So, you want to learn how to buy a casino? Trying to buy a casino is very difficult because in most states casinos are illegal to operate. The red tape is enormous and time consuming. If you have the cash and financial backing, you can buy a casino.
- Contact a business broker in your area to help you buy a casino. Tell the business broker that you want to buy a casino and let him know how much money you can afford to spend for the casino. Do not spend more money than you can afford to lose and only buy a casino that is fully operating.
- Go over the numbers with the business broker to help you buy a casino. Review the asking price of the casino and then look for the gross revenue which is the total dollar amount made by the casino before taxes. Hire a certified public accountant to audit all the casino’s financial statements to make sure that the casino is financially strong.
- Visit the casino to get ready to buy the casino. Schedule a meeting with the present business owner(s) and ask questions about the business (.i.e. number of employees, seller financing options, key managers, legal issues etc.). Walk around with the owners and see what the casino’s atmosphere is like.
- Tell the owners you are ready to buy the casino but you have to get state approval before you can close a deal. Get the owner(s) to agree in writing to give you at least six months to get the states approval to operate the casino. Study and read as much information as you can about operating a casino.
- Work as a volunteer to help you buy a casino. Inform the owners that you would like to do volunteer work with as many employees as you can so that you can get to know them and learn what their duties are. Visits various departments and learn what this business entails because you will be investing your money.
- Hire a business attorney to help you buy a casino. Inform the business attorney that you are buying a casino and you need to find out the legal status of the casino you are trying to buy. Have him find out if the property is owned by the casino or someone else. Keep your attorney’s throughout the whole buying process. Make sure the casino is not facing any kind of lawsuits or is in litigation.
- Get the state’s approval to help you buy a casino. Upon approval from the state, get ready to work at your casino after you have paid all closing costs and fees for the casino. Retain the top management staff for at least one year to keep the business running smoothly. Schedule a company meeting to introduce yourself and inform all employees that that can call or talk to at anytime and motivate them to help you make money.