A business model where you're responsible for handling and paying out millions of dollars at any given time doesn't seem very stable, yet the industry has proven to generate a lot of money.

在任何時候都要負責處理和支付數百萬美元的業務模式似乎並不十分穩定，但事實證明，該行業卻能產生大量資金。

But how exactly do casinos operate?

但賭場究竟是如何營運的呢？

No matter what casino you look at, their gambling activities will operate almost identical.

無論你去哪個賭場，他們的賭博活動幾乎都是一樣的。

There are two ways they make money from gambling, table games and slot machines.

他們通過賭桌遊戲和老虎機兩種方式賺錢。

Each game has their own house advantage, the percent of money wagered the casino will win in the long run.

每種遊戲都有自己的 "賭場優勢"（house advantage），即從長遠來看賭場會贏的賭注百分比。

The most popular table games and their house advantages include roulette, craps, blackjack and baccarat.

最受歡迎的桌面遊戲及其優勢包括輪盤、骰子、21 點和百家樂。

The house advantage for slot machines usually ranges from 2-15% depending on the type of machine.

老虎機的優勢通常在 2-15% 之間，具體取決於老虎機的類型。

If a game has a 3% house advantage, for example, the casino will keep 3 cents for every dollar wagered on that game in the long run.

舉例來說，如果一個遊戲有 3% 的賭場優勢，那麼從長遠來看，在這個遊戲上每下注 1 美元，賭場就能保留 3 美分。

So if $1,000 are wagered, the casino will win $30.

是以，如果下注 1,000 美元，賭場將贏 30 美元。

The house advantage basically guarantees the casino's revenue.

莊家優勢基本上保證了賭場的收入。

Casinos can adjust these rates by changing the game designs or reprogramming slot machines, however, it's important for them to stay low.

賭場可以通過改變遊戲設計或對老虎機重新編程來調整這些比率，但重要的是保持低比率。

If house advantages were extremely high, the casino would make much more money in the short term, but people will quickly stop playing.

如果賭場的優勢非常大，那麼賭場在短期內會賺得更多，但人們很快就會停止賭博。

Despite what may seem like low house advantages, the casinos actually make more than what it seems.

儘管看起來賭場的優勢不大，但實際上賭場賺的比想象的要多。

Let's say a person has $1,000 they want to gamble at the blackjack table, which has a house advantage of 2%.

比方說，一個人有 1000 美元，他想在 21 點賭桌上賭一把，而賭場的優勢是 2%。

If they were to wager all of that $1,000, the casino would come out with $20 profit in an infinite simulation.

如果他們將這 1000 美元全部下注，賭場在無限模擬中將獲得 20 美元的利潤。

In a real scenario, the person will win and lose bets throughout the night and may end up wagering far more than that original $1,000.

在實際情況中，這個人整晚都會輸贏，最後下注的金額可能遠遠超過最初的 1,000 美元。

Over the course of a few hours, they may have wagered up to $5,000, meaning they would have lost $100 in the long run instead of just $20.

在幾個小時的時間裡，他們可能下了多達 5,000 美元的賭注，這意味著他們長期輸掉的是 100 美元，而不是 20 美元。

This is why it's so important for casinos to keep the person playing as long as possible, and is partially the reason for strategies such as a low house advantage, table limits, and complimentary offerings.

這就是為什麼賭場要儘可能地延長賭客的遊戲時間，這也是賭場採取諸如低賭注優勢、賭桌限額和免費服務等策略的部分原因。

The type of player matters just as much to the success of the business, and the customer base can be split into three parts.

玩家類型對企業的成功同樣重要，客戶群可分為三個部分。

There is the coveted VIP players, the common everyday mass market player, and the more casual slot player.

這裡有夢寐以求的 VIP 玩家、普通的日常大眾玩家和更休閒的老虎機玩家。

The VIP player is usually the most valuable for casinos because of their ability to wager millions in a trip to the casino.

對於賭場來說，VIP 玩家通常是最有價值的，因為他們有能力在一次賭場之旅中下注數百萬。

They often play on lines of credit using special chips and receive the highest complimentary offerings.

他們經常使用特殊籌碼進行信用額度遊戲，並獲得最高的贈品。

The mass market players are the everyday people who walk up to a table on any given night and play modest amounts, still an extremely important segment that even has higher margins than the VIP segment in some locations.

大眾玩家是指那些在任何夜晚都會走上賭桌、玩少量遊戲的普通人，他們仍然是一個極其重要的群體，在某些地方，他們的利潤率甚至高於貴賓群體。

Lastly, the more casual players who don't want to sit at a table or prefer the more relaxed nature of the machine will play slots, which can be the biggest revenue source for the casino.

最後，不想坐在賭桌旁或更喜歡輕鬆的玩家會玩老虎機，這可能是賭場最大的收入來源。

Casino operators can even calculate the value of these players to see how they should cater to them.

賭場經營者甚至可以計算出這些玩家的價值，看看應該如何滿足他們的需求。

By using the house advantage, bet size, time played, and the pace of the game, the expected amount won can be calculated.

通過使用莊家優勢、投注額、遊戲時間和遊戲節奏，可以計算出預期贏取的金額。

For example, suppose a Baccarat player bets $100 per hand for 5 hours at 60 hands per hour.

例如，假設一位百家樂玩家在 5 小時內每手下注 100 美元，每小時 60 手。

Using a house advantage of 1.2%, this player's worth to the casino is $360.

以 1.2% 的莊家優勢計算，這位玩家對賭場的價值為 360 美元。

This allows them to not only calculate the performance of individual games, but also allows them to set complimentary policies.

這樣，他們不僅可以計算單個遊戲的性能，還可以制定贈送政策。

The casino can then determine what they can afford to This could include things such as show tickets, hotel stays, and free restaurant meals, all with the goal of the player staying longer or coming back.

這樣，賭場就能確定他們能負擔得起的費用，包括演出門票、酒店住宿和免費餐廳用餐等，所有這些都是為了讓玩家逗留更長時間或再次光臨。

Each type of player base is important.

每種類型的玩家群體都很重要。

However, there are vast differences between markets despite operating relatively the same.

然而，儘管市場運作相對相同，但卻存在巨大差異。

If we look at Las Vegas Sands, which has properties in three major markets, the US, Macau, and Singapore, we can see the differences between markets and strategies companies use. 80% of LVS's Macau revenue, for example, comes from mass market play, whereas SJM, one of Macau's original casino operators, only generates 50% of their gaming revenue from the mass market.

拉斯維加斯金沙集團（Las Vegas Sands）在美國、澳門和新加坡三個主要市場都有產業，我們可以從中看到市場和公司策略之間的差異。例如，拉斯維加斯金沙在澳門 80% 的收入來自大眾市場，而澳門博彩業的原始運營商之一澳博公司只有 50% 的博彩收入來自大眾市場。

This difference comes from the different strategies the companies use.

這種差異來自於公司採用的不同戰略。

If we take a deeper look into the Macau market, we can see LVS, a relatively new entrant in the market, targeting the mass market customer through non-gaming amenities.

如果我們深入研究澳門市場，就會發現 LVS 這個相對較新的市場進入者通過非博彩設施瞄準了大眾市場客戶。

They cater to the modern Macau, filled with new customers corresponding with China's economic growth and increased ease of travel to the territory.

它們迎合了現代澳門的需求，隨著中國經濟的增長和前往澳門旅遊的便利，澳門充滿了新的顧客。

These customers aren't necessarily looking to gamble, but rather enjoy a vacation at one of the massive resorts.

這些顧客不一定是來賭博的，而是來大型度假村度假的。

SJM, on the other hand, is one of the originals, and catered to the original Macau market, the VIP player.

另一方面，澳博是澳門的鼻祖之一，它迎合了澳門的原始市場--貴賓玩家。

The reason companies like this have such large VIP revenues is because Macau has a completely different system for attracting VIP players than markets like the US or Europe.

這樣的公司之所以有如此高的 VIP 收入，是因為澳門吸引 VIP 玩家的系統與美國或歐洲等市場完全不同。

Macau gets this part of their business through junket operators.

澳門的這部分業務是通過接客經營者完成的。

These are companies that offer services to high-income clients looking to play at a casino.

這些公司為希望在賭場娛樂的高收入客戶提供服務。

Their services include making luxury travel and hotel accommodations, providing them with specialized offers at the casino, and even offering credit to gamble with.

他們的服務包括提供豪華旅遊和酒店住宿，在賭場為他們提供特別優惠，甚至提供賭博信用額度。

Junket operators partner with the casinos and make money by taking commissions on the VIP spending during the trip.

Junket 運營商與賭場合作，通過收取貴賓在旅行期間的消費佣金來賺錢。

Similar services exist in the US, however they are much more regulated.

美國也有類似的服務，但監管要嚴格得多。

But in places like Macau, the government only recently started to regulate them.

但在澳門等地，政府最近才開始對其進行監管。

Junkets are the reason Macau has such a dominant VIP player base, but are also part of the reason why it's declining.

澳門之所以擁有如此龐大的貴賓玩家群體，"垃圾場 "功不可沒，但這也是澳門衰落的部分原因。

Their history of money laundering and questionable debt collection practices have caused China's government to crack down on the operations.

這些公司的洗錢歷史和可疑的收債行為已導致中國政府對其進行打擊。

Macau is now seeing many of these operators move to less regulated countries.

目前，澳門正目睹許多此類運營商遷往監管較松的國家。

One thing that's common across all modern casinos is the addition of high-end amenities and a variety of things to do besides gaming.

所有現代賭場都有一個共同點，那就是增加了高端設施和除博彩以外的各種活動。

Casinos can no longer rely on gaming revenues alone, and must have non-gaming offerings to not only attract the non-gaming customer, but to also entice potential players and retain current players.

賭場不能再僅僅依賴博彩收入，必須提供非博彩產品，不僅要吸引非博彩客戶，還要吸引潛在玩家，留住現有玩家。

There must be options for the mass-market customers as well as high-end options for VIP customers.

既要有面向大眾市場客戶的選擇，也要有面向 VIP 客戶的高端選擇。

Casinos would not be able to afford giving complimentary tickets to A-list shows or meals at Michelin-starred restaurants to mass-market players, and VIP players will not be motivated to play at a casino that only offers a buffet and some small shows.

賭場不可能為大眾玩家提供 A 級表演的免費門票或米其林星級餐廳的餐食，而 VIP 玩家也不會有動力去一家只提供自助餐和一些小型表演的賭場玩。

As competition within a market increases, casino revenues decline, and operators have to substitute revenue with other sources like non-gaming offerings.

隨著市場競爭的加劇，賭場收入下降，經營者不得不用其他收入來源（如非博彩產品）來替代。

In markets where there is growth in tourism, like Singapore, it's necessary to have non-gaming offerings because it's a destination resort to most customers, not a casino.

在旅遊業增長的市場，如新加坡，有必要提供非博彩產品，因為對大多數顧客來說，這是一個目的地度假村，而不是賭場。

This reverse in revenue sources can be seen in Western markets, and the beginning of it can now be seen in Asian markets.

這種收入來源的逆轉在西方市場可以看到，現在在亞洲市場也可以看到這種逆轉的苗頭。

Las Vegas gaming revenues, for example, have been declining since the 90s, while non-gaming revenues have been increasing at a similar pace.

例如，拉斯維加斯的博彩業收入自上世紀 90 年代以來一直在下降，而非博彩業收入卻以類似的速度增長。

In 1999, non-gaming revenues surpassed gaming for the first time, and since then it's been the dominant revenue source.

1999 年，非博彩收入首次超過博彩收入，自此成為最主要的收入來源。

The goal for many Western casino operators now is not to attract a certain type of player, but a large volume of players.

現在，許多西方賭場運營商的目標不是吸引某一類玩家，而是吸引大量玩家。

Not only to get them to gamble, but spend as much money as possible at the stores, restaurants, and hotels the casino offers.

不僅要讓他們賭博，還要儘可能多地在賭場提供的商店、餐館和酒店消費。

This is the model Las Vegas Sands applied in Macau and Singapore, and it worked extremely well.

這是拉斯維加斯金沙集團在澳門和新加坡採用的模式，效果非常好。

They saw opportunity in Asia's mass gaming market and tourism market, while other By leading in things like hotel inventory, retail space, convention space, and entertainment venues, Las Vegas Sands attracted a tourist-type customer.

他們從亞洲的大眾博彩市場和旅遊市場中看到了商機，而其他在酒店存量、零售空間、會展空間和娛樂場所等方面處於領先地位的公司，則吸引了遊客型客戶。

As a result, their Macau revenue mix consists of 70% gaming and 30% non-gaming, with most of their gaming revenue coming from mass market customers.

是以，他們在澳門的收入組合包括 70% 的博彩收入和 30% 的非博彩收入，其中大部分博彩收入來自大眾市場客戶。

Their Singapore revenues are similar, but it's easy to see how different the type of customer is with slot revenue being much higher.

它們在新加坡的收入相差無幾，但很容易看出客戶類型的不同，老虎機的收入要高得多。

MGM, a company that doesn't focus as much on non-gaming revenue as Sands, generates 90% of their Macau revenue from gaming, and only 10% from non-gaming.

米高梅是一家不像金沙那樣注重非博彩收入的公司，其 90% 的澳門收入來自博彩業，只有 10% 來自非博彩業。

MGM is a company with a lot of US operations though.

不過，米高梅是一家在美國擁有大量業務的公司。

The revenues from their Vegas properties are non-gaming dominant, which is what you would expect from the Vegas market.

賭城物業的收入以非博彩業為主，這也是賭城市場的預期。

However, their regional operations around the country generate 70% of their revenue from gaming.

不過，他們在全國各地的地區業務 70% 的收入來自博彩業。

This is because Vegas was designed as a destination to attract tourists, which over time turned into non-gaming customers.

這是因為拉斯維加斯被設計為吸引遊客的旅遊勝地，隨著時間的推移，遊客變成了非博彩業的顧客。

In areas where casinos are less concentrated and there is no reason for domestic or international customers to travel there, there will likely be a more dominant gaming market.

在賭場不太集中的地區，國內或國際客戶沒有理由前往那裡，那裡的博彩市場可能會更佔優勢。

These patterns are not unique to the US markets, but are also happening around the world.

這些模式並非美國市場獨有，而是在世界各地都在發生。

The operators in Asian countries can be seen responding to these patterns today.

今天，我們可以看到亞洲國家的運營商對這些模式做出了迴應。

SGM, one of the original Macau casino operators, has recently finished construction on their latest development, the Grand Lisboa Palace.

作為澳門最早的賭場運營商之一，SGM 最近完成了其最新開發項目新葡京皇宮的建設。

This is SGM's entrance into the non-gaming world, with the 520,000 square foot palace offering 2,000 hotel rooms, multiple Michelin-starred restaurants, luxury retail shops, and 300,000 square feet of gaming floor space.

這座佔地 52 萬平方英尺的宮殿擁有 2000 間酒店客房、多家米其林星級餐廳、奢侈品零售店和 30 萬平方英尺的博彩場所，是 SGM 進軍非博彩領域的第一步。

This is their response to the declining VIP market, and marks their transition from being heavily reliant on gaming to a diversified tourism and hospitality business.

這是他們對貴賓市場下滑的迴應，標誌著他們從嚴重依賴博彩業向多元化的旅遊和酒店業務轉型。

Las Vegas Sands is expanding its Singapore operations to accommodate for the country's continued growth in tourism and visitation.

拉斯維加斯金沙集團（Las Vegas Sands）正在擴大其在新加坡的業務，以適應該國旅遊業和訪問量的持續增長。

The company is investing $4.5 billion to expand its Marina Bay Sands by adding a fourth tower and a 15,000 seat arena.

該公司將投資 45 億美元擴建其濱海灣金沙，增建第四座大廈和一個可容納 15,000 人的競技場。

This would solve their issue of not being able to fully accommodate their current demand while preparing for the rapid growth of Singapore's tourism industry.

這將解決他們目前無法完全滿足需求的問題，同時為新加坡旅遊業的快速增長做好準備。

The business of casinos has gone through major changes over the years, but operators have managed to stay successful by adapting.

多年來，賭場的業務經歷了重大變化，但經營者通過不斷調整，成功地保持了成功。

The business is also not completely tangible, as so much of it now lies in the experience customers have, whether they're a non-gaming tourist or a high roller.

這項業務也不是完全有形的，因為它現在很大程度上取決於顧客的體驗，無論他們是非博彩遊客還是高消費人群。

Some people will have different preferences in terms of atmosphere, style, and what the casino resort offers.

有些人對賭場度假村的氛圍、風格和內容有不同的偏好。

At the same time, the business models of casinos can be easily replicated and applied to markets across the globe, yet they all share complexities in terms of operations and mathematics that this video only scratched the surface of.

與此同時，賭場的商業模式可以很容易地複製並應用於全球各地的市場，但它們在營運和數學方面都有共同的複雜性，而這段視頻只是略知一二。