The casino and gaming industry is experiencing incredible growth. Today, the market makes up 0.5 percent of the United States’ gross domestic product (GDP) and is expected to grow 10.2 percent by 2021. In casinos, the cage is the financial center of operations with large sums of money flowing through the hands of numerous employees and multiple points of sale each and every day. With cash being handled by so many different people, the risk of errors and theft increases. In addition, the industry is fraught with regulations. The need for technological solutions to manage casino cash flow and tools to help with compliance and regulations increases with industry growth.
The Casino Cage – the Hub of Operations
Automation is changing the face of cage management. While we’re becoming more accustomed to digital currency, in the gaming industry, cash will always be used. Given this, it’s important that your casino develops methods for managing cash. Manual cash handling can be inefficient and fraught with errors. In addition to being time-consuming, with cash being handled by numerous employees and multiple points of sale, errors and the risk of theft increases.
Manual cash management in the cage – counting, sorting, and storing cash by hand – reduces productivity and profitability. With automation, fewer hands touch the cash, which leads to increased accuracy and profitability. Additionally, technological solutions allow cashiers to efficiently and accurately process and monitor finances in real-time. It becomes easier to measure a casino’s financial status and the efficacy of a promotion at the moment. With full cash management automation, casinos increase productivity -- and the bottom line.
If your casino is still handling cash, it’s time to consider technology that will allow you to more efficiently and effectively manage cash at your venue.
Get assistance with compliance and regulations
The casino gambling industry is an industry that is highly regulated and documented. Navigating complex and confusing regulatory environments can consume casino staffers and put gambling institutions at risk of costly compliance errors. Whether it’s surveillance, security, risk management, or state and federal guidelines, casinos need to be on top of their game when it comes to regulatory compliance and operational best practices. Cage management platforms are transforming the business processes of casinos. They offer an intelligent solution: they’re equipped with automated assistance and built-in anti-money laundering compliance features.
Boost productivity, profitability, and safety
Casinos are often one component of an immense entertainment hub of hotels and retailers, which all maintain significant lots of physical cash. These environments tend to draw big crowds, which presents other issues related to security and risks of theft. Protecting a casino’s assets and ensuring guest safety are critical elements to any establishment’s success. Automated cash management can help. Fewer staff members handling cash reduces theft and mistakes. Automated processes free up staff from manual cash management activities and allow them to focus on enhancing the customer experience. Artificial intelligence technologies boost productivity while significantly reducing the risk of cash shrinkage.
What lies ahead for gaming?
As the industry expands, casino owners face increased competition and pressure to remain profitable and secure. In recent years, newly developed technology solutions, including artificial intelligence, machine learning, and enhanced sensors, have offered sophisticated solutions to some of the industry’s more pressing issues. Automating cash handling in the cage reduces theft and increases employee productivity and profitability. Through automation, routine cage activities – till preparation, drawer management, and end of day reconciliation are made easier. By reducing human error, and opportunities for theft, casinos are improving processes and the bottom line.
By embracing technology that secures money through automated cash processes, casinos create accountability and reduce operational costs.
Those taking advantage of the latest digital platforms are more competitive, productive, profitable, and safer than their competitors.
All in all, it just makes financial sense
Casinos and customers alike stand to benefit from improved cash management technologies and operations. Patrons can quickly and easily access funds or cash advances, resulting in increased customer satisfaction and more time spent in your establishment. Your employees can focus on the guest experience, which leads to increased guest loyalty. Risks of theft and costly mistakes are also mitigated as fewer people handle cash and processes become more streamlined and efficient.
Whether it is managing chips, coins, various currencies, or offering table credit, CASINOMONEY's cage management system is embedded with artificial intelligence and smart technologies to do it all. Change your cage, change your casino.