Have you ever imagined becoming a proud owner of a luxurious casino? Scooping up losses made by fellow gamers and banking the big cash? Well, if you have, this read is just for you. Like with any other business, you’ll need proper planning, money, and a great deal of endurance. However, we’re here to shed a bit more light so you have a good idea of what to expect.
For starters, there’s a lot to iron out as far as gambling regulations go. You need to do a deep dive into the American Gaming Association to familiarize yourself with all relevant laws and important guidelines. That said,
1. Make sure casinos are legal in your state area. Some states are still in the process of legalizing the venture.
2. Check alcohol regulations and see what state laws restrict or demand as far as alcohol serving goes.
3. Verify age restrictions. Some states allow entrants from age 18 while in others the minimum age is 21.
4. Study cash on hand requirements. These are needful to cover the potential winnings of your customers, and it can go up to 20 million and beyond.
State regulations aside, the next set of tips involve planning.
5. Create a business plan that will help you get investors. Draft a market analysis, marketing, and sales strategy, financial projections, funding request, etc. You may need professional help with this.
6. Raise the money or at least an amount substantial enough to set the plan in motion.
7. Visit the city and state departments to register your casino and obtain an employer’s identification number (EIN).
8. Choose a friendly location. Zoning laws allow for casinos only in specific areas and this is where you should aim to obtain a spot.
9. Get construction permits to commence building.
10. Apply for a gaming license before you start building. This should be with the relevant authority in your state.
11. Get a permit from the health and safety department if you’re going to sell food and drinks.
Now onto the actual building;
12. Start construction with a legal company that can advise you every step of the way.
13. Outsource for enough gaming equipment ie” slot machines, chips, roulette tables, etc. This will depend on how big a casino you are building.
14. Buying from a bankrupt casino rather than an independent vendor could save you a ton of money.
15. Invest in a high-tech camera system for security. Casinos attract plenty of cheaters.
16. Purchase gaming and liability insurance to cover your business from potential risks.
17. Hire experienced staff with enough training and licensing. It’s advisable to do security background checks.
Finally, before you can get to the actual opening
18. Check your competitors, have a few good examples to keep your eye on incl PokerRoom, BoostCasino, Gambling com, HotStrikes etc.
19. Start early enough and use a strong PR strategy or help from an advertising agency.
20. Do a dry run with your staff before the launch just to confirm everyone knows their role and things are in order.
21. Launch your casino with a bang. Have a ribbon-cutting ceremony, get media coverage to draw attention to your business.
22. Provide free stuff ie: drinks, chips, and gifts especially to your first clients.
Building a casino off the ground costs time and money. Be sure that you are on the right side of the law and have all the relevant documentation. It may also prove worthy to get a lawyer since the paperwork can get overwhelming.