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The Lakeside Casino Resort deals a lot with selling items as well as experiences. Every aspect of running the casino as well as all the other operations that keep the casino running has to be priced right and reasonable, from playing the casino games to ordering the food for the Wheelhouse Buffet. Casino Floor: Every game on the casino floor has to be purchased from a dealer. A blackjack table alone costs between $ 1, 500 to $ 4, 000 dollars, and on the floor there are 8 tables. Other games such as Three Card Poker and Let it Ride cost around $ 2, 000 and the big tables such as roulette and craps cost $ 5, 000 with the casino having 2 of each.
All in total, the casino floor tables cost the casino $ 24, 000. An investment that we think would help in our pricing for the casino floor would be reversible table covers, where a game can be changed to fit the popularity of the gamblers. This would cut the costs of the casino tables by a significant margin. Another big item on the casino floor is the slot machines. These are a huge revenue maker; each slot machine will bring in hundreds of dollars. A slot machine cost ranges from $ 1, 000 to $ 3, 000 and the casino floor has hundreds or slot machines spread around the casino in strategic locations.
The slots machines vary in price from$ 125 cents 5 cents to 1 cent. Bar: Located in the casino is a bar. This bar can generate good revenue for the whole operation if the pricing is right. Drinks range from beer and wine to whiskey and vodka.
Drink prices vary from $ 1. 50 to $ 5 depending on the amount of alcohol content. How to Make the Money: The pricing of the casino has to be elevated in different levels for the costumers. Each gaming table has different prices to play and to have payback. The object is to get more people on the high price tables to if they lose you get more money. The demand for the high price tables is less then the lower priced gaming options, but more money is generated from the higher gaming options because more money is played with. Pricing for other operations are obtained accordingly to the demand for each product or service.
The Wheelhouse Buffet is open for breakfast, lunch, and dinner. Each meal is set at a different price Breakfast - $ 4. 50 Lunch - $ 6. 50 Dinner - $ 9. 50 Each price is set to the traffic and also for promotion to get people to come to the casino, making breakfast cheaper then any other meal tries to get people to come in early. If people come to eat then there is a good chance of some of that traffic going into the casino, dinner being higher because typically that is the highest amount of traffic in the day. The pricing at the casino is a very crucial aspect of keeping the day to day operations running at the maximum amount. Each price of a item or service determines if it will be a successful business or a failure.
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Research essay sample on Slot Machines High Price
