If you're looking for a business venture that can earn you a lot of revenue in a short time, then learning how to start a casino might offer you the opportunity you need. For centuries, gambling has been a favorite pastime for people of all walks of life, and it continues today. However, starting a casino requires more than a passion for gambling: it requires a significant investment, accurate planning, and good business management.
EditSteps
EditChecking Gambling Regulations
- Check if commercial casino operation is legal in your area. While forms of gambling, including charitable and online gambling, are legal in most areas within the United States, commercial casinos are only legal in some states and provinces. As of 2013, commercial casinos could only be opened in 24 states.[1] Check if commercial casinos are legal in your state by checking the American Gaming Association's website.
- Within states, commercial casino operation may also be governed or disallowed by state and local regulations or zoning requirements. Check with your local Small Business Administration or City Council to learn more.
- Some of these states may only allow certain types of gambling in casinos, such as betting on races. Be sure to check all regulations before continuing with your casino planning.[2]
- Check alcohol regulations. Odds are, if you open a casino, you'll want to serve drinks there and your customers will expect it. However, alcohol regulations are some of the most important restrictions placed on casinos. These regulations are often governed by state regulations, so be sure to check your state's gambling laws for the relevant information. This can usually be found on your state's website or with a quick web search.[3]
- For example, many states require that casinos stop allowing visibly intoxicated persons from participating in gambling. Others require that casino employees take specialized courses that involve training for dealing with intoxicated individuals.[4]
- Check age restrictions. Gambling, like alcohol and tobacco, is regulated to exclude minors. However, the exact minimum age varies by state. In some states, 18-year olds are able to enter casinos and have the same rights as an older persons. In others, all entrants have to be at least 21. Check your state's restrictions and institute a policy of checking ID's at the door so that you don't run afoul of your state's regulations.[5]
- Study cash-on-hand requirements. Casinos must have a large amount of money available to them to cover the potential winnings of their customers. Exact specifications vary between states, but are invariably large amounts of money. Casinos must be able to cover potential winnings, which means that they must actually have as much in cash available as there are chips out on the floor at a given time. This amount may also include things like cash to cover slot machine winnings or cash paid to past winners in installments.[6]
- This means that even very small casinos must have about $20 million on hand at any given time.[7]
- Check self-exclusion laws. Casinos are required to follow relevant laws that require the temporary or permanent exclusion of specific individuals. In some cases, customers can put themselves on such a list or in others it is up to the casino to do so. Each state has vastly different regulations governing this. Search for your own state's regulations to ensure that you are complying with this law.[8]
- See other restrictions and regulations. The most important thing to keep in mind is that casino regulations vary widely from state to state. Research your own state's regulations forwards and backwards before committing to a casino business plan.
- The American Gaming Association has provided a useful guide to your state's regulations. This guide can be found here.
- If in doubt about any of the wording or meaning of any regulation, consult with a lawyer in your area.
EditPlanning Your Casino
- Construct a business plan for your casino. The will be a professional-looking document that describes your start-up investment, projected earnings and growth and business and marketing strategy. This is what you will be presenting to investors and/or loan officers, so make it good.
- Make sure to include a feasibility study that examines the demand for a casino and the justification of investment.
- Employ an architect to design your casino to meet all your needs and comply with local safety regulations.
- Include a scale model of the casino to show the layout and the style.
- See how to write a business plan for more information.
- Raise the capital you need to start a casino by presenting your business plan to investors like banks or private investors. Make sure to review all investment contracts with your lawyer before signing, so you understand exactly what your rights and obligations are.
- Starting a casino will always be expensive, regardless of how you set yours up. As previously mentioned, cash-on-hand requirements alone will often be more than $20 million. You will also need to buy equipment, land, build your casino, and purchase a gambling license, all of which can be very expensive.
- Register your casino with the city and state to obtain a business license and employer's identification number (EIN). This will require registering with the IRS and any other regulatory bodies that have power over casinos in your area, which could include state government, local government, and gambling organizations. Check with a lawyer to be sure that you are properly registered.
- You can apply for an EIN with the IRS by going to http://ift.tt/1O8WmPB
- Use the same strategies as successful casinos. Casinos use a variety of tricks and strategies to ensure that customers spend as much money as possible. These tactics have been developed over years of experience in the industry and are followed by most successful casinos. Employ the same strategies to give yourself a competitive edge. The following are some common strategies:
- Provide free stuff. Casinos often provide free gifts, drinks, and rooms (if they are also hotels) to patrons to make them feel like they have more money to spend on gambling. Generally, their losses make up for these expenses.
- Disguise the time of day. Casinos often don't have any clocks or windows so that customers spend more time gambling than they mean to.
- Emphasize wins and hide losses. Casinos disallow photo and video equipment on their game floors to hide the reality of losses and set off sirens and lights to emphasize wins. This encourages customers to think that they can win.[9]
EditBuilding and Registering Your Casino
- Choose the location for your casino. Make sure local zoning laws allow for a casino in the area, and that you have enough space to construct the building and parking lot. You'll likely need to employ an architect to ensure that have enough space and the right type of land to build your casino.
- Learn more about zoning laws on the SBA's website.
- Apply for construction permits to build your casino and start construction. Once you have your start-up money and location, you're ready to apply for construction permits with your city and begin building. Employ project managers to oversee the development of each part of the casino.
- Apply for a gaming license with the appropriate department in your jurisdiction. You'll need to complete an application form with your business and tax information. Each state has its own gambling control organization, so be sure to find the appropriate department to apply to.
- Schedule an appointment with your local department of health and safety if you plan to sell food at your casino. You'll need a permit from the health and safety department, which they'll issue after they've inspected your venue and paperwork.
- See more about health and safety requirements by visiting the SBA's website.
- Buy gaming equipment such as slot machines, video poker machines, roulette tables, poker tables, blackjack tables, craps tables, baccarat tables, chips, cards and card shoes, and safes.
- Because casinos frequently go out of business, you will likely be able to find this equipment at a discount from a bankrupt casino.[10]
- Purchase property and liability insurance for your casino. The amount of this insurance will vary based on the value of your property and other factors. You may also need specialized gaming or casino insurance to limit your risk of other lawsuits.[11]
- Interview and hire experienced personnel. Casino employees are also required to be licensed by their state governments. Consult [this list http://ift.tt/2911oM3 to find licensing information for your employees.
EditAdvertising and Opening Your Casino
- Advertise your casino in the media. Make sure to draw as much attention as possible to it with television and radio commercials, as well as ads on Internet sites for tourism and recreation.
- Be sure that you are ready to open. Be sure that you have as much cash on hand as you are required to and that your operations are running smoothly. You may even choose to do a dry run with your employees to be sure that they know what to do in any situation.
- Open your casino with a grand opening. Invite celebrities to attend the opening, as well as press to cover it in the media. Offer benefits like free drinks or additional free chips to your first customers.
EditTips
- Many of these same procedures can also be used if you plan to open a riverboat casino. However, you may also have to consider the gambling laws of neighboring states if you enter their waters.
EditWarnings
- The above information does not constitute legal advice and it is strongly recommended that you seek legal counsel before exploring any of the above methods yourself. Gambling law is specific to the state in which you live. Seek the advice of an attorney familiar with the casino law in that state.
- While potentially profitable, casinos, like any business, carry a risk of failure. You stand to lose all of the money you have invested if your business fails, and more if your business is intertwined with your own finances.
EditRelated wikiHows
- Start an Online Casino
- Start Your Own Business
- Write a Business Plan
- Finance Your Business
- Promote Your Business
EditSources and Citations
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source How to of the Day http://ift.tt/1vezvEJ
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