Casinos offer unique business opportunities because they attract in-state visitors as well as tourists from across the country. If you study the area around a casino, you can find business opportunities that may have higher potential because of their proximity to a business that continually draws new customers. For this reason, businesses near casinos do not rely on repeat business as much as other types of businesses do.
1.Consider opening a restaurant in the area. Restaurants are key businesses near casinos. Even if the casino offers food, restaurants in the area can attract customers who are on their way to their lodgings and other attractions in the region. You can open a restaurant near a casino with the conviction that you will have potential customers driving or walking by on a daily basis.
2.Buy or build a hotel or motel. Successful casinos require lodging for visitors, and though most casinos have their own hotels, you can open a hotel or motel near a casino and attract customers who do not want to stay in casino rooms. Many families prefer not to stay in a casino, and other customers prefer to be near other attractions than the casino. You will have to decide between luxury lodgings and discount lodgings based on what kinds of hotels and motels already exist in the area.
3.Open an entertainment venue. According to Arthur Andersen and Company, many casinos are being reclassified from gambling venues to entertainment venues. This attracts a more family-oriented customer base, and families with kids may come to the area to enjoy entertainment. You can offer miniature golf, amusement-park rides, video arcades and other entertainment venues for customers who want something besides gambling.
4.Start a construction business. Casinos spur growth. If you start a construction business during that growth, you can capitalize on the influence of the casino and the potential for the area to become a major attraction for visitors from around the country. Building businesses and housing can keep your construction business busy.
Do your due diligence and estimate whether a casino can support a business such as the one you have planned. Many casinos are proud to announce the number of annual visitors they attract. You can call the public relations person at the casino and get this figure. Use this figure to make a reasonable estimate of the number of people that would pass by your business. Make plans to attract passers by with promotions, sales and special events.
Just as a casino can attract visitors and help small businesses boom, the closing of a casino can devastate area businesses. Ask nearby business owners if the number of customers has been steady or growing in recent years. If you hear a lot of reports of declining customer numbers, be wary of the casino’s future. If your type of business will not be competing with a particular business that is already in the area, owners should be willing to be candid with you.
This Article First Published On smallbusiness.chron.com