Planning to build a Casino, wt is the process?

Question

if i wanted to build a Casino, wt is the planning process need to be considered? could u give me 4 issues..

What is the major risk to a Casino?

Answer 1

If you wanted to build a casino you would need to have at least $100m to start out.  But probably far more than that.

Then you'd need to find a location and convince everyone that matters in that community that building one is a good idea.  I'm sure that process will take a while, especially if you are not affiliated with a big chain like MGM or Harrah's.

Then you need to design something that people are going to want to travel to.  You have the disadvantage of not being part of a chain, so what makes yours stand out?

You'd also need to design the restaurants, hotel, spa and all the other money making facilities.

Build it, equip it, staff it.  You'd need additional funding for all that, as well as reserves to pay out big prizes once you open.

As for risk, casinos are a license to print money, but only if people show up.  Like any other business people must want to visit.  So either you are the only casino within driving distance, or if there are other casinos nearby you are better than them in some way.  If you are high end, how do you attract the big players?  If you are low end, what are you doing to pull a lot of smaller players?

Ultimately the math will take care of the gambling site of the business.  If enough people play for a long enough time, you will make money.  The other aspects of the business like the hotel, restaurants, spa, shops etc must all function and make money just like any other business.  And if one of those businesses within your business is failing, it can seriously hurt your profits.  Even Donald Trump had to take some of his casinos though bankruptcy.

At the end of the day, the sheer start up capital required will prevent most people from ever doing this.  Then the draconian anti-gambling laws in America will also be a pain.  Finally, convincing a local community that you want to open a casino in their neighborhood is going to be a battle too.

If it were an easy way to make money, everyone would be doing it.

Answer 2

Hi Days....

Opening a Casino, depending on where, can be one of the hardest businesses to get started.

First...Tons of money and financial backers.

Two....Political pull....enough to sway the local and state leaders to see things your way.

Three.....An army of accountants and lawyers...to keep things legit and keep you out of jail.

Four....the local organized crime source would definitely want in.....   that is unless the politicians got there first.

     How about starting a nice little convenient store?   Lol

Good luck!

Answer 3

First off you need Funding.(you will need to know what the initial costs are going to be, some places require you to have a minimum amount in the bank when you open and while you are running.)

Licence to operate.

Planing permission.

Architect.

layout of casino.

Staffing levels.

The major risk to a casino is a down turn in the economy. Someone said that a casino is a licence to print and while there is a small amount of truth in this the daily operating cost of the casino is hugh factor in whether you will make money.