Anyway, its a good read and gives you some insight into the thinking behind the huge build-up of hotels and casinos that have led to the current glut. Below is an excerpt from the article:
Imagine that you’re a retired gaming executive and you’re watching the industry crash all around you, in the biggest recession in the modern casino era.
You take a deep breath, counting your lucky stars you’re retired but wondering: What could I have done differently? What would I do now?
The Sun invited three former casino executives to sit down for a Sunday Conversation, to candidly reflect, with the benefit of 20-20 hindsight, about the gaming industry — then, now and in the future.
Together, they talked about bad assumptions, questionable decisions and getting caught up in the go-go boom years, second-guessed shifting strategies and talked about what can and should be learned about the industry and its customers.
The trio: Phil Satre, former CEO of Harrah’s Entertainment; Don Snyder, former president of Boyd Gaming; and Glenn Christenson, former chief financial officer of Station Casinos. Each is still active in corporate, civic and philanthropic life in Southern Nevada, but it was their days in the casino board rooms that we wanted to explore.
We wanted to get inside their heads, and they let us.
What lessons can be learned? Hard to say. For the complete story, please see Liz Benston, Making sense of gaming’s big crash, The Las Vegas Sun, August 9, 2009.
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