Exciting games, extravagant lighting, loud sounds, multiple entertainment options and the desire to make big money real quick are some of the things that come to mind when we hear the term ‘Casino’. However, casinos are more than just this. The casino industry can also teach you valuable lessons in order to be more adept and successful as a professional.
Whether you’re running a large corporation, a small business or working at an individual level, vital business lessons can be learnt by studying businesses practices at casinos. You’d be amazed to know the sheer number of factors that are involved in making a casino run successfully. Every decision made is critical as it can mean the difference between making or losing money.
Modern day casinos are built like “cities within cities.” You can gamble, eat, sleep, shop, and get entertained, all without ever having to leave the casino complex. This phenomena is called ‘vertical integration’ for the sake of maximizing revenues.
It takes a keen and watchful eye to learn something and there are indeed plenty of important lessons to be learnt from casinos that can be applied to your own professional repertoire.
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1. Deadlines are Deadlines
In the casino industry, there are no ifs or buts; a deadline is a deadline and you have to meet them. Failure to meet deadlines can mean millions of dollars going down the drain, as casinos make money from the revenues generated using their patrons’ money.
Casinos are huge business corporations. They are often financially backed by hotshot investors and financiers. Any delay in meeting deadlines can lead to major losses in revenues, and investors and backers are often quick to severe ties with casino owners at a moment’s notice.
The same is the case with small and large businesses in general; you have to meet your deadlines. Moving forward and progressing in a business means proper planning, marketing, and production, which are all governed by deadlines. Failure to meet these deadlines will have dire consequences for the business.
In the casino industry particularly, when a date has been given, it must be adhered to. For example, right before the grand opening of a new casino, if developmental work is still not finished or the unit is not fully functional, the grand opening will still proceed as planned. And failure to complete development according to the proposed deadline could mean heavy losses in revenues on a daily basis, bad press and investors looking the other way without any hesitation.