Building up casinos

In the casino business, especially in Las Vegas, people often get the idea that corporations just come in and build huge complexes from the ground up. While this certainly does happen from time to time, the reality is that many people started small and gradually built their casinos up, expanding them for years, or even decades, to get to where they are now. This gradual growth allowed them to invest money as they made it, so they did not have to start out with a huge amount of capital. For example, you can look at the Stephen A Wynn Hall of Fame page to see exactly how Wynn did this, starting out with a bingo business in Maryland.

There are a few different ways in which casinos can expand. First of all, the gaming floor itself can grow. To do this, the owner may have to add on to a building just to get more space. While that was possible years ago, the modern Las Vegas Strip has been built up and most of the real estate along the Strip has been purchased. This means that casino owners with small, profitable businesses may actually have to buy new buildings if they wish to expand. The owners can then identify which aspects of the casino bring in the most money, or they can look to cater to current trends, such as the recent increase in the popularity of poker.

Another way that a casino can expand is by offering hotel rooms in addition to the gaming floor. This provides options for tourists who just want to book their entire trip from beginning to end; they can get a flight and a hotel room and they can set their sights on the casino of their choice, all at once. Tourists like the simplicity of this and they also like the proximity to the Strip, saving them the trouble of using public transportation after flying in. Best of all, people who want to enjoy cocktails and other drinks at the bar like knowing that the hotel room is just a few minutes away, only a short ride up an elevator.

Another way that casinos can expand is by providing additional entertainment options. This could mean putting in a bar or a restaurant for those who want to dine out. It could mean adding on venues with stages where comedians and bands can perform. The casino can diversify and start to make money on the entertainment options they provide, not just on the gambling that draws many people to Vegas. As with hotel rooms, these entertainment venues are often built on the upper levels of a casino, allowing the owner to save on real estate.

Successful casinos are the ones that are always growing and adapting. The owners need to know what people are looking for, how trends are changing and how the economy is going to impact what people are willing to spend. The owners can then set up casinos that are catered to these people, making minor adjustments as they go. This style of expansion is also often very friendly to a casino’s overall financial situation, as the revenue earned can be used to pay for the expansions, thus saving the owner from having to take out loans and increase debt.

  

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