The inner workings of casinos

Kevin Sheehan has founded many companies throughout his lifetime. This has led him to learn all he has to know about the business world and how it all works. His latest venture is in the casino industry.

 

What Kevin Sheehan has learned

When opening up a casino, you cannot just open it anywhere since the right location has to be picked. There are local zoning laws that need to be verified to allow a casino to be opened in a certain area. This has to register with the city as well as the state. It even has to acquire the licenses and the employer identification number. It is no secret that opening up a business requires capital. This is an understatement for casinos since all the capital it collects goes straight to purchasing gaming equipment such as slot machines, video poker machines, roulette tables, poker tables, blackjack tables and so on. As you can guess all of these are not cheap. When it comes to casinos, most people don’t normally think about going to the casino on a Friday or Saturday night. Kevin Sheehan has learned that it is important to invest some money into marketing to remind the public about your establishment. These include television, radio and online ads.

 

The business model of casinos

When it comes to the business model of casinos, their primary source of revenue comes from games such as poker, blackjack, slots and so on. The variables here include the number of visitors that come in and the amount of capital invested with the number of tables they have available in their facilities.

Kevin Sheehan had to acquire three types of licenses to run a casino. The first one is the operating license, which is needed to run the casino and to offer the games. For example, if you have a online gambling website, this allows you to run it and offer the games. Another one needed is the personal license of which there are two kinds. The first one is for the personal management license and the second is the personal functional license. The latter is for people who have specific roles in the areas of the company for example casino employees involved in gaming or handling of the money. The last license is the premises license, which is, required to run any size casino. The way to get such license is through local licensing authority.

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