Blue Stone has completed major assessments of multiple casino operations in mature rural and suburban markets with limited revenue growth opportunities. With input from management and Tribal leadership, our team can quickly identify a range of problems and prioritize plan to the on track.
When it comes to managing your Tribe’s casino and its ancillary operations, cash flow is king ― that’s why it’s important to have a 360 view of what comes in and what goes out. Even if business is strong, you can quickly run into problems if you don’t have a handle on cash flow vs. profitability.
Blue Stone’s team has the unique ability and expertise to act as a productive interface between Tribal leadership and casino operations management. We are able to define, discuss and resolve some very complex problems that come with making changes in a Tribal business environment.
In a recent project, regional competition had seriously eroded casino profitability which has caused serious cash flow difficulties for the Tribe. Blue Stone developed a written cash flow improvement plan that was approved by management and Tribal leadership with the following factors:
- Management competencies in decision-making and getting things done in a timely manner
- Personnel training in Guest Services
- Gaming product
- Food & Beverage products and services
- Debt service and capital needs
- Marketing programs especially the use of Freeplay
The key objectives in Blue Stone’s recommended improvement plan were then incorporated into a detailed annual plan that clearly identified who was responsible and when the tasks were due for completion. This was supported by additional reports that provided better clarity to Tribal leadership.
Additionally, management meetings were revised with new agendas, along with planning aids and report formats that focused on meeting the objectives in the Improvement plan.
Finally, Blue Stone’s training specialists conducted training seminars for all front-of-house staff on the vital role of Guest Services in order to complement the operational changes that were being enacted.
This engagement lasted approximately six months, with approximately three months to get the improvement plan in place. Once the plan was implemented and operational, the tribal client saw very rapid improvements ― moving from a net negative cash flow position to a 216 percent positive cash flow position for the same period the previous year. Results may vary depending on the current condition of the casino operations, as well as the factors unique to your location and gaming operations.
It should be noted that active involvement of Tribal leadership and casino operations management played crucial roles in making difficult decisions during development and execution of the improvement plan. And although there still remains a great deal of work to do, the client is now set on the right path to secure a safer longer term future.
If your casino operations are hitting a financial wall, Blue Stone Strategy Group wants to help.
Blue Stone has worked exclusively in Indian Country for the last thirteen years and our team of national experts and proven methods can help sort through the details and provide fact-based information to guide your decision-making process toward the best outcome for your casino operations.
Call us today at 949-476-8828 or email us at firstname.lastname@example.org to schedule an appointment to discuss whether a potential business opportunity is right for your tribe.