For many enthusiastic bettors, there’s no bigger dream to be realized than opening your own casino. You might be able to make money from gambling if you’re smart, but there’s no denying you’ll make an awful lot more if you’re the one taking the bets.
The great news is you don’t need to be a multi-millionaire in order to open one either, so long as you have a solid business plan that can attract enough investment. Here’s how to go about starting your own casino.
Create a business plan
This needs to be a professional document that details your required investment, projected growth and earnings, your business strategy and your marketing plan. This is what will be presented to prospective investors, so it needs to be very convincing. As such, it should include a feasibility study examining the demand for a casino in the area you plan to establish one, and it should justify the necessary investment. You’ll also need a comprehensive design of the layout of your casino, so employ an architect to do so for you, taking into account your needs and local safety rules. Be sure to create a scale model of your casino too, because investors will want to be able to picture it.
Raise the capital
The next step is to approach investors or the bank and present your business plan. Be sure to hire a lawyer to help draw up and review any investment contracts you agree upon, so you can understand exactly what your obligations and rights are. Note that casinos will need a significant amount of capital, with the cash-on-hand requirements alone likely to be $20 million at least. There’s also the equipment you’ll need to buy, as well as the costs of actually building your casino, purchasing gambling licenses, and more.
Get your casino registered
If you make it this far you’ll need to register your casino with the state and the city. After this, you’ll be able to apply for a business license and employer’s identification number (EIN). To obtain the EIN, you’ll also need to register with the IRS and other regulatory bodies, such as the local government and any local gambling organizations. Check the IRS website here for more information about applying for an EIN.
Adopt a successful casino strategy
You can borrow successful business models from other well-known casinos. Tried and tested strategies from one of the UK’s top casino sites relate to the kinds of tricks used to keep customers entertained, happy, and most importantly, spending money in the casino. Such strategies are tried and trusted, having been developed over the years, and as such most casinos employ them.
These include providing freebies like gifts, drinks and even hotel rooms. Another important strategy is to hide what time of day it is by removing all windows and clocks from the premises, so customers can’t easily keep track of how long they’ve been playing. Last but not least, it’s important to emphasize the wins and hide any big losses. That’s why most games machines always set off lights and sirens when someone hits the jackpot, but quickly and quietly move on to the next game when someone loses.