Owning a casino is probably a dream come true for most people and immediately conjures up the sound of a never-ending cascade of money. It’s a license to print money, right? Perhaps. But the reality is that owning a casino is not as simple as investing in other types of straightforward commercial real estate such as retail outlets or office blocks.
The most obvious questions that come to mind are: What are the legalities of building a casino? Is investing in a casino still worth it? And, above all, will it be a profitable investment in the long term?
Let’s touch on some of the more obvious factors to consider before seriously thinking of investing in a casino.
Are brick-and-mortar casinos still relevant in the UK today?
Casinos have been around in the UK since 1960 when they were legalized under the Betting and Gaming Act of that year. Since then, casinos have become an important part of British culture. But… with so many people playing online casino games, you may be wondering if there is still a place for brick-and-mortar casinos in today’s world. The short answer – yes, definitely.
With the ever-looming threat of online gambling, real-life casinos have managed to adapt in recent years by offering more value-added features besides gambling, such as food and alcohol, live entertainment, and even hotel rooms for guests who want to stay overnight. These diversification strategies have been very successful for the industry.
How profitable are casinos in the UK?
The casino industry is still very much alive and well in the UK. According to a recently published business report, the gambling industry in the UK has been thriving in the last number of years. The report also states that there have been some significant investments made in the casino industry over the last years, with a particular focus on “the development of new and innovative attractions.”
The Legalities of Owning a Casino in the UK
As can be expected by the very nature of the business, casinos are strictly government-controlled. Owning a casino can therefore be a veritable minefield of red tape. Do thorough research beforehand and make sure you know exactly what you’re getting into before green-lighting your project. Consult an attorney who has experience in this field and who can help you obtain a gaming license from the UK Gambling Commission and be prepared for a whole bunch of regulations that will need to be strictly adhered to in the future day-to-day operations of the casino.
Should you buy an existing casino or build one from scratch?
First, building a new casino from scratch is definitely the toughest route and choosing the right location will be crucial to its success. High-traffic areas with vibrant nightlife are ideal. And it won’t hurt to have other casinos in the vicinity – take Las Vegas as an example. But should you invest in building from the ground up or buy an existing casino?
The advantage of buying an existing casino means it already has an established clientele and (hopefully) a successful track record to indicate potential profitability. On the other hand, if you choose to build your own casino (planning permissions and red tape aside), there will be more room to customize the build to fulfil your personal vision in terms of decor, theme, and proposed live entertainment.
Do Online Casinos Pose a Threat to The Future of Brick-And-Mortar Casinos?
The jury is still out on this one, but a lot of industry experts seem to think that online casinos are actually helping brick-and-mortar casinos rather than posing a threat to their future. In fact, many people believe that the two industries can (and should) coexist together.
Not everyone wants to visit a real-life casino – maybe they live too far away, or they don’t feel comfortable in that type of environment., whereas online casino sites such as TheBingoOnline.com offer the perfect alternative for gamers.
Can Online Casinos compete with Real-Life Casinos in terms of winnings?
Online casinos are very popular, but a lot of people still aren’t convinced that they’re as lucrative as their real-life counterparts. Many gamers seem to think that playing online is just for fun or with small stakes and it’s not really possible to win big amounts of money using an online gaming site.
While this may have been true in the past, it’s definitely not the case anymore. In fact, many online casinos now offer jackpots in excess of £500,000! So, if you’re looking to make some serious money gambling, then an online casino can be a great option.
As already touched on, the casino industry is thriving in the UK, and it doesn’t look like that’s going to change anytime soon. So, if you’re thinking about investing in a casino, it’s fair to say that there is definitely money to be made. However, like any other type of real estate investment, there are risks involved as well as potential rewards. And as with any other real estate investment, it’s important that you do your due diligence beforehand to make sure it’s the right investment for you.