Task Solutions-Challenges for the Casinos of Las Vegas: MGMT661

Running head: STRATEGIC MANAGEMENT
Strategic Management
Name of the student
Name of the University
Author note
1 STRATEGIC MANAGEMENT
Table of C …

Preview text

Running head: STRATEGIC MANAGEMENT
Strategic Management
Name of the student
Name of the University
Author note
1 STRATEGIC MANAGEMENT
Table of Contents
Introduction ……………………………………………………………………………………………………………….. 2
Problem Identification ………………………………………………………………………………………………… 2
Analysis ……………………………………………………………………………………………………………………. 3
Alternative Recommendations ……………………………………………………………………………………… 4
Recommendations ………………………………………………………………………………………………………. 4
Implementation ………………………………………………………………………………………………………….. 5
Conclusion ………………………………………………………………………………………………………………… 5
References …………………………………………………………………………………………………………………. 6
2 STRATEGIC MANAGEMENT
Introduction
Strategic management refers to ongoing planning about all the necessities which are
needed by an organisation for meeting their goals. Changes within business environments
necessitates that the organisations assess the strategies for ensuring their continued success
(Keding, 2021). It can help an organisation of being committed towards strategic planning
which can increase their ability for setting short and the long-term goals. It has been found
that over the course of last 50 years, the casino business has evolved to become the $ 150
billion ayear global industry. United States was found to lead the charge and itaccounted for
half of global gambling revenues. The revenues mainly come from Las Vegas and the
Atlantic city and it has helped in the flourishing of global gambling business. This report
discusses about the increased competition from other locales which have created challenges
for the casinos of Las Vegas and Atlantic City. This report has suggested the strategies that
can be used that can help the casinos of Las Vegas and the Atlantic City to grow in
appropriate manner.
Problem Identification
The casinos have been found to open all across the United States as gambling has
been legalised for the generation of tax revenues and the promotion of tourism. The states
generate substantial revenue from the casinos and they have been instrumental in opening up
waterfronts like rivers and the lakes. The casinos had been operating for longer period of time
within Europe and the Caribbean and single location would not be able to compete with the
Las Vegas or the Atlantic City (Rabetino, Kohtam äki & Federico, 2021). They have been
combined with the Native American casinos and it has been found that gambling revenues in
different parts of United States has been able to exceed those which has been generated by
the casinos within Las Vegas and the Atlantic City. It has been found that dominance of the
casinos within global market has been found to be challenged owing to development of
3 STRATEGIC MANAGEMENT
various casinos along strip within former Portuguese colony of the Macau. The casinos have
been found to exist within Macau for various decades however they had been instrumental in
serving the local population (Makadok, Burton & Barney, 2018). There had been monopoly
on the casinos by that of single local tycoon had been terminated in the year 2002, there has
been spread of high-end casinos and they have been managed by greatest casino operators. It
has thrown immense competition for the casinos thereby creating challenges in the path of
former casinos.
Analysis
The casinos have spread to different locations within the Asia-Pacific region.
Singapore has been found to have two casinos whereas Philippines has opened the new ones
and Japan has been instrumental in legalising them. The casinos have expanded into the
various new locations and this has raised concern regarding potential for the gaming revenues.
The regulators across the different jurisdictions have helped in commissioning the state-wide
analysis in regard to potential cannibalisation and the optimal production of revenue (Hitt,
Arregle & Holmes Jr, 2020). The jurisdictions have helped to slot the only products which
have been expanded for tabling games so that the properties can be made more competitive. It
has been found that within the gaming market of present times, the slots and the table games
have been found to be similar from one state to another and gaming experience for patron can
be said to be asignificant measure. The internet gaming can act as potential source of the
gaming revenue and states would be using this for the generation of additional tax revenue.
The casinos within Las Vegas and Atlantic City have tried to draw the attention of gamblers
by the development of extravagant new properties (Bogers et al., 2019). The recent
development which has been made within Las Vegas pertains to the opening by the MGM
Mirage of the City Center which is the $8.5 billion mini-city which has spread itself across
the 67 acres. The appeal of the particular properties has to be increased and incentives have to
4 STRATEGIC MANAGEMENT
be provided to the customers that can prevent them from moving over the new competitors.
The incentives have helped in the retention of high rollers who have come so that they can
spend large amount of the money. The large casinos existing within United States have tried
to fend away the competition with the help of mergers and the acquisitions (Bindra,
Parameswar & Dhir, 2019). The organised crime syndicates have made use of respectable
front men in the top management positions which have helped in the manipulation of
business from behind scenes. It can be asserted that American gambling market has been able
to attain maturity and commercial casino gambling has not been able to spread beyond eleven
states in which itused to operate in the year 1996.
Alternative Recommendations
There are various strategies which can be adopted in the casino industry that can help
the operators to rise above the competition. The casino operators can make the new bets in
the event of competition growing in the neighbouring countries. The new forms of the
entertainment can be offered like supply of the hotel rooms that can help to enhance the
reputation of casino industry within United States (Lynch, 2018). The casinos can shift their
emphasis from the older high-stakes gamblers to the younger customers enjoying gambling
who have been interested in dining, drinking and shopping that can enable the casinos for
embracing new kinds of gaming experiences for the future times. It can be instrumental in
attracting the millennials who have been raised after playing video and the mobile phone
games.
Recommendations
The casinos can make use of mobile gaming apps that can help them to reach out to
the convenience driven patrons. There has been an increase in number of the gambling apps
and it can help the customers to get more options that can be of great benefit for them. The
5 STRATEGIC MANAGEMENT
casinos within Las Vegas and the Atlantic City can aid in the incorporation of mobile gaming
apps which can help to enhance the appeal of the current gaming platform (Barbosa,
Casta ñeda-Ayarza & Ferreira, 2020). It can help in the generation of more amount of casino
revenue that can ensure the profitability of their business in the present times.
Implementation
The casino industry within United States can pioneer their data modelling and the
predictive analytics that can provide them with the opportunity of rising above the rivals in
the competitive market (Keding, 2021). It can help them to attest to demands of customers
that can enable them to create apositive impression in the market. The users of the mobile
applications can be instrumental in establishing settings on the basis of requirements and
desires that can help them to win favour of the customers.
Conclusion
The casinos stay open within United States as there has been legalising of gambling
that can help to generate tax revenues. The states are able to generate revenues from casinos
and they can open up the waterfronts like the rivers and the lakes. They can also offer supply
of hotel rooms that can increase reputation of the casino industry in United States.
6 STRATEGIC MANAGEMENT
References
Barbosa, M., Casta ñeda-Ayarza, J. A., & Ferreira, D. H. L. (2020). Sustainable strategic
management (GES): Sustainability in small business. Journal of Cleaner
Production ,258 ,120880.
Bindra, S., Parameswar, N., & Dhir, S. (2019). Strategic management: The evolution of the
field. Strategic Change ,28 (6), 469-478.
Bogers, M., Chesbrough, H., Heaton, S., & Teece, D. J. (2019). Strategic management of
open innovation: A dynamic capabilities perspective. California Management
Review ,62 (1), 77-94.
Hitt, M. A., Arregle, J. L., & Holmes Jr, R. M. (2020). Strategic management theory in a
post ‐pandemic and non ‐ergodic world. Journal of Management Studies .
Keding, C. (2021). Understanding the interplay of artificial intelligence and strategic
management: four decades of research in review. Management Review
Quarterly ,71 (1), 91-134.
Lynch, R. (2018). Strategic management .Pearson UK.
Makadok, R., Burton, R., & Barney, J. (2018). A practical guide for making theory
contributions in strategic management. Strategic Management Journal ,39 (6), 1530-
1545.
Rabetino, R., Kohtam äki, M., & Federico, J. S. (2021). A (re) view of the philosophical
foundations of strategic management. International Journal of Management
Reviews ,23 (2), 151-190.

QUALITY: 100% ORIGINAL PAPER – NO PLAGIARISM – CUSTOM PAPER

Leave a Reply

Your email address will not be published.