If you are planning to start a casino of your own, you will basically need three things to begin with: money, contacts, and knowledge. The truth is that it is actually pretty hard to start a casino of your own because of the complex licensing and the sizeable funding that is necessary to even launch a small establishment. Having said that, if you think you have the funds and the capability to put in the necessary hard work, it isn’t impossible either. Nevertheless, go through the following points to better understand some of the hurdles that you will have to jump over in order to start your own casino.
Formulate a Business Plan
If you want investors and banks to be interested in your project, you will need a well-formulated business plan. It might be a good idea to hire legal and business professionals who can guide you if you are unsure of how to approach it. Be detailed in describing each and every one of your casino’s objectives and how you intend to turn the venture into a successful business without breaking any laws or restrictions imposed by the state on gambling. Your business plan is also instrumental in getting you the all-mighty license that’s essential to operate a casino.
The Licensing
Getting the license for your casino is an expensive, time-consuming, and lengthy process, and there’s no guarantee that you will get one.
Most of the gambling in New Jersey is done online, not because online casinos are exempt from licensing laws but because it is cheaper to set up an online casino. Online casinos require a fraction of the funding necessary for building a brick-and-mortar casino. You’ll still need a casino license, but you won’t have to apply for a liquor license or pay the overheads of operating a bricks and mortar establishment.
Background Checks
Everything from your business plans to your own personal background will be checked by the state before they even consider giving you the necessary license. If you are wondering what they check in order to decide if you are eligible for a casino license, then read the following.
- Employment Check – Granted that this pertains more to casino employees than the owner, an employment check is still applicable to an extent. It is done primarily to make sure that the person indeed has prior experience with managing casinos if claimed so by him/her.
- Criminal Background Check – If you were ever convicted of white-collar or violent crimes your chances of getting a casino license are very slim, if at all.
- General Background Check – This involves everything else regarding your education, financial standing, credit score, etc.
If you think you have what it takes to handle all of these, then it comes down to the money really. Even with investors and banks, you will still need to set aside a decent amount of money personally for setting up a casino. The amount will, of course, vary depending on the size of your establishment, the location of the casino, and the state rules there. Lastly, one of the biggest problems with traditional casinos is the association of organized crime.
It is advised that you check all aspects of starting your own casino and compare them with opening an online casino site before reaching a conclusion and going all-in.
