Posts tagged Business
Casino Business Strategies
Nov 11th
Just like any other business, casino owners need to operate their business at a profit margin. So just like any other business there are several strategies that are employed by casinos to make sure they run profitably. Mainly there are two strategies which are employed not just by casinos but every business; pricing or differentiation.
Pricing means that the casino will be run at the lowest possible cost. This means that the casino will be more like a warehouse than an over-priced club, and will have cheap fittings, lower quality staff and food as well. However, since the casino is being maintained at a lower cost, the cost of going to it will also be lower. It will be cheaper to rent a room, or have a meal, and the minimum amount for betting at tables will also be lower. This enables players who are not interested in the luxury and just the game to have a good time at a low cost.
The other strategy, differentiation, runs a bit differently. Here the casino and its atmosphere is differentiated from every other casino. The owners will spend a lot of money in building resort like casinos, that have amenities like mini bars in rooms, clubs, golf courses and pools so that they can attract the players to their casino. The service will likely be five-star, and the decor will be very tastefully done. However, these casinos are more expensive to visit, the table minimums are much higher, and most will even have dress codes. There will be no discounts for the food, no cash back offers and a trip to a casino like this will end up putting a huge dent in your pocket.
Casinos that operate on either one of these policies will not find it easy to switch to the other. The cheaper casino will require a huge cash influx to be able to build a facility to differentiate their product, and a luxury casino will not be able to cut costs down enough to be able to offer cheaper prices.
Casino Business Opportunity
Oct 10th
There are really two main options to owning a casino business. One is to purchase a casino business for sale such as an online casino. More and more people are gambling online. A start up of this business can run from less than $200 to over $5,000. It is all dependent on who you want to run it.
There are many franchises with a business plan already laid out for you. There are also pre-built poker and casino rooms that can start your online business. Either way you will be set up with a web site and given all the tools you will need to succeed. However, you will be responsible for all marketing of your web site. Some franchise’s offer you proven guidelines to help you market, and others don’t. To market on the internet costs money, and the more money you put out the more hits on your web site.
This is truly a home business. You will make money 24 hours a day, seven days a week. Many online casino opportunities make 75% to 85% of the monthly deposits of your customers. Your good marketing can make this a very lucrative business.
There is also another option, and that is to start a casino biz opportunity that caters to employers, corporations, non-profit and civic clubs. It is a growing business that more people are using for fun and profit. You go to a location and create the atmosphere of a real casino. Many are willing to pay to have this outlet for their employees or as fund-raisers.
Before going out and purchasing cards, roulette wheels and tables, you should create a business plan. This will help you discover if you will need a license to operate the business, and what locations you cannot operate. But first call or log on to your local and state government web site, and ask about regulations and requirements for your business opportunity.
Once you have that information, go to your local Small Business Administration office or log on to their web site. You will find a sample business plan and other forms you will need, mentors, financing information, and other options to help you get your casino business opportunity started.
While working on your casino business plan, start pricing your equipment, and looking for employees. You may be able to contact a local temporary employee service for employees when you are first starting, but you may just want to explain to the employee that they are paid per event. This is an important decision and needs to be decided early on in the venture.
Now that your casino business plan is ready, start looking for financing. You can contact private individuals, banks, and the Small Business Administration. Prepare a proposal explaining your casino business opportunity and business plan. You may be turned away and turned down. Be persistent, you will get financing.
Once you have the financing start advertising your business and purchase your equipment. Get your employees ready to start working. You can send out fliers to corporations explaining your service, and focus on the use of it during conferences to relax and entertain the employers.
Contact Hotels and events facilities to sell your casino business opportunity as well. Many times the facility is required to offer entertainment to conference attendees. This will work in your favor and help you get clients.
Also, let local non-profit organizations know about the opportunity to use your service as a fund-raiser. You can create an exquisite casino business opportunity that is fun and different to help them raise money for their charity or cause. Any of these options or all of them can keep your casino business opportunity busy.
Review your casino business plan annually and make changes as necessary. You also want to subscribe to newsletters and periodicals in the industry to keep abreast of the industry trends. Read books and visit web sites. Most of all, watch your competition.
This is truly a great way to make money and have fun at the same time.
© Copyright Randy Wilson, All Rights Reserved.
Randy currently has a website dealing with Reviews of Coffee Related Products such as coffee makers, espresso makers, coffee, k-cups, and more plus articles on coffee enemas and other coffee and health related topics. He also has a website of Reviews of Small Appliances such as ice cream makers, vacuum cleaners, mixers, irons, toasters, food processors, and many other appliances.
Casino Business Basics
May 10th
Like any other enterprise, casinos focus on profit. However, their undertakings are varied and diverse than any other organization. The various activities in which a casino indulges include gambling, restaurants, hotels. Gambling in itself is quite complex comprising of various card games, machines and table games. The conversion of money to chips, given the large inflow of cash and the threat of thefts, is an art in itself. Apart from all this there is a lot of manpower involved. Being a licensed body, it is subjected to tax as well. To add to all this there is periodical auditing which determines the continuance of the license. Thus, opening and monitoring a casino requires a lot of homework to be done.
Every casino, like any other organization, has a hierarchical structure. The top position in a casino can be of the owner or the Board of Directors. Generally, the casinos have some lower managers to take care of the various operations of the casino. These include the Manager of Finance, Manger of Food and Beverages, Manager of Casino Operations etc. the number of departments and managers depends on the size of the casino and the range of activities undertaken by it. Due to the huge cash flows, the accounting department of the casino is distinct from other departments. It has its own structure comprising of five levels which includes the clerks, cashiers, vault employees, financial managers, accountants and internal auditors.
An important aspect of the gambling world is law. Information regarding controlling bodies and legislations are very important while administering a casino. These enactments and regulations provide licensing procedures, gaming rules etc.
Like all other enterprises, accounting forms an integral part of the Casinos. Accounting, here aims at proper and exhaustive recording of all cash flows, prevention of theft while recording these transactions and analyzing the data for decision making. Fulfillment of all the above objectives is quite difficult as all the transactions are reported once a day and the bulk of this transaction is enormous. Fair accounting helps in an effective cost profit analyses of the casino, thus leading to better decision making. The revenue generated through the casino is an important source of income for the government. Tax acts as, both, a deterrent for gambling a source of income. Tax is imposed at the federal as well as the state level.
The accounting process of the casino is evaluated by means of auditing. While regular internal audits are important, statutory audits are also conducted by gaming control agencies. Internal audits primarily help the casino to prevent cheating. Fraudulent activities can cost a casino its license, not to mention the goodwill and customers. independent auditors check the functioning of the casinos, especially when the casino trades publicly in stock. Most of the financial activities of the casino involves certified public accountants.
Casinos are nowadays diversifying and evolving. Nevada and New Jersey are now becoming famous holiday spots for all and are no more mere gambling hubs. This diversification can prove to be profitable for the business only when the owners and proprietors are well aware of their decisions and their implications. Hence, thorough knowledge and information is a pre requisite for any profitable casino.
Mansi aggarwal writes about. casino business Learn more at http://www.casinobusinessnotes.com
Casino Business History – Reality and Legends – Part Three
Mar 13th
Lucky number “for Sagebrush State”.
In December of 1829 a Mexican merchant, Antonio Armijo, led his caravan to Las Vegas. Though it was winter – it had no effect on the climate of the local deserts: hot sun and burnt earth, scrub and monotonous landscape could drive anyone mad. It is no wonder that the guide at some point realized that they had lost their way! Armijjo was not disheartened and ordering to fix a camp, set a small troop to look for water. One of Antonio’s scouts – Rafael River- decided to take “an individual search” and soon he came across a wonderful source of fresh water – which is priceless in Nevada desert.
Rivera’s finding was of revolutionary significance. California was overwhelmed with “gold rush” and now the potential gold-diggers could considerably shorten the road to the gold-bearing lands.
A quarter of a century later, Mormons came to the source which was given a Spanish name Las-Vegas – which means “meadows”. They settled a fort to protect the Los Angeles-Salt Lake City mail route, they even mined coal, planted fruit trees, cultivated vegetables, but in 1858 they abandoned the settlement much because of the endless Indian raids.
The next stage of history of Las Vegas started only three decades later, when the epoch of conquest of the Wild west was in full swing. Railroad laid its tracks through the Valley, where Rafael once found his water supply, camp site was built for the passengers to have rest during the stops of the train. In a while, workshops, hotels, stores, cigar shops and surely saloon started sprout like mushrooms after the summer rains. In the saloons the passengers could not only have a drink or eat something, but also they had an opportunity to play cards, dice and roulette.
It is difficult to believe but until “sex revolution” in the late 60-s America had much more strict and patriarchal morals than Europe. Even the character of Dreiser’s “An American Tragedy” Clyde Griffiths knew that he could hook up with a foreign lady – as they were more light-minded than American women. The regulators of Nevada banned gambling within its territory under the pressure of the so-called “moralists”. A wild western custom to throw the coin up into the air when paying for the drink was also forbidden. In October of 1910 a local newspaper commented on this epochal event with evident rapture: “Stilled forever is the click of the roulette wheel, the rattle of dice and the swish of cards. ” You will hardly believe today that it was all about Las Vegas.
As the historians state, the ban did not even last a month. The authorities were fighting with illegal gambling houses for more than twenty years, but then simple economics prevailed. Upon the common belief Nevada was not so lucky as other states: it does not have any specific natural resources as in oil-bearing Texas or Oklahoma, no rich lands as in Iowa, no golden beaches and favorable climate as in Florida and California.
Today no one remembers who decided to allow in Nevada what was banned throughout the United states. But the job was done: Prohibited in all other states gambling was legalized in Nevada, and moreover the procedure of marriage and divorces was significantly simplified. The wheel started to spin and now the whole state benefited. Unlike Monte Carlo with its only casino, casinos in Las Vegas were literally sprouted, giving the pas probably to the hotels. Even in the worst times of the Great depression you could find work and earn money here – someone owned a casino, others were selling hamburgers, someone was changing the linen at the hotels and cleaning the ashtrays being grateful to the God for having the job and salary…
Arthur Prudent is the developer of Casino bonus codes , web site covering gambling news, features reviews on Casinos, Poker rooms, bingos, Sports Betting bonuses promotions and more. Casino business history: reality and legends. Part three
Casino Business Plans
Feb 16th
Go into the casino business if you want to have fun while you work. Casino business plans are all the rage these days, as more and more entrepreneurs are getting attracted to this lucrative opportunity. Although, it is a growing business, you would be wise to plan the detail specifics of your operations and conduct adequate market research to understand the extent of this opportunity.
Casino business plans fall into two categories. You can plan to set up either an online casino or invest in the location casino business. For an online business, you could make an outright purchase of a casino on sale. Many online casinos even offer a franchise. They have readymade casino business plans and are willing to set up your business website. You will be given all the tools necessary for your operations.
Pre-built poker and casino rooms are available to set you rolling. But you will have to devise the marketing strategy on your own. Online marketing is expensive and you will have to allocate sufficient funds under this head. The number of hits at your website will decide your ultimate revenues. The start-up costs for an online casino business depends upon your investment capacity. Even a very low initial investment can set you going. Online gaming is a home-based business and can turn out to be very lucrative, if marketed appropriately.
The location casinos cater chiefly to the corporations, the non-profit and civic clubs. The entire casino atmosphere is replicated at the given location. The location casinos are in great demand during conferences to entertain the delegates. They are often used as fundraisers too. Be sure to check if you need a license to operate a casino and study the state government regulations. Get information on the locations that do not permit casinos. Sample casino plans are available at the local Small Business Administration office. Use them as guidelines to draw up your strategy. Then start scouting for employees who are ready to work on a payment-per-event basis.
Have fun and pocket those profits!
Since 1999, Growthink’s business plan writers have developed more than 1,500 business plans. Growthink clients have collectively raised over $1 billion in venture capital funding, and Growthink has become the firm of choice for venture capital firms, angel investors, corporations and entrepreneurs in the know. To learn more about our business plan services, call 877-BIZ-PLAN (877-249-7526). Growthink has also developed a business plan template that allows entrepreneurs to quickly and cost-effectively develop professional business plans.
