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Events


IAGA SUMMIT Macau 2018


Dr. Bernhard’s projects have been prominently featured in local and national media outlets (including CNN, PBS, NPR, The New York Times, The Australian Broadcasting Channel, and The History Channel). Overall, he has directed over $2 million in grant- funded research projects, on subjects ranging from problem gambling to the social impacts of casino industries to responsible gaming features to internet gambling. These efforts have earned him several awards of late: in 2007, his focus on globalization earned him the World Affairs Council’s International Educator of the Year award; in 2008, he was given the UNLV Hotel College’s Boyd Award for Research; in 2009, he was given the Hotel College’s top teaching award and the university-wide Spanos Teaching Award; in 2010, he was named a Lincy Fellow at Brookings Mountain West; and in 2012 he was given the university-wide Barrick Scholar Award and the hotel college's Denken Award for research.


has been substantial. Gambling has diversified into other products, these are cathedrals of entertainment consumption that might face a similar future.


It seems right now that only Integrated Resorts can open and establish new global gaming markets - is that true?


Yes, and it's grounded in sound economic theory too. An Integrated Resort is much more able to attract people to travel greater distances to experience something they can't get at home or on their phone. You need Integrated Resorts to create the mega- diversified tourism experience to inject new money into the economy, not just redistribute the same money within the economy. Long distances are also important as they typically mean five day stays, which is lucrative for all the components of the Integrated Resorts.


Macau is a very interesting model in that its model looks at lot like Atlantic City, which was not very resilient in the face of competition because it's essentially a day-trip market. Lots of people moving in and moving out of Macau in a short space of time, also makes it more vulnerable too. What counties like Cyprus are trying to do by establishing their own Integrated Resorts is to differentiate themselves from providing 'mere' casinos; and to do this they are building Europe's first true integrated resort, a place that people come to vacation. To do that you need more than just a standalone casino, you need the ‘multiple rides’ in the amusement park.


You mention ToysRus and the movie-cathedrals of the past - are Integrated Resorts vulnerable to changing tastes too? I think it is an open question. I teach a class at UNLV


P78 NEWSWIRE / INTERACTIVE /MARKET DATA


on the global gaming industry in which we explore 60 global jurisdictions over 18 weeks, and one of the contentions I make is that every jurisdiction, every community, every culture, has its own unique relationship with the gambling act. However, when have the world’s most expensive buildings are being constructed in your cities, you definitely have a de facto partner in the government, since these Integrated Resorts become too big to fail.


Japan cannot afford to have a US$5bn major building dropped into one of its major cities and have that fail - talk about a white elephant. It's therefore more stable, but also problematic, when the government has to become a de facto partner, given the size and scope of the Integrated Resort. When you have the world's most expensive buildings, that's the reality for the local governments.


Are governments lowering the percentage allowed for gambling within the Integrated Resort too far?


I think that's slowly becoming the case in most jurisdictions. Singapore mandated that the casino size should be relatively small in terms of square metres, but of course the casino is by far the driving force economically speaking in the Integrated Resort in Singapore, even with retail and the hotel doing extremely well.


Te one place where you have 70 per cent non- gaming to 30-per cent gaming, is the Las Vegas Strip, but that's very much a one-off. No other jurisdictions has been able to achieve that. Having said that, a lot of other jurisdictions, including Japan and Macau, have openly fawned over the Las Vegas model and have demanded similar diversification. However, that's tough to do in Macau when you have 95 to five per


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