Well, if the Mega-Millions comes up in Washington, I may have a go at this.
I figure (back of envelope) that you're looking at around $3M to get started with a chance of staying in business, and possibly another $500K - $1M for the first year, depending on how long it takes to get cash-flow-positive. This is assuming that you are starting from scratch; if you are buying out an existing operation, I suspect you are looking at more like $5-8M.
Strikes me that starting a card-room is cheaper than a casino, and probably of a similar cost to starting a small 20 table restaurant.
You need to figure out how you are going to make money at this, and how much money you need to make to stay afloat before the gaming equivalent of Gordon Ramsey shows up on your doorstep and swears at you.
- You will probably need/want a liquor license, which may be a hassle right there.
- You will need a public card room license.
- You'll need staff; dealers, floor, servers, cleaners, maintenance, bouncer (er, security), back-room people (admin, maintenance, IT...). Maybe not too many to start with.
- You'll need gambling licenses for the owner, card room employees, etc.
- Are you going to be open all hours, or just nights/weekends/some fraction? Affects staff costs, cleaning, maintenance...
- Are you going to serve food? What sort? How much? You'll need food handling permits and licenses. Or you might be able to do a deal with some local eatery to service your building but that will also cost and you'll still need the permits.
- You'll need a location. Here in scenic Western Washington, there are a lot of card-rooms and 'casinos' around and a few up for sale at any given time. Some are about the size of a Denny's and have about the same ambiance. You're probably better off buying an existing building and refurbing it. Might be worth finding out why the current casino went tits-up.
- You'll need chips, racks, cards, uniforms for the staff.
- You'll need insurance, both for the building and the staff and the patrons.
- You'll need an advertizing and PR budget, to get butts in seats.
Last edited by NigelC; 03-31-2012 at 01:55 AM.
Reason: MegaMillions didn't :(