In our last blog post, we focused on how internal controls can help prevent fraud which helps Native American tribe keep more money within the tribe. Since tribes are the primary regulators of their casinos, they have a huge stake in ensuring the system runs cleanly because gambling proceeds are helping them meet immense tribal needs.
Ralph Piercy, PBTK Founder and Shareholder, said, “While there is no substitute for a clean report or audit, clean does not always translate to efficient, effective, and profitable which would provide more resources to channel toward tribal needs.” There are some conflicts between clean and profitable that do not have to exist and can be bridged by professional alliances.
Generally, gaming commissions are charged with the task of ensuring that the tribe and its people get their fair share. Inefficient operations and under revenue performers do not deliver “fair share to the tribe.”
Here are examples of analyses that might help make your operation more profitable:
These kinds of productivity analysis can be done in virtually every department of the casino by someone with the needed level of expertise. Contact us for more information on a Native American gaming audit or for a free consultation for your tribe. Read the next article in our series about keeping more money within the tribe by adding more jobs through training and strategic alliances.
PBTK Shareholder Jim Andrus, CPA, specializes in performing attestation and consulting services for tribal governments and casinos, local governments, non-profit organizations, family-owned businesses, casino resorts and allied industries, and has increasing responsibilities with SEC companies. His government clients include three of the largest cities in Utah. He also has experience in other industries including construction and technology. He can be reached at firstname.lastname@example.org.