Tribal leaders face many challenges. Issues such as improving the quality of life for Tribal members and creating economic development so that Tribal members can return to the reservation are just a few. The quality of the Tribe’s financial management system can present problems for Tribal leaders. Inaccurate or untimely financial information can result in inappropriate political decisions, poor cash flow, and problems with federal funding agencies. Unfortunately, many Tribal leaders have lost positions for failing to monitor or understand the Tribe’s financial position. The Tribal Audit Solution^SM provides Tribal Leaders with the information they need to make informed decisions. This is accomplished through:

• Mandatory Entrance Conferences
• Customized Audit Programs & Checklists
• Experienced Personnel
• Mandatory Exit Conferences/Training
• Detailed Audit Planning
• Advanced Auditing Tools
• Honest Evaluation
• Integrated Solutions

Tribal government officials must be involved in the audit process. The Tribal Audit Solution^SM requires direct contact with and participation by the elected officials of the Tribal Government. We will request that the entrance conference be attended by elected officials, not simply employees of the Tribal Government. Our experience has shown that elected Tribal officials often do not understand the entire audit process or hear the whole story when employee jobs may be on the line. Employees do not have the same vested interest as the elected officials of the Tribe. Actively involving elected Tribal officials in the audit process provides a mechanism to improve Tribal operations, report up-to-date audit progress and to relay requests for information. This also helps ensure on-time completion of the audit by holding us accountable as well as employees of the Tribal Government.

We request that elected Tribal officials attend the audit exit conference along with senior management. We will be honest, sometimes brutally honest, in our description of the problems uncovered in the audit process. Often, audit findings can be brushed over or “sugar coated” and do not give Tribal officials a true picture of the problems that exist. Honest in our assessment, we also offer you solutions such as The Tribal Accounting Solution^SM which will provide your employees with the tools and training needed to run a top notch Tribal financial management system.

The Cost of Doing Business

The Indian Gaming industry has grown rapidly over the past 19 years. Much of this growth has centered on casino expansion, acquiring additional or new equipment, buying out existing management contracts, and Tribal/National politics. There has been little time to focus on internal financial performance. Most casinos have been content making a profit and providing employment for tribal members and surrounding communities. Numerous questions have gone unanswered such as: How profitable should we be? How profitable can we be? What type of return on investment have we generated for tribal members? How leveraged are we? How much debt can we service? Often these questions get asked when there is a change of administration or the tribe is seeking additional funding from outside financing sources.

The Indian Gaming Cost of Doing Business Report is a valuable business management aid designed to help answer some of these questions. This report is designed to provide the guidelines and instructions needed to effectively use the report as a financial analysis and planning tool. Generating profits is not necessarily the only reason the casino exists, often tribal employment can be the motivating factor for opening a casino. However, when profit is the motive, the ultimate measure of your casino’s success will be measured in financial terms such as gross profit or departmental contribution margin, net profit, liquidity, solvency, return on investment and others. Your continued success in business depends on your ability to understand these key financial measures and how to apply them to your casino.

There are other sources of industry data available such as the Nevada Gaming Abstract, Dunn & Bradstreet, and information generated by state gaming agencies. However, this information often does not apply directly to Indian Gaming facilities or focuses more on the top line rather than the bottom line. This study applies directly to the financial performance of Indian gaming facilities.

JOSEPH EVE offers a wide variety of services to the gaming industry including casino audits, MICS compliance reviews, internal audits, contract controller services, custom seminars, business planning, forecasts and projections, and consulting services.

If you have additional questions about the content of this report, please contact us.

Table of Contents

• THE COST OF DOING BUSINESS
• REPORT PREPARATION METHODS
• ACCOUNT CLASSIFICATIONS
• REPORT LAYOUT
• INCOME STATEMENT INDICATORS
• BALANCE SHEET MANAGEMENT
• GLOSSARY OF FINANCIAL TERMS
• USING THE STATISTICAL TABLES
• BY YEAR - ALL VERSUS HIGH PROFIT
• BY REVENUE - YEAR 2006 ALL CASINOS
• BY REVENUE - YEAR 2006 HIGH PROFIT
• BY REGION - YEAR 2006 ALL CASINOS
• BY LOCATION - YEAR 2006 ALL CASINOS
• BY BUSINESS ORIENTATION - ALL CASINOS
• INCOME STATEMENT - ALL AND BY REVENUE
• INCOME STATEMENT - HIGH PROFIT BY REVENUE
• BALANCE SHEET - ALL CASINOS
• BALANCE SHEET - HIGH PROFIT

Click here to view sample data from 2002 (PDF).
Click here to purchase.

Role of the Tribal Gaming Inspector
April 9-10, 2008
Monte Carlo Resort & Casino
Las Vegas, Nevada

Topics Include:

• Misconceptions of Authority
• Why the Inspection Function Fails & How to Correct
• Actual Case Histories and Applications
• Applicable Forms for the Gaming Inspection Function
• Link & Event Charting (An Investigators Tool)
• Traps and Misconceptions to Avoid
• All Live Demonstrations, Not and Old and Tired Video Tape Show!!

Instructor:

Barron Stringfellow, Born in Englewood, Colorado in 1960, Barron Stringfellow was transported to Sin City (Las Vegas) by his mom in 1962. He grew up a Nevada native, his exposure was to gaming, entertainment & (through surveillance) Las Vegas Metropolitan Police Dept. He has been performing magic for over 35 years. (gaming scams was a natural by-product.) He was with Las Vegas Metropolitan PD’s youth narcotics task force for 4 1/2 years. He has been in the gaming industry for more than 26 years.

Barron’s current position takes him all over the world training surveillance rooms, commissions and state/federal agencies in gaming compliance, integrity & asset protection. he is called upon for undercover and assessment operations as well. Well versed in IGRA, NIGC & minimum internal control standards, he also writes IC’s & P&P’s.

Source: www.nigc.gov

Source: http://blogmedia.thenewstribune.com/media/Tribal%20gaming%20revenues.jpg

Source: http://www.lao.ca.gov/1998/12998_gambling/12998_gambling.html

Source: http://www.lao.ca.gov/1998/12998_gambling/12998_gambling.html

The preliminary 2008 fee rate for calculation of NIGC fees can be downloaded by clicking on the link below:

2008 Fee Rate

Download a copy of the worksheet for fee calculation

NIGC FEES WORKSHEET

The Native American Finance Officers Association (NAFOA) is organizing its Spring Conference in San Diego at the US Grant Hotel during March 25-27th. Their website shows that all seats have been sold out! Visit the event web page here