Feature: Andrew Cosgrove
I want to build a casino, so now what?
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our aim is to build the best casino on the planet. You have the capital, you’re motivated and can’t wait to taste success, so what next? Anyone who has set up a casino from scratch knows that it’s takes a vast amount of discipline, organization, teamwork and planning. They will also know that there are a million and one things that can go wrong so it’s essential to get it right and keep doing it right from the moment you seize the opportunity to long after the casino has opened. The question that many fail to seriously ask is, “how do we go from a simple concept to the successful opening of a fully functional casino that has met the targets for scope, time and budget, that has triumphantly navigated through the sea of its inevitable challenges and has been masterfully marketed as a new brand that your customers are already talking about and your competitors will admire you for? What business idea do you want to create? I’m sure we can all agree this is quite an important question and most ‘best casino on the planet’ ideas start with a project mandate that evolves into a business case which is defined as the justification for the project against which the continuing viability is tested. Although formats may differ, the main features of the business case are as follows and help maintain focus throughout the lifetime of the project: • Executive summary – highlights the key points of the business case including benefits and return on investment.
• Expected benefits – the measurable outcomes (benefits) of the outputs of the project • Expected dis-benefits – the perceived negative impact of the project outcomes • Quality Criteria – a summary of the ‘must have features’ of the project • Timescale – the period over which the project will run • Costs - A summary of the project costs
• Reasons for the project – how the project aligns with company objectives
• Investment appraisal – compares the aggregated benefits and dis-benefits with the costs
• Business options – the analysis of ‘doing nothing’, ‘doing the minimum’ and ‘doing something.’
• Major risks – summary of the risks and their possible impact.
Issue 03
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