Evolving, improving
Evolving, improving
Las Vegas and the gaming industry as a whole have grown by adapting to and embracing change
Editor's Letter by Andy Holtmann
A good friend of mine remarked recently that he simply couldn't believe just how much of a "city" Las Vegas had become. It was one of those throw-away comments you don't give too much thought to until something triggers recollection of it at a later time. Not long after, I had some errands to run near the Las Vegas Strip. I had a chance to take a look at all of the new construction going on, the new buildings that seemingly popped up out of nowhere and the new hustle and bustle atmosphere that was prevalent wherever you turned. Massive condominium towers, high-end shopping, five-star restaurants, hip clubs and bars, and every recognizable brand name known to man now join Las Vegas' massive casino resorts to create a true city-core atmosphere.
My friend was right. Las Vegas was a real city now. And it seemed alive with a sense of pride that would have been hard to imagine just a couple of years ago.
The gaming industry, of course, has always been the face of Las Vegas. If not for vision and investment of dozens of corporations and forward-thinking individuals over the years, this city would pale in comparison to what it is today. And I'd argue that gaming's expansion to new jurisdictions across the United States not only helped Las Vegas, but was desperately needed to keep the city thriving. Gaming's expansion had two major effects on Las Vegas-it forced casino operators to start looking beyond the casino floors in search of growth and revenue, and it helped introduce "Las Vegas-style" gaming-resort entertainment to millions of customers that had not, and perhaps would not, have ever considered it.
Ten years ago, if you were to announce projects like MGM Mirage's $6 billion Project CityCenter, or Boyd Gaming's $4 billion Echelon Place, which combine a multitude of hotels with gigantic casinos, residential living and too many high-end amenities to name, the laughter would have been heard from the Strip to Wall Street. Even five years ago, analysts and Vegas naysayers were warning of a "hotel room bubble," saying that the city's gaming industry was becoming saturated and that the chances of keeping these rooms filled and business brisk on the gaming floor were slim. I said then I didn't believe Las Vegas would become oversaturated with hotel rooms and amenities. I'll go on record again now and say I see a real chance for these mega-projects by MGM Mirage and Boyd Gaming thriving as well.
As long as Las Vegas continues to reinvent itself, there's going to be continued investment and growth.
This got me thinking at how the gaming industry as a whole has changed dramatically as well. Technology has altered the very way operators operate and gamblers gamble. The industry has been proactively involved in philanthropic and civic efforts in the communities it touches. Nongaming amenities and activities have become just as important as the slot machines or table games.
Those who work in today's gaming industry know two things-the nature of the industry is to evolve; and they can never become complacent.
As the new editor of Casino Journal, I look forward to the challenge of presenting these and many more industry issues in a framework that will help you better understand the gaming environment and how to operate effectively in it. I've been with this magazine for six years now and I've seen firsthand how rapidly this industry has grown, and how quickly people can get lost in change.
I'm a firm believer in the People, Products, Solutions ideal that has defined our magazine. But I also want to emphasize that this is your magazine as well. I want to hear your issues and your solutions. I want your involvement and concerns. If there's something we're not covering, or something we're covering too much, let me know.
After all, this industry has grown through great ideas being shared and problems being worked through rather than ignored.
Las Vegas and the gaming industry as a whole have grown by adapting to and embracing change
Editor's Letter by Andy Holtmann
A good friend of mine remarked recently that he simply couldn't believe just how much of a "city" Las Vegas had become. It was one of those throw-away comments you don't give too much thought to until something triggers recollection of it at a later time. Not long after, I had some errands to run near the Las Vegas Strip. I had a chance to take a look at all of the new construction going on, the new buildings that seemingly popped up out of nowhere and the new hustle and bustle atmosphere that was prevalent wherever you turned. Massive condominium towers, high-end shopping, five-star restaurants, hip clubs and bars, and every recognizable brand name known to man now join Las Vegas' massive casino resorts to create a true city-core atmosphere.
My friend was right. Las Vegas was a real city now. And it seemed alive with a sense of pride that would have been hard to imagine just a couple of years ago.
The gaming industry, of course, has always been the face of Las Vegas. If not for vision and investment of dozens of corporations and forward-thinking individuals over the years, this city would pale in comparison to what it is today. And I'd argue that gaming's expansion to new jurisdictions across the United States not only helped Las Vegas, but was desperately needed to keep the city thriving. Gaming's expansion had two major effects on Las Vegas-it forced casino operators to start looking beyond the casino floors in search of growth and revenue, and it helped introduce "Las Vegas-style" gaming-resort entertainment to millions of customers that had not, and perhaps would not, have ever considered it.
Ten years ago, if you were to announce projects like MGM Mirage's $6 billion Project CityCenter, or Boyd Gaming's $4 billion Echelon Place, which combine a multitude of hotels with gigantic casinos, residential living and too many high-end amenities to name, the laughter would have been heard from the Strip to Wall Street. Even five years ago, analysts and Vegas naysayers were warning of a "hotel room bubble," saying that the city's gaming industry was becoming saturated and that the chances of keeping these rooms filled and business brisk on the gaming floor were slim. I said then I didn't believe Las Vegas would become oversaturated with hotel rooms and amenities. I'll go on record again now and say I see a real chance for these mega-projects by MGM Mirage and Boyd Gaming thriving as well.
As long as Las Vegas continues to reinvent itself, there's going to be continued investment and growth.
This got me thinking at how the gaming industry as a whole has changed dramatically as well. Technology has altered the very way operators operate and gamblers gamble. The industry has been proactively involved in philanthropic and civic efforts in the communities it touches. Nongaming amenities and activities have become just as important as the slot machines or table games.
Those who work in today's gaming industry know two things-the nature of the industry is to evolve; and they can never become complacent.
As the new editor of Casino Journal, I look forward to the challenge of presenting these and many more industry issues in a framework that will help you better understand the gaming environment and how to operate effectively in it. I've been with this magazine for six years now and I've seen firsthand how rapidly this industry has grown, and how quickly people can get lost in change.
I'm a firm believer in the People, Products, Solutions ideal that has defined our magazine. But I also want to emphasize that this is your magazine as well. I want to hear your issues and your solutions. I want your involvement and concerns. If there's something we're not covering, or something we're covering too much, let me know.
After all, this industry has grown through great ideas being shared and problems being worked through rather than ignored.
