LAS VEGAS: NEW HORIZONS
AHEAD OF THE GAME Despite the ongoing economic and health crises, Las Vegas will see two major new market entries in 2021 with international gaming giant Genting debuting Resorts World and Mohegan Sun, the Tribal gaming operator, running the casino at the new Virgin Hotel. Will these statements set a tone of revival for the next decade? Oliver Lovat of the Denstone Group consultancy, which has a focus on casino resorts, explores why Las Vegas still has allure for gaming and hospitality operators, and why these new openings could herald a new age. Some Las Vegas historians cite the importance of Howard Hughes in the evolution of Las Vegas. However not one of the six casinos he acquired is still standing today. Yet the lessons of Hughes’ legacy in portfolio ownership have gone unheeded. To recall The Strip in the 1990s, the key features that enabled growth were innovation and diversity in property ownership. 52 GAMINGAMERICA
The dominant corporations were Mirage Resorts and Circus Circus Enterprises, who held three casinos each. Caesars World/ Park Place was constantly trading ownership up and down The Strip with Starwood and Hilton. Kirk Kerkorian’s second MGM Resorts posed a challenge from 1993 as well as various publiclyowned and operated companies like with Harrah’s/Promus’
