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Complete a SWOT analysis for the selected industry. The SWOT analysis allows a business to understand how a competitor is positioned in the environment by assessing its strengths, weaknesses, opportunities, and threats. An understanding of a competitor’s position can be a key for a business to determine where funding and resources should be allotted to create new products or services.
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Use information in the industry profile overview and other scholarly sources as needed. The SWOT analysis should include each of the following:
Strengths
Weaknesses
Opportunities
Threats
Write a 1,050- to 1,500-word paper, including the following attributes:
SWOT analysis, including a SWOT chart
Identify opportunities (either product or service) that could improve the customer experience.
Strategy evaluation
Define strategic tasks.
Assess the industry’s capabilities.
Identify the barriers to strategy implementation.
A response to the following:
Based on the SWOT analysis and strategy evaluation, what are some creative actions the industry can pursue to include innovation as a component of their strategy?
Format your paper consistent with APA guidelines.
Faculty Materials
Materials
Hoover’s First Research
Writing and Style Guidelines (APA)
New APA Paper Template: 300-499
OVERVIEW INDUSTRY PROFILE
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Gambling
NAICS CODES: 7132, 72112
SIC CODES: 7011, 7993, 7999
PROFILE OVERVIEW | FULL PROFILE
11.17.2014
Industry Overview
Companies in this industry operate gambling facilities or offer gaming activities, including casinos, casino resorts and hotels, bingo halls, lotteries, and off-track betting. Major companies include US-based casino operators Caesars Entertainment, Las Vegas Sands, and MGM Resorts, as well as GTECH (Italy), Galaxy Entertainment and SJM Holdings (Hong Kong), Tatts Group (Australia), and William Hill (UK).
Worldwide, gambling generates more than $400 billion in revenue, according to Global Betting & Gaming Consultants (GBGC). Major casino gaming markets include Australia, Canada, France, Macau, and the US. Driven by strong demand in Asia, worldwide gaming revenue could exceed $500 billion by 2015.
The US gambling, or gaming, industry consists of about 500 casinos, about 450 Indian casinos and bingo halls, and lotteries in about 40 states with combined annual revenue of about $85 billion.
Competitive Landscape
Demand for gambling is driven by consumer income growth and state spending. The profitability of individual companies depends on efficient operations and effective marketing. Large operators have the financial resources to make significant investments in facilities and efficient computer operations; they may also enjoy cross-marketing opportunities. Small gambling facilities can thrive by catering to local residents, who may not be able to afford travel to such gambling centers as Las Vegas or Atlantic City. The US industry is concentrated: the top 50 gaming companies hold about 60 percent of the market. The casino hotel market is even more concentrated, with the top 50 US firms holding 90 percent of the market.
Products, Operations & Technology
Gaming operators mainly provide a place or a means to play games of chance, where the odds of winning favor the “house.” Popular casino games are slot machines (slots); video poker; and table games such as roulette, baccarat, blackjack, and craps (dice). The house take on slot machines varies, depending upon the denomination of the slot machine, but generally runs between 5 and 10 percent. The take on most table games may be higher, from 15 to 30 percent. State lottery games are mainly numbers games. State lotteries often retain between 30 and 40 percent of all money bet, according to the National Conference of State Legislatures.
The actual operation of a casino involves acquiring and servicing gambling machines, training and supervising dealers and cashiers, entertaining customers, and managing cash. Large game equipment manufacturers are International Game Technology and the Bally Technologies. Gambling operators are free to set the odds of winning at a particular game as long as they prominently post a pay schedule on the machine. Operating licenses for some casinos require the operator to pay the state a fee based on a percentage of gross revenues.
To attract and retain customers, some casino companies operate casino hotels that can accommodate large numbers of guests and that contain a variety of entertainment, restaurants, and retail stores in addition to the casino. A large hotel casino like the MGM Grand Las Vegas has about 6,000 hotel rooms, suites, and other accommodations; 2,000 slot machines; 150 table games; theaters; restaurants; bars; and a number of retail stores. Typically, around 70 percent of revenue at a hotel casino comes from the casino, 10 percent from food and beverages, 10 percent from hotel rooms, and 5 percent from retail stores, shows, and other entertainment. While the trend in recent years has been toward larger casino hotels in Las Vegas, the economic downturn of the late 2000s generally slowed casino construction in other markets.
Some casinos are located on land owned by legally designated American Indian Tribes. Although these Indian casinos are regulated differently, they are operated like other casinos, usually under third-party operating contracts with regular commercial casino operators. Typical operating contracts give the operator up to 40 percent of net annual revenue and extend for a term of five years or more. Although not directly regulated by the state in which they operate, Indian casinos must have a revenue sharing agreement (“compact”) with the state.
States operate a variety of state lottery games, most of which involve guessing a randomly drawn number. “Instant games” let the gambler buy a ticket with a hidden number that can be revealed by scratching off the covering. About 40 states operate lotteries, with combined annual sales of about $20 billion. With a “take” between 30 and 40 percent, lotteries typically return less money to players than casinos do. To counter moral objections, some states “earmark” the proceeds of lottery operations for specific laudable social spending projects, like education. Lottery tickets are sold through special computer terminals that retail outlets rent from the state.
Technology
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Slot machine operators collect information using electronic game monitoring units (GMUs). In addition to games themselves, the control of gambling operations relies heavily on computer devices and programs to take bets, print tickets, track revenue and payouts from individual machines, and perform various accounting functions.
Internet gambling, especially online poker, enjoyed rising popularity in the late 1990s and early 2000s despite federal laws designed to curb illegal online gambling and interstate wagering. The Federal Wire Act of 1961 has been used to ban online interstate gambling and wagering on foreign web sites, while the Unlawful Internet Gambling Enforcement Act of 2006 prevents banks and credit card companies from processing transactions with those sites. However, a handful of states have enacted legislation allowing real-cash online gambling within their borders, with Nevada being the first to offer legal online poker in 2013. Federal legislation has been introduced in Congress to streamline regulation of Internet gaming, which could boost the revenues of casino operations even while increasing competition with their bricks-and-mortar locations. Americans gamble about $6 billion on foreign gaming websites, according to Forbes.
Slot floors are becoming totally cashless through the use of ticket-in/ticket-out (TITO) technology. When cashing out, players receive a ticket that can either be redeemed for cash or be inserted into another slot machine for credits on the cash meter of the new machine. Server-based games allow casino operators to make changes to any slot machine on the floor through a central, secure computer server. Casinos are also embedding RFID devices in their chips to improve security and track players.
Sales & Marketing
Promotional efforts for casinos and other betting attractions target regional customers, who typically live within a three-hour car ride of a betting attraction, and consist of radio ads and highway billboards. Television and print ads target vacationers who select “destination” resorts that provide a variety of entertainment and activities, such as Las Vegas. Many casinos play up their non-gaming entertainment, such as shows, shopping, celebrity chefs, and luxurious accommodations. States typically advertise lotteries through local billboards and radio spots.
Because most gamblers lose money, gambling operators try to make the losing fun, presenting gambling as entertainment that is worth the price. Casinos use players club programs to award gamblers points toward rewards, while allowing the casino to monitor the playing habits of individual gamblers, which helps them design individualized marketing incentives. Other incentives include “comps,” in which high rollers (bettors who spend a lot of money in a casino) are given free drinks, food, accommodations, or other perks to ensure their loyalty.
Finance & Regulation
Casinos have to manage a large cash flow because players buy chips with cash and winnings are paid in cash. Receivables may be high because players may not pay their debts in a timely manner, or may not be able to pay their debts at all. Many casinos offer markers, or personal warranties that customers are good for their debts. Although most customers must settle up before they leave the casino, some companies may make allowances for certain players. Capital investments in buildings and equipment are high, both because gambling equipment is expensive and because casinos and casino hotels must frequently be refurbished to attract gamblers.
About $35 billion of annual revenue is taken in by commercial casinos, $25 billion by Indian casinos, another $20 billion by state lotteries. (For gambling companies, “revenue” is the total amount bet minus winnings paid to gamblers.) Most casinos are small, limited by the size of the surrounding population.
US gambling operations are state-regulated. Until gambling was legalized in Atlantic City in 1976, casinos operated only in Nevada. In many states, casinos must be located on riverboats, a requirement that effectively restricts the size of operations. Regulation is largely aimed at preventing organized crime from association with the industry, which is attractive because of the large cash flow. State regulators must approve all games played, but gambling operators are free to set the odds of winning a particular game.
Indian casinos are regulated by the National Indian Gaming Commission (NIGC) under the Indian Gaming Regulatory Act (IGRA), which sets rules defining eligible Indian tribes, their relationship with states, and requirements for oversight of gambling operations.
International Insights
Gambling in all forms generates more than $400 billion in revenue worldwide, according to Global Betting & Gaming Consultants (GBGC). As casino gaming and other forms of gambling continue to expand in new markets, specifically in Asia, the industry could exceed $500 billion in sales by 2015. Casinos and lotteries each account for about 30 percent of the worldwide gambling industry. Other popular forms of gaming and wagering include gaming machines outside casinos (20 percent), and horse racing and other wagering (10 percent).
The world’s largest casino gambling markets include Australia, Canada, France, Macau, and the US. Major companies outside North America include GTECH (Italy), Tatts Group (Australia); Galaxy Entertainment and SJM Holdings (Hong Kong); and William Hill (UK). Some large US casino companies also have international locations or investments in overseas gambling operations.
Australia has a thriving gaming industry that includes casinos, lotteries, sports betting, and various forms of racing. Melbourne and Sydney are home to some of the country’s top casino destinations. The lottery business includes both government-run games and those contracted to private operators. Macau, a special administrative region (SAR) of China, has become the world’s largest gambling market thanks to heavy investment from both domestic and international casino developers.
Emerging markets in the Asia/Pacific region, including Singapore, Vietnam, the Philippines, South Korea, Thailand, and Taiwan, offer potential for future growth in traditional casino gambling. Japan is considering legislation that would permit casino gambling ahead of the country’s hosting the summer Olympic Games in 2020. Major growth is also taking place within the online gaming sector. Interactive gambling is expected to exceed $40 billion in revenue by 2015, according to H2 Gambling Capital.
Expansion of Asian casino gambling markets could put additional competitive pressure on the rest of the global industry. Developers in markets such as Macau and Singapore are opening Las Vegas-style casinos to attract both local and international gamblers. Casinos in North America and Europe may face increased competition as they try to attract tourists from Far Eastern markets. The new Asian casinos may eventually attract tourists away from the US and EU countries.
Growth in interactive gaming could mean additional revenue for traditional casino operators that offer online games under established brands. Interactive gambling expansion could also mean new growth opportunities for markets such as Malta and Gibraltar that encourage online technology companies. The expanding online gaming industry may face regulatory challenges in some markets. Internet gambling on websites served by companies located in other countries is currently a contentious issue in the US.
Regional Highlights
In the US, the largest casino markets include Nevada ($11 billion total spending); Pennsylvania and New Jersey ($3 billion); and Indiana, Louisiana, and Mississippi ($2 billion) according to the most recent state data compiled by the American Gaming Association. Tribal casinos in California and northern Nevada lead the nation in revenues, with $7 billion. Some states don’t allow casino gambling and many states restrict casino advertising. States that generate the most revenue from lotteries include New York, Florida, and California.
Human Resources
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Most employees in the gambling industry work at casino hotels as regular hotel employees, who provide housekeeping and janitorial services, work as servers, or provide security. Casino employees who work the gaming activities need licensing by regulatory authorities and require special training. The average hourly industry wage is moderately lower than the national average, although casino dealers get high pay.
Due to lower wages and a reliance on part-time employees, turnover in the leisure sector can be significantly higher than average. The injury rate for gambling industries is about 25 percent higher than the national average.
Industry Employment Growth
Bureau of Labor Statistics
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Average Hourly Earnings & Annual Wage Increase
Bureau of Labor Statistics
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