VEGAS INC Magazine - Latest Las Vegas business news, features and commentaries about gaming, tourism, real estate and more
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IN BUSINESS GAMING Pick ’Em Get smart Power tweets Overheard DO PAYBACKS ON SLOT MACHINES REALLY MATTER TO PLAYERS? By Liz Benston staff writer If local slot players could create a public service message for the casino industry, it might be: “I want my money to last longer.” That’s the view of Sandy Sherlock, a Sun City Summerlin resident who has played slots at least once a week since moving to Las Vegas 14 years ago. For Sherlock and many gamblers like her, winning a jackpot is beside the point. Instead, they seek enough small wins to keep the action going—and losses that don’t bust them out too early. “I never seem to win anyway, so I’d rather sit there for 15 or 20 minutes and get a little entertainment out of it. My $10 might only last a few minutes. Then I’ll get mad and leave.” Tony Lucas, an associate professor at UNLV’s Harrah College of Hotel Administration, says that casinos and manufacturers aren’t necessarily delivering because they incorrectly label machines as “loose” or “tight” based on what the machines give back CLICK THIS The Numbers Power Lunch Learn about how slot machines work and play our slot simulator at lasvegassun. com/slots/. .com Buy high Sell low VEGASINCmag uses results from dozens of simulated slot machines to challenge the widely held theory that payback percent a ge s Sin City Media Executive class NOW SERVING actually do matter. Slots are usually defined by the LAS VEGAS 95 industry and the public in terms of payback percentages. A machine with a 95 percent payback theoretically returns to the player 95 cents out of every dollar wagered. The study says a low volatility Vegas then VEGASinc2021 Gate keeper ? ? ? ? ? ! The innovator FortuneCookie SIT AND SPIN: Slot machines here, by law, must pay back at least 75 percent of what they take in. to players over time, said Lucas, a statistician and marketing consultant who has spent most of his career studying how slot machines work. Slot machine volatility—a separate, programmable feature—primarily determines whether players will win or lose money and therefore, how much playing time they will have. That is the conclusion of a study co- authored by Lucas in this month’s UNLV Gaming Research & Review Journal that $ Grilled The Survivor machine extends playing time while a high volatility machine will yield bigger losses and the opportunity to win a higher jackpot. The results, bolstered by previous studies he and others have published, have big implications for how the industry makes and markets slot machines, Lucas said. American dream Mo Chatter Read this! T D Legal Marketing Association Presents Making Horses Thirsty: How to Motivate Lawyers to Sell Dive deep into the lawyer mindset and explore how to best leverage each lawyer!s unique strengths for business development success. Date Friday, May 20, 2011 11:30 AM-1:00 PM Location Lawry!s The Prime Rib 4043 Howard Hughes Pkwy. Presenter Craig Brown, Founder of the Motivera Group and Modena Seminars Register NOW at LMAEVENT.COM or call Navé for more information at 702.944.2464 20 | 16 MAY 2011 | LEILA NAVIDI S JIMMY © 2 0 1 0 J I M M Y J T S H N I RS A O NF CF HE IR SI EN , ’ LIMITED PROFIT 800.546.6904 H F JOHNS.COM O G L I CS L M AA LD LE R B GY H P TR SO RS EP SE EC RT VU ES D I N Y . AREA DISCIPLINED ★ Y ★ S MORE A V O . L MORE ★ ★ AILABLE EFFICIENT ★ ★ STEMIZED MORE MORE ★ ★