I know that many of you have followed my ongoing series of articles about how to make money in the casino business today. I keep repeating one of my friend’s favorite sayings that being successful in the casino business today is not about making money but rather it is about creating value. And as always, many of you keep challenging me for more detail and more in depth information. Therefore, since I was employed previously by Foxwoods Resort Casino, it makes sense for me to use Foxwoods as an example for this article. Foxwoods is the largest casino in North America today. Foxwoods, at the time, had over 380 Table Games, 7,400 Slot Machines, 1,500 Hotel Rooms and approximately 12,000 employees plus a wide variety or restaurants, salon, spa, showroom and two Rees Jones designed golf courses. Foxwoods is located in the middle of 2,500 acres of pristine virgin forest half way between New York City and Boston. Therefore, due to Foxwoods remote location, Foxwoods aggressively marketed to every single segment of its different gaming markets ranging from Bingo, Poker, Slots and Table Games. We also focused a great deal of attention and marketing on our non-gaming revenue producing areas such as salon, spa, entertainment and retail to help support the overall marketing efforts of the property.
In addition to all of this, many people still believe that there must be a secret formula for success in the casino industry. This made me reflect for a moment to try to think about exactly what are the critical elements that would make up some magical formula for Foxwoods phenomenal success at that time that could be replicated by other casinos around the world. In retrospect, I did come up with my own interpretation of that secret success formula:
The Casino Secret Formula for Success =
The 3 P’s (People, Product & Profit) X Marketing / Financial Analysis, Training, Motivation & Fear […]