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18 March 2024

Alternate Revenue Strategies for Hospitality Venues

Broadening Profit Paths

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Given the evolving regulatory landscape for gaming, clubs and hospitality venues are increasingly looking to diversify their revenue streams.
This is particularly important since the government continues to enact measures to limit the use of gambling in pubs and clubs.*
These reforms, aimed at minimising gambling harm, underscore the need for venues to explore alternative revenue avenues that do not solely rely on gaming.
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Here are 10 useful ideas that could provide alternate income streams for your venue:

1. Culinary Innovations: Elevate dining with signature dishes or themed nights to become a foodie destination. Incorporating local ingredients and hosting culinary events can diversify your offerings.

2. Outdoor Entertainment Spaces: Utilise outdoor spaces for concerts or movies to attract diverse crowds. These areas can host seasonal events, enriching guest experience and community engagement.

3. Adventure and Leisure: Introduce activities like rock climbing or clay pigeon shooting for unique experiences. Catering to various skill levels can broaden appeal and provide exciting challenges.

4. Accommodation Ventures: Develop motels or affordable housing to encourage longer stays. Thoughtful design can enhance guest comfort and promote venue loyalty.

5. Retirement Development: Add retirement living options to create a community atmosphere. Offering a range of care levels can secure steady income and enhance your venue’s appeal.

6. Wellness and Fitness Centres: Create wellness centers with diverse health services. These can attract health-conscious guests looking for physical and mental well-being activities.

7. Educational Workshops: Offer workshops to turn your venue into a learning hub. Partnering with experts for sessions on various interests can attract a wide audience.

8. Specialised Event Hosting: Upgrade function rooms to attract diverse events. Customizable services and modern facilities can cater to business and social gatherings alike.

9. Children’s Play Areas: Design imaginative play areas to appeal to families. Safe and engaging spaces allow parents to relax while children explore.

10. Rooftop Bars or Dining Areas: Offer unique experiences with rooftop dining. Specialty menus and panoramic views can create exclusive and memorable hospitality experiences.

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These strategies not only diversify income but also enhance your venue's appeal, creating a community hub that offers more than gaming. By focusing on these alternate revenue streams, clubs and hospitality venues can navigate the tightening regulations around gaming and gambling while providing enriched experiences for their guests.
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How Can Coverite Projects Help?

With a robust portfolio in commercial and hospitality spaces, Coverite Projects brings a wealth of expertise and a unique end-to-end methodology to each project, ensuring seamless navigation from concept to completion. Here’s how we can support your venue’s journey to diversifying revenue streams:

  • Master Planning and Feasibility: Crafting strategic master plans that align with your vision and business goals, assessing feasibility to ensure successful project outcomes.
  • Architectural and Interior Design: Delivering innovative design solutions that enhance guest experiences, from refreshing dining areas to creating engaging outdoor spaces.
  • Landscape Design: Transforming outdoor areas into captivating spaces for entertainment or relaxation, including children’s play areas and sports facilities.
  • New Builds, Extensions, and Refurbishments: Whether it's expanding your venue with new constructions, adding extensions, or revitalising existing spaces, we provide comprehensive solutions tailored to your needs.
  • Project Management and Construction Services: Offering meticulous project management to keep your project on track, on time, and within budget, backed by our top-tier construction services.
  • Coordination of Authority Approvals: Navigating the complexities of regulatory compliance, ensuring all projects meet the required standards and obtain necessary approvals.

By choosing to work with a firm that understands the intricacies of the hospitality industry and offers a wide range of in-house services, you can explore new revenue streams with confidence, knowing your project is in capable hands.
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*For more detailed insights on navigating these changes to gaming in pubs and clubs, visiting dedicated pages on regulatory reforms and consumer protections can offer further guidance and is recommended as this article does not delve into any of these details and is purely focused on alternate income streams.