Casino Industry in Macau

The Las Vegas and Atlantic City locations have lost revenues in recent years. In addition to the economic slowdown, these gambling locations are also facing new competitors in the market that are providing attractive choices to the customers. Though there are some external forces beyond their control, it seems that attractiveness and accessibility are very important focus areas for these cities.

Legalized casino gambling is still a very important topic that continues to cause controversy throughout the states. According to statista.com, the United States casino market had revenues of approximately 65 billion dollars in 2015. This revenue stemmed from the 1,511 casinos open throughout the United States (statista.com). The sheer amount of revenue the casino industry produces each year makes it a

The efforts to make Hispanics feel more welcome are designed to show that the casinos are sensitive to this demographic group's real needs and wants. New amenities include bilingual dealers and Spanish-speaking musicians. This shows the clear principle of segmentation. Instead of trying to appeal to all customers in a universal fashion and compete with the biggest-name casinos (a virtual impossibility in Las Vegas), these smaller casinos are trying to attract and grow this specific, targeted population base. The Hispanic demographic seems to have an interest in gambling and entertainment, and has

It wasn’t until 1969 when Nevada changed the laws and allowed publicly-traded corporations to own casinos. The state made a common sense compromise requiring that only major shareholders be licensed. The importance of that decision can’t be understated as it marked a new beginning for rooting out the corruption of organized crime from legalized gambling. That change allowed greater transparency which slowly collapsed the mafia’s control of Las Vegas. In 1971, Harrah’s became one of the first Nevada casinos to sell their shares publicly. William F. Harrah, along with his father, had first set up shop in Reno in 1937. Harrah originally opened a bingo hall, but he later expanded his business into a casino empire. By 1973 his company was the first casino stock sold on the New York Stock Exchange and in 2005 Harrah’s became the largest casino business in the

“The initial tax was calculated at 1% of gross casino revenues (i.e., total cash won less cash paid out as losses) exceeding $3,000. The tax generated about $100,000, an insignificant amount of the total state budget.” http://gaming.unlv.edu/papers/cgr_op10_faiss_gemignani.pdf. The Tax Commission initially only had the authority to tax, but in 1947 Nevada Attorney General Bible issued the opinion that the Commission had the ability to investigate the character of licenses, and deny them if there character had a negative impact on public interest. Although the Commission had the power, little effort was done to vet licenses, and the growing industry started to attract MOB influence, and shady charecters. (Unlv

Gambling has made immense impacts on the everyday lives of a countless amount of people. Somehow this western pastime has integrated and almost taken control of the Asian and American Asian communities. The gambling issue within the Asian culture has affected families, and individuals in such drastic ways. Within the last few years we have seen an immense outburst of gambling in Macau, which is now the gambling capital of the world. Along with the recent outburst of gambling in Macau we find the dark side of gambling. The illegal activities that follow gambling have taken a toll on society as well as the people involved. Also we quickly see the economic impact made by all the money flowing through Macau. Gambling

Tourism plays a very important role in the economy. It contributes greatly to the income. One way of attracting tourists is through gambling. Almost every year, gambling continuous

By 2010, despite a monopoly, all New York City OTB locations were shut down after the city’s Off-Track Betting Corporation declared bankruptcy. Be that as it may, it wasn’t a lack of popularity that drove New York City’s OTB into the ground; it had become a classic example of government cronyism. The New York City Off-Track Betting Corporation was a government-run corporation and the executives completely mismanaged the company. This is a reoccurring theme as the appropriate role for government is as a gambling regulator, not as a gambling operator. Despite high revenues, New York City’s OTB began to lose money in the 1990s. Even liberals such as Mario Cuomo unsuccessfully advocated privatizing New York City’s OTB. Rudy Giuliani went so far as to describe the OTB as “the only bookie in New York City who loses money.” He also promised to privatize it during his campaign, but he never did so while in

Las Vegas casinos are vast luxurious multi-billion dollar architectural structures with inviting gambling tables covered with tight bright felts and shiny new cards ready to hit 21 in one single hand, the unforgettable “ding” “ding” “ding” of the slot machine feels like adrenaline at the possibly of becoming a millionaire. Outside of the casino the city that never sleeps is full of life and neon lights that sparkle from all around. The Strip is a glorious chaos with hundreds of people walking in all directions. Explosions of the beautiful synchronized dancing water fountains at the Bellagio and the amazing fireballs of the erupting volcano at the Mirage intensify Las Vegas experience. However for residents, Las Vegas is far from a multi billion-dollar experience. The recession domino effect blasted the house market and left millions unemployed.

Casinos bring a local economy a new tax source and new jobs but it is crucial to look further to see if casinos boost the local economy. In one article the writers state the benefits of the new casino including new jobs and investment. Felsentein, Littlepage, & Klacik (2000) then explain that many casino jobs however require some specific training. This means many employees commute to work. Also some of local casino employees leave previous jobs in community to come work in the casino. The casino is not creating for the local economy if workers are commuting or leaving old jobs (Felsentein, Littlepage, & Klacik, 2000)

As proof comes from the MGM Mirage, the non-gambling aspects became 50% of its revenue which is huge for an area known in history as being the heart of the casino industry. In the time of the CityCenter being developed its final design was not always the intended direction of the intial idea. At the beginning d the CityCenter was not to be more than “67-acre 3,000 room themed casino hotel and support services.” But, as was told by Assche the land appreciated so they had to do something big in order to show the property at its best value. So that is what they did making the currently know CityCenter three times the size of the original one with fresh, new and original

The gaming industry is growing rapidly globally, and casinos provide a large amount of revenue in Nevada. There are special regulatory agencies in Nevada who govern the gaming industry. Since this industry relies so much on cash, there are some different controls and procedures in place in auditing gaming in this state. To help professionals in the industry, several conferences are available for professionals to attend. In order to properly audit a gaming facility, auditors need to understand the risks and controls associated with the industry.

2. What are the strengths and weaknesses of Wynn's Macau (People's Republic of China) strategy?

In the early 1930s, gambling was legalized throughout the state of Nevada and casinos began to flourish (Dunstan, 1997). The economic growth in Nevada, especially the city of Las Vegas, has improved tremendously by the creation of casinos. Many people were employed since the operation of casinos requires a huge amount of labor, skill, and expertise. In addition, local retail sales also increased from casinos when gamblers visit the stores to spend their winnings on various items and products (Garrett, 2003). As a result, many state governments began to legalize casinos in order to boost their economies and increase employment. As of today, there are roughly 1500 casinos in the United States and they generate almost 65 billion dollars in revenue (“Facts on U.S Casinos” 2013). However, casinos use immoral methods to achieve this incredible feat of big profit with few government interventions. While the city of Las Vegas becomes more prosperous than before, many citizens lose their fortunes or even lives by the immoral business practices implemented by the casinos. Even though the

“The geographic location of a casino is a huge consideration” (Lewis pg. 1). Demographics, travel patterns and nearby competition play a significant part in casino design. “ Most people in North America live within a day’s drive of one or more gaming areas” (Lewis pg. 1), so in order to attract people to the casino there must be something other than the gaming floor to draw them in. Many amenity and non-gaming attractions must be considered in order to really stand out. The casino must design strong support facilities, a hotel that can accommodate as many players as it can afford, a parking system for the traveling patrons, non-gambling facilities for families and it must be an inviting space.