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Events


IAGA SUMMIT Macau 2018


Las Vegas, one of the the world’s most expensive building and one of dozens of properties in the MGM portfolio. However, no one lauds the fact that this massive attraction driving tourism and tax revenues dwarfs the achievements of the magical mouse.


Te great cathedrals of Europe were for centuries humanity's most expensive buildings, driving tourism on an industrial scale through the capital cities of the continent. Today's cathedrals, the most expensive buildings we can now create, are Integrated Casino Resorts, which can be found on six continents. I think there are many people that would lament the fact, but when you think about what tourism provides, those who travel, purchase experiences, and feed the tourism economy are far happier than those that purchase material possessions. So before we dismiss tourism and the most expensive buildings in the world, we need to appreciate what tourism does for people and why it's so important.


Does putting all your entertainment options into a single "Box" work in the long-term?


Te "boxification" of the Integrated Resort experience in which these enormous buildings contain every possible entertainment, retail, dining, bars, theatres, cinemas, etc., is something we've seen right across the US in adjacent sectors. Where there used to be dozens of different kinds of electronic stores, we just have WalMart or Best-Buy, which are essentially many


small stores all under one roof. We see this in virtually every sector. One of the interesting challenges in the economy right now is that you have established brands such as ToysRus going out of business. Tey were the behemoth that put the mom-n'-pop toy store out of business, but are now themselves being crushed by online.


Looking into the future, is the Integrated Resort model one that is disruptable by the online experience? Can you draw the same comparisons or are Integrated Resorts, which are all about the in- person experience, immune from the impact of the Internet?


Hollywood built its own cathedrals to movie- consumption in the 1920s, '30s and '40s, massive movie theatres that held thousands and thousands of people. You went in your tuxedo as part of a really big night out, all that outrageous architecture was really expensive to build, but today those gorgeous cathedrals are boarded up. Te reason is that we started to consume the movie product in a different way, in home and on our phones - and you have to wonder if gambling faces a similar challenge? One of the several ways that the European gaming industry is light-years ahead of the US is in terms of the online product, which has become a viable alternative for consumption of the gambling experience. I think the Integrated Resort has a series of unique propositions, and as we’ve seen in Las Vegas the amenity diversity


The great cathedrals of


Europe were for centuries humanity's most


expensive buildings, driving tourism on an


industrial scale. Today's cathedrals, the most


expensive buildings we can now create, are Integrated Casino Resorts.


IAGA


The International Association of Gaming Advisors (IAGA) will hold its 37th annual International Gaming Summit May 14 - 16 at the Four Seasons Macao in Macau, China.


NEWSWIRE / INTERACTIVE /MARKET DATA P77


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