While if you go on and ask a stranger what is a casino, surely the answer would be that it’s a place people visit to gamble. Whereas honestly, there’s no particular definition for the casino.
The laws of gambling are only applicable at the time of gambling; the place can’t be called a casino if they have rented the place for a conference hall. That’s the only way of their income. It’s just a myth that casinos can’t make money without gambling.
People who have been a part of the charity nights at the casinos know the truth. People play blackjack, craps, and roulette without even making use of real money. Even the people who buy tickets for the charity events are the ones contributing to the noble cause.
The question that arises here is, can a casino earn profits without the use of real money?
If we closely look into the matter, playing arcade as well is not that cheap. Players spend countless hours into the game just to earn a big reward. Arcade games don’t attract goons and Wallstreet investors to play. Talking about Waren Buffett, the very first business he established as a teenager was a pinball business. He kept on saving the allowance from that so that he could later buy a pinball machine. Profits that he used to get from that was saved to buy another pinball machine, and this chain went on for years until he sold his entire pinball business for approximately $100,000.
Similarly, Dave and Busters earned $300M as their quarterly revenue for years. This arcade chain doesn’t offer any craps, roulette, and blackjack, but they have been providing the best gaming experience for adults. This is comparatively less risky than gambling. The Arcade industry does make money with arcade-style gaming, but it is not contributing to the revenue generation as desired by the Wallstreet investors.
Casinos can fairly make money through many different activities
Well, if we look around, there is no casino that doesn’t have a hotel. The hotel industry is emerging these days and holds a lot of profit. To make it entertaining for their guests, the hotels and resorts build theme parks and gaming arenas to attract tourists. There are many hotels and casinos that look up to the conventional industry to contribute to their profit earnings. Just hosting a convention can help you earn massive profit with a no money casino. The case is that if there is no money involved, a lot of people, including physicians, probability mathematicians, also love to be a part of it. On the whole, the convention industry is definitely making more money than the casino industry.
Non-Profit Casinos Can Also Sell Stuff
These casinos can have 5-star restaurants that sell high-class commodities; along with these, they also offer $1000-a-day spa and keep their guests entertained through various different means.
The resorts like this don’t feel the need to attract the high rollers who can probably lose millions of dollars while making a million dollars. The resorts only have to offer the best in class services, and people will definitely pay them for that.
We can’t deny that if we take the gambling out of the gaming industry, people lose their interest in the casino. But on a broader perspective, gaming is just a part of the casino industry; there are many other ways by which casinos make money and earn massive profits. It’s definitely not necessary that you have to offer gambling to successfully run a casino business.
The only thing that the non-profit casino industry lacks is a proper marketing plan. An organization that offers the best gambling-like experience without breaking the local laws of gambling can witness great success. There is no doubt that the gambling industry generates high revenue, but even without gambling, casinos have the potential to make high profits. The casinos only require the right kind of investors.