default.
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• W52484862 date "2014-10-01" @default.
• W52484862 modified "2023-09-22" @default.
• W52484862 title "Exploring the Relationship between Race and Sports Book Wagering Activity and Daily Slot and Table Game Play" @default.
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