Do "minicasinos" make much money?
December 1st, 2009 at 12:45:31 PM
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I was looking at some "businesses for sale" as well as talking to a broker I met once and was suprised that for $1-3 million, you too can own a casino. Well, a very small one of 4,000 or so square feet.
Does anyone there know much about such places? Do they make much in the way of profit?
Does anyone there know much about such places? Do they make much in the way of profit?
All animals are equal, but some are more equal than others
December 1st, 2009 at 2:40:48 PM
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I've no idea, but if you are referring to Nevada you should see an EXPERIENCED law firm. It can be "eons" for a new owner to be approved by the gaming commission for a fully licensed casino. I don't know if they are as strict for the smaller, mainly slot machines type places, but until you are officially approvd, you can't take a cent out of the casino.
Some small slots-only places appear to be very profitable and have a loyal clientele of locals. The Aztec may still be near the base of the Stratosphere. I've heard that it offers internet kiosks to tourists, sandwiches and coffee, and an "interesting" clientele.
Remember that if your casino issues cheques (what most people call chips) Nevada law will probably require you to keep two complete sets on hand and sufficient cash reserves to honor one hundred percent of your chips.
Obviously the rules are more lax for the smaller "mom and pop" type places and so the fines are less too, but you had better learn what you are doing first. Don't think you can have a the slot machines emptied "most" nights or that you can keep your logs in some scrapbook like affair. Tax revenues come from slot machines and loose accounting is not tolerated even if the casino is smallish.
Some small slots-only places appear to be very profitable and have a loyal clientele of locals. The Aztec may still be near the base of the Stratosphere. I've heard that it offers internet kiosks to tourists, sandwiches and coffee, and an "interesting" clientele.
Remember that if your casino issues cheques (what most people call chips) Nevada law will probably require you to keep two complete sets on hand and sufficient cash reserves to honor one hundred percent of your chips.
Obviously the rules are more lax for the smaller "mom and pop" type places and so the fines are less too, but you had better learn what you are doing first. Don't think you can have a the slot machines emptied "most" nights or that you can keep your logs in some scrapbook like affair. Tax revenues come from slot machines and loose accounting is not tolerated even if the casino is smallish.
