This paper examines the exciting world of the gaming industry. By studying the history, present state, and future of gaming in the United States our analyst team will present a probing overview into this rapidly changing industry.
We have collected and analyzed secondary information from a variety of quantitative and qualitative publications. Our perspective of the gaming industry will be conveyed by an understanding of business practice, and will be concluded with a Christian perspective on our findings.
Table of Contents
Introduction: Lifestyles of the Gamer and Gamblerpg. 3
History of Gamingpg. 4
A Brief History of Las Vegas Gamingpg. 7
Competing Firms in the Industrypg. 9
Market Forces Impacting the Industrypg. 15
Future Trends for the Industrypg. 18
Christian Perspective and Conclusionpg. 22
Introduction: Lifestyles of the Gamer and Gambler
The bright lights seem almost blinding, the smoke creates a haze around your face, and the intoxicating abundance of themed ambiance floods your senses. You are in Las Vegas, also known as Sin City, with the hope of striking it rich. The glamour of decadence makes you feel like a celebrity, you are the king for the weekend. Haley (2004) writes, "From the deep-pile carpets to the space age chandeliers, wealth permeated resort hotels on the Strip. Publicists dramatized the lives of the rich and famous, and at every turn patrons might be reminded that casino gambling had traditionally been the exclusive province of upper classes around the world." (p. 64) Today, Las Vegas symbolizes the aspirations of a culture drawn to the ideal of getting rich without working hard. A culture obsessed with celebrities, certain that if they can live their romanticized lifestyle of indulge, they too could become famous in their own worlds.
Gaming is not a recent phenomenon confined to the desert of Las Vegas, but has been a growing industry that has hit the jackpot in the past twenty years. McGowan (2001) records, "In 1984, all forms of gambling (casinos, lotteries, pari-mutuel betting: the three segments of the gambling industry) accounted for less than $15 billion in revenues. In 1995, these gambling activities generated $55.3 billion in revenues, nearly a 400 percent increase in 11 years. Gambling had become the largest component of the American entertainment industry." (p. 3) (Exhibit 1) Gaming has evolved from cave antiquity to prohibited activity to state assisted fundraising. The gaming industry has moved from the backstreets to the forefront of American entertainment culture. Its journey has been prodded by governmental regulation and societal mores. However, the future of the gaming industry may burn brighter than any hotel on the Las Vegas strip. By analyzing the past, present, and future of gaming we will provide insight into the excitement of how this industry has beaten the odds to become the billion dollar giant it is today. History of Gaming
From Antiquity to the Colony
The American Gaming Association (2004) has recorded evidence that dice have been found in early Egyptian tombs. They share Chinese, Japanese, Greeks, and Romans were also known to play similar games that involved skill and chance. These games have been dated back to 2300 BC. In America's history, Native Americans and various European colonists also have brought a rich history of chance games. These games were described by explorer Roger Williams in 1643 as he entered Rhode Island. He had found that the Narragansett Indians had created games in which gods determined their fate and chance. State Sanctioned Lotteries (1607 -1840)
The Revolutionary War sparked the first organized form of gaming in the United States. The approved form was not a dice or skill game, but a lottery system. As the only approved gambling form at the time wartime fundraising could be accomplished by these games of chance. McGowan (2001) writes, A few of these...