CIOs, CFOs and casino executives face difficult decisions about the products they purchase throughout the gaming enterprise. These products consistently have limited reporting and are built on a variety of technologies and database platforms, dramatically reducing the value of the data. Revenue audit, fraud protection, customer relationship management, and many other tasks become extremely difficult because they are drowning in data. Taking on this challenge, four experts—Kurt Williams, Drew Word, Blake Doerr, and Wanor França started Casino Cash Trac (CCT) and developed Casino Insight™, a set of tools to manage the reconciliation of transactions throughout the casino operation. “Our product captures financial transactions in the cage and vault, and then merges data from other systems throughout the enterprise into a best-of-breed analytics tool,” says Wanor França, CRO for CCT. Essentially, Casino Cash Trac can reduce the risk of every technology decision made by casino executives.
The first step
Casino Cash Trac (CCT) created the award-winning software application Casino Insight™ in Tulsa, Oklahoma and has now expanded its client base to more than 100 casinos in over 10 states across the US, including a casino in the Virgin Islands. “Casino Insight is a suite of tools that manages the entire casino’s cage and vault operations, as well as providing a complete Casino Audit System (CAS), business intelligence (BI) and campaign management to casinos across the US,” explains Kurt Williams, CEO for CCT. Casino Insight takes the information all the way through accounting and combines necessary data from other systems. “We believe we have the only Casino Audit System (CAS) in the market that is capable of bringing all this data together for revenue audit and accounting.” adds Kurt. CCT is committed to providing cutting-edge software and support designed to meet our customer’s needs.
In conversation with the Executives
What challenges did you face in your initial years? What can your peers learn from it?
One of the key challenges we had to overcome was market acceptance. Typically, when a new product is introduced to the market it is a replacement of an existing product. Casino Insight is a market changer and casinos are skeptical of the benefits the software enables the casino to realize. Our software offers digital signatures and digital documents eliminating almost all the paperwork cage and vault departments must handle. Then we automatically compare those transactions with other systems throughout the casino for revenue audit purposes and ultimately maps all the transactions for upload to the accounting system. To overcome the skepticism, we partnered with our early customers as a proof of concept. Once we established a strong base of referenceable customers, their experiences validated the benefits of the software and allowed us to successfully market Casino Insight across the country.
‘It is difficult to start a venture. But far more difficult to maintain it’ – How would you and your team interpret this saying?
There have been a lot of opportunities for us to lose focus and try to solve problems or offer services that are outside of our core competencies. Our management team is committed to avoiding these distractions and staying focused on what we do best. This focus allows us to consistently be successful on each project.
How do you and your company contribute to the global IT platform and society at large?
CIOs face difficult decisions about the products they purchase throughout the gaming enterprise. These products consistently have limited reporting and are built on a variety of technologies and database platforms, dramatically reducing the value of the data. Revenue audit, fraud protection, customer relationship management, and many other tasks become extremely difficult because they are drowning in data. Our product captures financial transactions in the cage and vault, then merges data from all the systems throughout the enterprise. This includes CMS, Food & Beverage, Banking Machines (Kiosks, Recyclers, Cash Dispensers), and even Promotional Kiosks. So, in essence, we reduce the risk of technology decisions a CIO has made or will make.
Are there any trigger factors/events/individuals that have played key roles in shaping your organization’s road map?
We have an incredibly talented team with diverse backgrounds and they all contribute to shaping our road map. If you don’t surround yourself with the right people, you’re not going to win. We are extremely fortunate to have a great team all with a single mission that is focused on delivering the best Casino Audit System in the industry.
Where do you see you and your company a couple of years from now?
The next big step for us is to be able to maintain the same level of customer service as we grow. So many good companies fail because they did not handle this carefully. We are still considered a start-up, and we pay close attention to how we bring in new employees. We have a great “boot camp” designed to teach our employees our software and about the casino industry. This way, when they go to the support team, install team or development, they can start contributing right away. Also, there is the culture factor, we want everyone to enjoy their work and have an opportunity to grow with company. Finally, geographically we believe in expanding outside the US borders, and we added our first Caribbean client in early 2016. Brazil and Japan are brand new markets and I truly believe we will grow more into South America, Asia Pacific and Europe over the next couple of years but we have to make sure we are prepared to do a great job there the same way we are executing our mission in the United States, and Canada.
Meet the CEO
Kurt Williams, CEO: Kurt is the CEO and Co-Founder of Casino Cash Trac and leads the development and execution of the Company’s long term strategy. Prior to founding Casino Cash Trac, he held the position of Chief Financial Officer and General Manager for several casinos. Kurt is a Certified Public Accountant and has more than 15 years of experience in accounting, finance, business valuation, business consulting and business management. Kurt brings a hands-on approach to working with his clients and helps them develop growth strategies, efficiencies, and procedures that provide them a solid foundation for the future.