Can You Afford to Skip the Casino Feasibility Study?
The idea of developing the concept of a casino is often triggered by circumstances like having an unsuitable space in the foyer of a hotel as well as the need to bridge an empty joker123 space in the hotel's occupancy or the availability of a license in a tourism investment scheme. The idea often is given a life of its own . The next step is the creation of a casino design (that perfectly matches the development team's perception of what players want) and the start of construction, followed by the hunt to manage the casino. The issue is that there are a lot of common misconceptions สล็อต about casinos and gamblers that lead developers into pitfalls every time! The details will be discussed later, however let's see how the most successful operators go about things...They start with an understanding of the market, its capacity and size, disposable income, accessibility to competition (for every form of entertainment), market-specific needs and the compatibility of player's profiles joker123 with those of other players of the hotel, resort or entertainment complex. This understanding then forms the foundation of the feasibility study which calculates the number of potential visitors and their frequency of visits, as well as the duration of an average game and the size of the stake. In addition, projections regarding the capacities required in terms of floor space, equipment and operating times are constructed. In the end the financial spreadsheets are created to provide a well-supported and logical opinion about the profitability, capital expenditure, and return on investments. More than the figures, the feasibility is focused on in determining how to make the most of your chances, to eliminate any potentially fatal flaws and on what it will take to be competitive in the marketplace. The feasibility doesn't have to be a long and costly process conducted by a renowned academic. What's sufficient in the early stages is to understand whether you have rough diamonds or worthless glass chip. A expert casino consultant will be competent to present an initial feasibility study at an affordable cost within 10 working days. This will provide not only an indication of the idea or potential opportunity to be considered, but also a framework for screening potential opportunities. Let's look at some of the risks... "license to print" or the "license to create money" myth is a surprisingly common belief about casinos, and it seems to hinder people from carrying out all of the usual due diligence and diligence that apply to an opportunity to open a restaurant or shop screening exercise. Some examples that come to mind are as follows. A huge casino was created in a place which has restrictions on the maximum stakes for slot machines. The revenue expectations of the slot machines were relied upon to make the casino financially viable. When a revenue capacity model was examined on the slot machines by a knowledgeable manager a few days before opening, it showed that it was physically impossible to generate the needed slots revenue with the current number of machines that were installed... Naturally, the casino was unable to meet the expectations. A massive casino that was created in Britain by an US operator failed badly because it was unable to comprehend the need for live gaming or the mobility of players in the market, whilst a British firm failed spectacularly with Las Vegas because it didn't grasp the requirements of customers and produced fatal design mistakes. The "James Bond" image is a popular myth about casinos and players. It is believed that the Pareto Principle applies heavily to casinos with approximately 80% (or higher) of the revenues being generated by 20% (or more or less) of guests. That 20% does not constitute people who don formal attire for a casual night out; it's evident in the regular patron who can feel at home at the table in comfortable casual clothes. The un-initiated 5-Star Hotel manager is usually aghast by the presence in their lobby of "non-James Bond-ness" or, as we like to say, of the players at the casino! "Where's that casino manager, he's obviously got this all wrong..." And on goes the conflict-of-interests. The feasibility study will enable the company to recognize these conflicting situations in time to come up with solutions, such as creating a separate entrance for the casino and differentiating F&B specifications and prices within the hotel and casino. I recall an incident where a group of executives went to extreme lengths to advocate the establishment of a huge caravan park within the grounds of an international casino resort, some 2 hours from a major city. The resort was the only casino within the 4 hour driving distance from the city. The executives proudly began to unveil their polished and elaborate plan to draw more people to the resort but to their dismay they were severely rebuked from the chief executive. They were not aware that the countless caravans on the road would delay the 20% of visitors which generate 80% of the revenue and the significance of such reduction in the time of gaming! The feasibility study will reveal the primary drivers behind the casino and let you see the key priorities of the business. It will assist you in avoiding grave or serious mistakes and offer you the greatest chance of maximising your chance. You'll be able to see that's an excellent result for 10 days' fees!

Leave a Reply

Your email address will not be published. Required fields are marked *