RESORT/CASINO INDUSTRY JARGON
Stuff people who work in the Las Vegas gaming industry say
- •RevPAR (revenue per available room)This is a key financial metric of your room performance and determined by ADR (average daily rate) times occupancy rate. RevPAR growth is basically how you demonstrate the strength of your room product and strength in your location/tourism interest in your market
- •WalkingWhen a hotel is overbooked (which should be always given expected no-shows) and you cannot honor a reservation you "walk" your guest to another hotel of comparable quality, hopefully with the same ownership. Neighboring hotels will often have walking arrangements with each other.
- •PropertyTourists often call our resorts hotels or casinos but in the industry we call them properties to reflect that they are actually hotel-casinos and often include other amenities or buildings such as convention space.
- •TITO (pronounced tee-toh)Stands for "ticket in ticket out" and is the current model for slot machines and electronic gaming machines. No more buckets of change. Just bar codes.
- •GamingWe call gambling gaming here. It's less threatening. "Gaming" can also refer to the Nevada Gaming Commission or the Nevada Gaming Control Board. For example, "When do you expect Gaming to approve that new table game?"
- •SARC (pronounced sark)Stands for casino suspicious activity report (I don't know why the acronym is backward; probably to make it pronounceable). Casinos are required by the Bank Secrecy Act, an anti-money laundering law, to report to the government any transaction or attempted transaction that involves funds derived from illegal activity, intended to launder money, designed to evade the BSA, had no business or apparent lawful purpose or is to facilitate criminal activity.
- •CompComplimentary things of value to casino customers or other VIPs. May include rooms, meals, show tickets, free play, travel expenses or cash rebates on gambling losses.
- •MarkerInterest free casino credit instrument. You fill out an application, get approved and then can gamble on casino credit with no interest typically for 30 days up to your marker limit. You are required to sign a marker which is a negotiable paper that can be cashed like a check at your bank. Signing a marker without sufficient funds in that bank account is a felony in Nevada.