Revive a floundering Casino business

What does one need to do to revive business of a Casino that has seen an illustrious past and is now wearing a forlorn look with hardly any customers walking in? The casino business is floundering and there are no steady or projectable cash flows.

So we have a Casino that was the pioneer of the gaming business in its region and doing well for a lot many years. But after the passing of ownership and management down to the founder’s inheritors has been losing its sheen completely over the past few years.

The regular clientele moved to new properties, which were subsequently set up in the same region.

The Slots and tables have aged and there has been no new gaming content introduced for a while.

There are no regular planned marketing activities and promos that are held.

One can propose the below mentioned points to the stakeholders for the revamp of the property and revival of its business.

  • A study of current scenario
  • Study of market and competition
  • A detailed marketing and promo plan to increase footfalls along with new gaming tariffs in line with market realities
  • A Capex structure to replace existing slots and table games
  • New Gaming and gambling options to be evaluated, including going online
  • A roadmap to plug in these recommendations and grow the business

Are there are any different thoughts on approaching this issue. How does one put on the table a realistic and exciting plan for the stakeholders to approve the plan and budget for funds involved in implementing the same?