The price of gaming has been a growing topic of interest for the casino industry for some time, the most recent example being an Applied Analysis slot hold study funded by the Association of Gaming Equipment Manufacturers (AGEM).
This past May, executives for MGM Resorts International and AEG gathered to celebrate the “topping out” of the Las Vegas Arena, a privately-funded, 20,000-seat, $375 million indoor arena the companies are co-developing on land between New York-New York Hotel & Casino and Monte Carlo Resort and Casino on the Las Vegas Strip.
There is no denying that a $32 million salary is substantial; but what some may question is whether a chief executive officer (CEO) is actually worth such an amount, especially when others in the company don’t make anywhere near that number. In fact, the average CEO in the S&P 500 makes 373 times the average worker.
In 2014, U.S. commercial casinos’ gross gaming revenue (GGR) totaled an unprecedented $37.9 billion, according to UNLV’s Center for Gaming Research. Although the sector broke industry records, it represented an annual growth rate of less than one percent.
Say the acronym “G2E” to most people in the casino industry, and the thing that most likely pops into their mind is the event’s massive trade show floor and the plethora of new and exciting products and technologies on display.
Over the years, I have had a number of casino frontline employees communicate with me, sometimes after reading this column, sometimes after meeting me in my consulting role when I was at their casino property, and even sometimes after encountering me when I was their casino customer.
In preparation for what promises to be a very spirited request for proposal (RFP) process, Korea’s Ministry of Culture, Sports and Tourism has selected nine sites throughout the country for potential development of two foreigner-only integrated gaming resorts.