Wynn: Gambling not key to casinos’ success
Harveys has found success with its outdoor concert series. Photo/LTN file
By J.D. Morris, Las Vegas Sun
Nongaming revenue isn’t just crucial to the success of casino-resorts now — in fact, it’s always been “the story,” Las Vegas mogul Steve Wynn said in a speech this week.
Wynn delivered a keynote address to a packed crowd at the first full day of the Global Gaming Expo, or G2E, at the Sands Expo. Much of his remarks focused on revenue sources aside from gambling, an area to which the casino industry has shifted attention in recent years as many patrons have done the same.
Wynn stressed that bankrolling a successful resort on nongaming dollars — from hotel rooms, restaurants, shops and entertainment — is nothing new. He gave a history lesson of sorts, beginning with his tenure at the Golden Nugget decades ago.
Wynn brought up the fact that most Americans now live in a state where they can easily access a casino, meaning that a resort’s gambling opportunities can’t be the only thing attracting customers.
Pretty frakin sick people.
At one point, Steve Wynn was quoted (way back) as saying that out of 10 ‘visitors’. only 2 will be interested in staying to play at the tables, so the other 8 will need something else to interest them. . .that’s why he put art galleries, high-end shopping & restaurants with ‘namesake’ Chefs – now a trend among them all. . .
South Tahoe, though, still relies on the ‘status quo’ ideas that built the originals (thinking we’re ‘unsophisticated’, not like those in Vegas [?]) – without fully understanding the difference, as the entrepreneurial spirit that “built” Tahoe is now nowhere to be seen, as most here just follow dictates via “headquarters”, which are not located here anymore. . .
The above is “2 out of 10” formula is important here though, as we want to emphasize ‘recreation’ as a savior, but don’t offer anything to address the fact that more entire families are traveling together now, so merely having arcades will not cut it in attracting who they think can be attracted…
Our vitality will still be lacking. . .staying backwards as we are. . .
Each year it seems more people are enjoying the “Y” Hwy 89 area. Time to address the cross walk and intersection at Camp Rich.
The stop light at Fanny Bridge made a big difference.
Gary it’s not just a lack of entraprunerial spirit. Las Vegas has a much different regulatory environment. They can do pretty much what they want. The regulatory environment when Bill Harrah was here vs. today is not the same.