03 Apr Here’s why casinos are having big problems…
In my book Forever Cash, I mentioned some different ways that you can make money, both by doing extra work on the weekends and by making some smart investments. On page 97, I wrote the following:
“Think outside the box and locate some new opportunities that others may have passed over. Look at the people (outside of your family and coworkers) and try and see what kind of need they have. Is there a hole in their daily lives that you can help to fill? Think practically, and use your imagination.”
The best products and the best investments are those that fill a real need in the loves of people around you. That's why restaurants, clothing stores, and auto mechanic garages last for years and years, while cupcake and DVD rental stores have disappeared. One group fills a real and lasting need in the lives of people, while the other only offered temporary luxuries.
Casinos fit into that second group.
While casinos are fun, they don't fill a real need. And when times get tough, most people will cut out fun luxuries (including casinos) from their budget. This article from Bloomberg also mentions the problem of market oversaturation. In other words, too many people are trying to cash in on the pile of money to be made from casino gambling.
I would never advise anyone to invest in a casino. Casinos have no lasting potential, and the constantly changing landscape in Las Vegas bears testimony to the fact that while casinos may come and go, Forever Cash investments (like real estate and small businesses) never go away.
To your success…
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