The Casino Industry McGraw-Hill/Irwin Strategic Management, 3/e

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Presentation transcript:

The Casino Industry McGraw-Hill/Irwin Strategic Management, 3/e Copyright © 2007 The McGraw-Hill Companies, Inc. All rights reserved.

The Casino Industry Icebreaker Question Have you ever visited a casino? If so, what did you think of it? Do you think gambling is a form of entertainment that competes with, say, attending a sporting event or a movie or a play?

The Casino Industry Examine the structure of the casino industry.

The Casino Industry How are gambling companies in Las Vegas responding to the changes in the industry structure?

The Casino Industry What has been the effect of the changing industry structure on casinos in Atlantic City? What main threats do they face?

Q1. Industry Structure POTENTIAL ENTRANTS INDUSTRY COMPETITORS For traditional casinos, Internet gambling sites big threat because of low start up costs POTENTIAL ENTRANTS INDUSTRY COMPETITORS SUPPLIERS BUYERS Ample choices; low switching costs despite incentives by casinos; for families, choices available for the family entertainment dollar New casinos increase the fight for customers’ dollars; significant investment requirement increases rivalry; native American casinos get tax breaks; Internet gambling is unregulated and untaxed. SUBSTITUTES Theme parks, shows, etc.

Q2. Las Vegas’ Response Project Las Vegas as destination gambling city 120,000 hotel rooms, dining choices, etc. Airline connections Return to “sinful” past More adult-oriented entertainment “What happens in Vegas, stays in Vegas” theme Investment Refurbishing – new wings in existing hotels New resorts – Steve Wynn’s Wynn Resort

Q3. Effect on Atlantic City Casinos Day trippers – because of location; less money to be made on hotel stay, etc. Beach and boardwalk emphasized 2 major Native American casinos in Connecticut – with $1.8 billion in revenues Mimic Las Vegas -- $2 billion makeover Adding wings – Borgata’s makeover Outdoor bars