Will a bank give a loan to set up a casino?

spaceboyted

Hi guys, I've always wanted to open a casino one day but I have little money or collateral to fund it entirely myself. Can anybody tell me if a bank would lend money to set up such a venture. Now I know you need permission from the local council and be granted a license, but lets just assume that I already have this. What amount do you think they would lend if I presented them with a good business plan?

bengalknights

Banks usually dont lend to such ventures due to the high risk nature, usually capital injection from the owners is required unless your planning on building restaurant, hotel etc to go with it that could derive a guaranteed income.

chalkie99

Losing count now. *yawn*

Is this about the fifth or sixth spaced out idea you haver had in the last few weeks?

When do go back to school?

spaceboyted

ok Chalkie99 I will get the f*ck of these forums then. I'm just asking for advice, where is the harm in that?

paddyrg

Not a chance. Sorry, but less than 0% chance of a bank lending you enough cash for a literal huge gamble.

motorguy

spaceboyted wrote: »

ok Chalkie99 I will get the f*ck of these forums then. I'm just asking for advice, where is the harm in that?

Because you're wasting peoples time asking for advice on something you're not in a position to do?

Savvy_Sue

It's worth skimming threads on this board while thinking about setting up, but if the OP did that I think they'd realise that expecting to be able to borrow a larger than 50% chunk of any money needed for a business startup in the current climate is likely to be a big fat 'no'.

So, that means thinking about low-cost ways of starting, or low-cost ways of raising money for start-up.

And as always, getting experience in the chosen business is a good idea. So, look at getting work in a casino and learn what's involved, make your mistakes while someone else is paying, or learn not to make them ...

motorguy

Savvy_Sue wrote: »

And as always, getting experience in the chosen business is a good idea. So, look at getting work in a casino and learn what's involved, make your mistakes while someone else is paying, or learn not to make them ...

Very good advice, and it comes up time and time again.

Isnt it funny though how many people want to skip straight to the 'running your own business' stage without actually having any 'real' experience first of their chosen field?

Recipe for failure methinks

Snakeeyes21

If you want to start a business, instead of dreaming up some hairbrained
scheme that you havent got a hope in hell of doing, then do something
small.

When youve got nothing as you mention in your other threads then its really
pointless dreaming big coz it wont happen.

just get a few hundred quid together, find yourself a wholesaler, pick some
things you think you can sell, and get a market pitch or do carboots, its a very
easy way to get in self employment, there will be very little risk due to the low
outlay, if it goes tits up you run off with your tail between your legs, chalk it up
to experience and get a regular job.

It will give you real hands on experience of working for yourself, you will quickly find
out if your up to being your own boss, without the safety net of havig a regular income
from a 9 to 5, its fairly easy, can be very profitable if you get the right things.

I done a similar thing whilst in college and working, had a stall at a local market on the
weekends, where I would sell homemade fudge, training as a chef and having the use of the
college kitches and my employers place had its perks, very good profits doing this.
It could be made for a couple of quid a kg, and would sell for £12+ per kg all day long

As they say, from little acorns grow giant oaks.

Always fancied dipping to toe in the water again, been thinking about it over the last
few weeks, and the more I think about it the more appealing it gets.
Going over some figures and a few plans it would be very easy to see profits of a
couple of grand a month, and thats keeping it small, doing a market at the weekends,
selling to a few local shops etc

What im really getting at is that doing something small can be very rewarding both in
terms of returns and the experience you get of running a business.

Savvy_Sue

Snakeeyes21 wrote: »

It will give you real hands on experience of working for yourself, you will quickly find out if your up to being your own boss,

That's very true. DS1 decided to try self-employment for a while after Uni, partly because he didn't get round to thinking about applying for jobs early enough, partly because he had some savings as a safety net, and partly "to see if I can be self-motivated without externally imposed deadlines".

What he was doing didn't require any outlay, it was just him and his 'puter. He had some initial contacts, and I think that if work had fallen into his lap without him having to go and find it, he'd have been able to make a go of it. His needs are modest, you see, and he enjoys his own company. If he has to stay up all night to finish something, he doesn't mind doing it.

Now, as his mother I could have told him how many ways this could go wrong, particularly wrt the lack of externally imposed deadlines. But I kept quiet, and he worked through his savings.

Fortunately for him, Uni friends told him about a vacancy in the company they'd been working for, and he now keeps his self-motivation for his non-work projects.

stephenni1971

spaceboyted wrote: »

Hi guys, I've always wanted to open a casino one day but I have little money or collateral to fund it entirely myself. Can anybody tell me if a bank would lend money to set up such a venture. Now I know you need permission from the local council and be granted a license, but lets just assume that I already have this. What amount do you think they would lend if I presented them with a good business plan?

About £3,500,000