First, I think one must understand the difference between Independent Casino Reps and Casino Junket Reps. This is not always easy because the definitions can vary depending upon where in the world one is located. In some areas, they are synonymous and it other parts of the world they are totally different. Asia is […]
What do AML, FINCEN, Casinos and Banks all have in common? It is not intrigue but unfortunately the intrigue element comes into play because of Compliance. Compliance is the new mantra of both casinos and banks today. Unfortunately there have been abuses within both systems and both industries handle large amounts of cash. Cash used to be “King” but not any longer. Today cash generates concern. That concern translates across many industries today besides just casinos and banks.
For example, FINCEN falls under the US Department of the Treasury. This is the Financial Crimes Enforcement Network and they have both casinos and banks in their sights among other industries. This not only affects casinos in the United States but also affects western casinos conducting business in Asia or elsewhere around the world. FINCEN’s charter is as follows:
“FINCEN’s mission is to safeguard the financial system from illicit use and combat money laundering and promote national security through the collection, analysis, and dissemination of financial intelligence and strategic use of financial authorities”
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Many readers are probably old enough to remember a very famous “advice column” that was around for years titled “Dear Abby.” Readers used to write to the newspaper to ask Abby’s advice about numerous different subjects, but mostly related to their love life. As a casino consultant, I also get numerous letters from readers asking for my advice. Many of their questions relate to “How do I become a junket rep?” I think answering questions about someone’s love life might actually be easier to answer than questions related to junkets, but nevertheless I will try.
A typical letter:
Dear Steve,
I read your advice online and am very interested in becoming a casino junket rep. I have traveled to Atlantic City on a few junkets and feel it could be a rewarding job as well as a fun job. I am not a heavy gambler. I mostly play slots and blackjack, but never felt the need to gamble more than I set aside for any given day. Therefore, the temptation to bet my house is not a problem.
I did, however, notice that on most of these junkets I have been on, there is very limited interaction between the rep and the player. I feel if the reps got more involved in making the trip enjoyable, they could get more repeat business. I have no clue how to become a casino junket rep and could use some advice in how to get started. Do I contact the casino? Is there a license I have to apply for? Is there a school I need to attend? I have found many sites for travel agents, but none for casino junkets. Any advice you can offer would be great. […]
INTRODUCTION
There are almost 600 casinos in the United States and several thousand around the world. Every one of them probably has a different interpretation of what a high roller is. It is an interesting and controversial subject that is all relative to each casinos VCL. VCL is one of the many variable factors that can affect the way a casino would view their interpretation of a high roller. In other words, one size doesn’t fit all when evaluating high rollers. Therefore, I think is important to review VCL first and hopefully clear up some of the many misconceptions that are out there about high rollers and casinos.
Do you know your casino’s VCL? VCL stands for “Volatility Comfort Level”. For that matter, do you know what your own personal Volatility Comfort Level is? For example, if you went to a Roulette Table with a $1,000 bankroll, would you be comfortable betting $1000 or 1000 Pounds Sterling straight up on a number that pays 35 to 1 odds? This represents high risk but high potential reward as well as a high VCL. Or, on the other hand, would you be more comfortable betting only $10 on Black or Red which is an even money bet with minimal risk but also minimal potential reward or low VCL.
Simply stated, the player’s need for risk-oriented betting parameters and the casino’s tolerance for risk in relation to potential reward is what VCL is all about for both the player and the casino. It is one of the subtle influencing factors that can have a dramatic effect upon a player’s real or perceived value in a casino. It can also be a competitive factor as casinos use betting limits as a means to attract and compete for players. In terms of bottom line it can dramatically influence the casino’s profitability as well over the short and mid-term thereby potentially affecting cash flow, and stock prices. From purely a selfish point of view issues directly or indirectly related to volatility can affect the job security for the casino executives having to make these day-to-day decisions. […]
Asian Casino Marketing is not as easy as it sounds. In fact, it is a fairly complicated process and if not performed properly it can actually be perceived as offensive to the intended recipients. Steve Karoul explains some of the basic principles of Asian casino marketing. One form of casino marketing in Asia consists of Junkets and VIP Room operations while another form of Asian casino marketing is much more generic and more appropriate for casinos located around the world.
There is an old expression in Asia that when translated goes something like this, “Asia is not Asia”. When you think about it you begin to better understand its subtle message; one size does not fit all and Asia is neither one country nor one culture. Asia is a vast melting pot of numerous different countries, languages and cultures. Some of them have marked differences based upon thousands of years of history and cultural evolution. Asians are extremely nationalistic and proud of their own cultures and customs. Therefore, it is extremely offensive to generalize all Asians as one in the same. They are not. Successful casino marketers around the world will need to understand this up front and then make every effort to research their target market segments before jumping into any new Asian marketing campaign.
Chinese is normally the largest Asian culture in the United States, Europe and elsewhere but this may vary when segmented by geographic locations as well as from city to city even with the same country. In some instances, Vietnamese or another Asian culture may dominate on a local basis close to a particular casino. Never-the-less, many uninformed casino marketing managers still insist upon copying and implementing marketing strategies specifically developed to target and to satisfy Chinese gamblers. However, this approach may backfire on you and actually be offensive if your Asian players are not Chinese. The cultural mix of Asian players residing near your casino may vary dramatically. Do your homework first to determine if you want to attract Chinese, Vietnamese, Korean, Japanese, Filipino, Thai, Cambodian, Laotian, Malaysian, Indonesian or other Asian players. […]
