Journal of Hospitality Financial Management: Volume 5, Issue 1
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A Review of Current Financial Issues Facing the International Hotel Industry
(1997) Choi, Jeong-Gil
The purpose of this article is to identify the hotel financial issues reflected by articles published in academic and trade journals during the period 1983-1996 inclusive. The journals reviewed for this purpose include: Journal of the International Association of Hospitality Accounts, International Journal of Hospitality Management, FIU Hospitality Review, Cornell HRA Quarterly Journal of Travel Research, Hotel & Motel Management, Lodging Hospitality, Real Estate Finance, Meeting & Conventions, and National Real Estate Investor. By reviewing these journals, four of the most intensively and frequently discussed issues are identified. These issues are: capital shortage & financing methods, capital sources, tax and deduction, and valuation. These four issues are discussed in the scope of international hotel financial management.
Financing Theories and Financing Practices: A Case Study of Two Casino Companies
(1997) Gu, Zheng; Ku, Jolan
This paper analyzes the financing behaviors of two major casino companies, Mirage Resorts, Inc., and Circus Circus Enterprises, Inc., in their recent expansion projects. It compares the two companies' financing practices with the three existing financing theories, namely the traditional trade-off theory, the pure pecking order theory, and the modified pecking order theory. It appears that the modified pecking order theory can best describe the two companies' financing behaviors.
A Survey of Capital-Budgeting Methods Used by the Hotel/ Gaming Industry
(1997) Atkinson, Stanley; LeBruto, Stephen
This study examines the capital-budgeting and cost of capital procedures commonly used in the gaming segment of the hospitality industry, using survey research. Findings are compared with previous studies of similar nature. As such, the practice of capital-budgeting/cost of capital techniques in the gaming sector is better understood.
Internal Control Practices in Casino Gaming
(1997) DeFranco, Agnes; Worhnan, James
Gaming has become one of the fastest-growing segments of the hospitality industry. In addition, an enormous amount of cash changes hands in the daily operation of a casino. Therefore, internal control practices, especially those concerning cash revenue flows, are important. Through literature searches, gaming control boards and commissions' regulations, manuals of various casino operations, and personal industry experience, this conceptual piece is written to address the regulations set by gaming authorities and discuss some of the minimum standards for internal control. It will then review the accounting functions of a casino, the principal revenue flow, the importance of cashiering, and the control practices used in the opening and closing procedures for table games.