Buying a Casino

Dyepaintball12

Dyepaintball12

Well-Known Member
I don't know if anyone has read "Double or Nothing" about the guys who bought the Golden Nugget in 2003 and sold it a year later for over $100 million profit, but that got me thinking.

How much would a small casino go for? I know Treasure Island was just sold for $775million, and that is a large casino with a very very good strip location.

How much would a smaller place go for, maybe downtown or even in Laughlin or Reno?


Thanks,

David
 
ChefJJ

ChefJJ

Well-Known Member
Dyepaintball12 said:
I don't know if anyone has read "Double or Nothing" about the guys who bought the Golden Nugget in 2003 and sold it a year later for over $100 million profit, but that got me thinking.
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Were those the owners that had the short-lived TV show about the Nugget?
 
Dyepaintball12

Dyepaintball12

Well-Known Member
Yeah, and in the book they HATED that show. They said it made them out to be playboys and jokers when they really weren't.
 
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GeorgeD

Well-Known Member
Dyepaintball12 said:
Hey thanks for that site! I was looking around and found the Casinos for sale section and its very interesting!

I really think that buying one of those $1-$5 million casinos could yield a profit if you managed it well and you could prob. flip it in a couple years.
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Yea, but besides the couple of mill, don't you need a huge bankroll? Seems risky for $100-$500K profit
 
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callipygian

Well-Known Member
shadroch said:
What risk? Its a slot parlor.
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But the goal isn't to make money back from the house edge - it's to resell for a massive profit.

I think, as with most real estate, the key is to find undervalued properties (at any price), not the cheapest property (at any value). The problem is how to know which casinos are undervalued. I would guess that the ones with the most resell potential are casinos with really good location but need either a major renovation or major management change.
 
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ccibball50

Well-Known Member
property

Lets all pitch in and buy the property. Everyone send me $100,000 each and I will go buy the property!!!
 
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bjcount

Well-Known Member
ccibball50 said:
Lets all pitch in and buy the property. Everyone send me $100,000 each and I will go buy the property!!!
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Let me know where to send the check. PM me first for my shipping address so you can send me your arm, from the shoulder, first. (Don't forget to ship it in ice so we can put it in cryonic freezing for later reattachment when I get my investment with 500% juice back).

You know with all the scams going on I need some collateral.

BJC
 
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ccibball50

Well-Known Member
bjcount said:
Let me know where to send the check. PM me first for my shipping address so you can send me your arm, from the shoulder, first. (Don't forget to ship it in ice so we can put it in cryonic freezing for later reattachment when I get my investment with 500% juice back).

You know with all the scams going on I need some collateral.

BJC
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Don't worry, I can have you an arm in 1 hour!!!
 
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bjcount

Well-Known Member
ccibball50 said:
Ok I am sending you MYARM !!!
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Wait! Before you chop it off let me see if 'i can find a buyer for it on ebay. It may take you so long to pay me back, if at all, you may find you dont need it anymore. :grin:
 
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ccibball50

Well-Known Member
a

bjcount said:
Wait! Before you chop it off let me see if 'i can find a buyer for it on ebay. It may take you so long to pay me back, if at all, you may find you dont need it anymore. :grin:
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I just fed exed my arm to you. It may look a little dark skinned even though I am very pale, but don't worry it is just the loss of blod that changed the color.
 
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shadroch

Well-Known Member
callipygian said:
But the goal isn't to make money back from the house edge - it's to resell for a massive profit.

I think, as with most real estate, the key is to find undervalued properties (at any price), not the cheapest property (at any value). The problem is how to know which casinos are undervalued. I would guess that the ones with the most resell potential are casinos with really good location but need either a major renovation or major management change.
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Actualy, the goal is to get your gaming license. It can take months and already having one is key to your next purchase. As in most professions, once you are in the club, the deals are more frequent and sweeter.
 
Dyepaintball12

Dyepaintball12

Well-Known Member
I think you could turn a small casino around (well not turn it around, but at least make more revenue) by taking it over and changing the blackjack games. Ex: better pen, mid-shoe entry, take a look at their shuffle, etc..

You don't need 50% Pen and No Mid Shoe Entry at a tiny casino that no one's ever heard of. Just train your staff well in AP methods just in case.
 
moo321

moo321

Well-Known Member
Dyepaintball12 said:
I think you could turn a small casino around (well not turn it around, but at least make more revenue) by taking it over and changing the blackjack games. Ex: better pen, mid-shoe entry, take a look at their shuffle, etc..

You don't need 50% Pen and No Mid Shoe Entry at a tiny casino that no one's ever heard of. Just train your staff well in AP methods just in case.
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Blackjack isn't important at most small casinos. It's all about slots.
 
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GeorgeD

Well-Known Member
shadroch said:
What risk? Its a slot parlor.
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Maybe no long term risk, but what if in the first week 5 people hit $50,000 slots ..... or more? Gotta pay them even though you'll probably het it back in the next few months.
 
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