The Benefits and Challenges of Master Planning
Most casino owners, whether they are tribal entities, public corporations or individuals, have a vision for what they want their casinos to be. Transforming that vision into bricks and mortar requires a master plan. The benefits of master planning are obvious but the challenges and obstacles in the planning process are numerous and often difficult to overcome. This article explores those challenges and offers suggestions on overcoming them.
The master planning process is complex. It relies on a keen understanding of trends in the marketplace, the changing needs of consumers, actions taken by competitors, a certain tolerance for risk, access to capital markets as well as a healthy dose of gut instinct and intuition. When done right, a sound master development plan will allow the tribe’s gaming enterprise to grow and flourish, providing jobs to the community and a steady stream of revenue to meet the needs of the tribal government.View Full Article