Americans love to gamble, there’s no doubt about that. Americans spend billions at casinos every year. Cities and states are lining up to open new casinos. They need money to keep programs operating and their constituents are ready to give them the money via tax revenues from casinos.
The casino gaming industry is a complex and intricate set of unique moving parts – and any casino executive will tell you, at no point does it become easy. Opening a casino is a struggle. For instance, residents of Foxborough, Mass., voted against a proposed $1 billion casino project. And there is no revenue faucet that can be opened wider, once a casino is up and running.
There’s a big lesson to be learned here, both for casinos already standing and those proposed to be built. Groups planning to submit a casino proposal should conduct thorough market research before officially submitting it. The proposed casino in Foxborough had residents remarking that it was tearing the town apart. Market research reveals the prevailing sentiment that residents have and allows you to make an educated decision on opening a casino in that market or if the proposal will even get on the ballot. Bypassing market research could result in a strong backlash against the casino group if the city is vehemently against building a casino.
But, the struggles don’t go away once the casino is built. There are usually many gambling options in a city that allows it, and casinos must fight for every dollar they can. The best way to grow revenues is to ensure that each and every guest is happy. By utilizing casino guest surveys, a casino can find out what it is doing right, and more importantly, what it is doing wrong. Keeping guests happy is the first step toward keeping revenues high.
The gaming industry will never disappear, that much is certain. But, proper research will help ensure that a casino is seen in a positive light and also help keep the lights on. If you want to gauge the health of your casino, contact NBRI today. Casino executives have relied on our casino research and benchmarking for decades. Contact Us using our online form, or call 800-756-6168 to see how NBRI can help you make informed decisions for your gaming establishment.