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Monaco, Las Vegas and Macau MONACO, LAS VEGAS AND MACAU: GAMING RESORTS OF THE PAST, PRESENT AND FUTURE A Thesis Presented to the Faculty of California State Polytechnic University, Pomona In Partial Fulfillment Of the Requirements for the Degree Master of Science In Hospitality Management By Daniel Horowitz 2015 SIGNATURE PAGE Signature Page THESIS: MONACO, LAS VEGAS AND MACAU: GAMING RESORTS OF THE PAST, PRESENT AND FUTURE AUTHOR: Daniel Horowitz DATE SUBMITTED: Spring 2015 The Collins College of Hospitality Management Dr. Jerald W. Chesser Thesis Committee Chair _________________________________________ Hospitality Management Dr. Edward A. Merritt _________________________________________ Hospitality Management Dr. Myong Jae Lee _________________________________________ Hospitality Management ii ABSTRACT Abstract Monaco, Las Vegas and Macau are the most significant gaming resort destinations in the world. Each location has a unique history and distinctive set of products and services tailored to the demographics of its clientele. All three destinations commensurately compete for continued financial success and global preeminence in a rapidly changing gaming resort industry. This thesis examines the history, literature, finances and atmosphere of Monaco, Las Vegas and Macau and provides valuable insights into the relationships that exist between each destination and their influence on the global hospitality industry at large. While it is commonplace to believe that Monaco is the profitable venue of the past, Las Vegas is the significant environment of the present and Macau is the trendsetting location of the future, this thesis argues that the Las Vegas model is in fact the most viable framework for the future of the gaming resort industry worldwide. iii TABLE OF CONTENTS Signature Page .................................................................................................................... ii Abstract .............................................................................................................................. iii List of Tables ..................................................................................................................... vi List of Figures ................................................................................................................... vii Chapter 1: Introduction ...................................................................................................... 1 Monte Carlo ............................................................................................................ 2 Regional and Political History .................................................................... 2 Gaming and Resort History ........................................................................ 3 Las Vegas ................................................................................................................ 6 Regional and Political History .................................................................... 6 Gaming and Resort History ........................................................................ 7 Macau .................................................................................................................... 12 Regional and Political History .................................................................. 12 Gaming and Resort History ...................................................................... 14 Chapter 2: Hypothesis ...................................................................................................... 17 Chapter 3: Literature Review ........................................................................................... 19 Descriptive ............................................................................................................ 19 Determinative ........................................................................................................ 22 All Three Destinations in a Single Unique Research Article ............................... 32 Chapter 4: Methodology .................................................................................................. 35 Research Questions ............................................................................................... 35 Constructionist Interviews .................................................................................... 36 Financial and Statistical Data Analysis................................................................. 38 Ethnography and Participant Observation ............................................................ 40 Chapter 5: Findings and Results ...................................................................................... 43 Constructionist Interviews .................................................................................... 43 Monaco ..................................................................................................... 43 Las Vegas .................................................................................................. 46 Macau ........................................................................................................ 50 Financial and Statistical Data Analysis................................................................. 61 iv Number of Visitors and Occupancy .......................................................... 61 Gaming, Non-gaming and Total Revenue ................................................ 66 Average Revenue per Customer ............................................................... 76 Chapter 6: Discussion, Implications and Conclusions ..................................................... 78 Research Question #1: What particular products and services do resorts in Monaco, Las Vegas and Macau capitalize upon as their specific strengths? ....... 79 Monaco ..................................................................................................... 79 Las Vegas .................................................................................................. 83 Macau ........................................................................................................ 87 Synopsis of Answer to Research Question #1 .......................................... 92 Research Question #2: What business models and strategies do resorts in each destination adopt in order to appeal to existing gaming and hospitality trends? ................................................................................................. 92 Industry Trends and Forecasts .................................................................. 92 Expansion of Market Supply .................................................................... 94 Synopsis of Answer to Research Question #2 .......................................... 98 Research Question #3: How can resorts in each destination build upon the skills and successes of their counterparts on the other sides of the world? .......... 98 Respondent Viewpoints ............................................................................ 99 Synopsis of Answer to Research Question #3 ........................................ 108 Research Question #4: How can the global hospitality industry benefit from the models and frameworks of Monaco, Las Vegas or Macau? ................ 108 Environmental Sustainability .................................................................. 109 Synopsis of Answer to Research Question #4 ........................................ 112 Chapter 7: Thesis Hypothesis Revisited ........................................................................ 113 References ....................................................................................................................... 115 v LIST OF TABLES List of Tables Table 1 Gambler Behavior by Nationality of Player .................................................... 28 Table 2 Number of Visitors and Occupancy Percentage .............................................. 61 Table 3 Number of Visitors Descriptive Statistics and SPSS Regression .................... 63 Table 4 Hotel Occupancy Descriptive Statistics and SPSS Regression ....................... 65 Table 5 Segmented Gaming Revenue of Gaming Resort Destinations ........................ 66 Table 6 Segmented Non-gaming Revenue of Gaming Resort Destinations ................. 67 Table 7 Total Revenue of Gaming Resort Destinations ............................................... 69 Table 8 Gaming Revenue Descriptive Statistics and SPSS Regression ....................... 71 Table 9 Non-gaming Revenue Descriptive Statistics and SPSS Regression ................ 73 Table 10 Total Revenue Descriptive Statistics and SPSS Regression ............................ 75 Table 11 Average Revenue per Customer for Gaming Resort Destinations .................. 76 Table 12 Synopsis of Answer to Research Question #3 ............................................... 108 vi LIST OF FIGURES List of Figures Figure 1 Boomerang Effect ........................................................................................... 18 Figure 2 Classification of Casinos and Resorts ............................................................ 20 Figure 3 Number of Visitors to Gaming Resort Destinations....................................... 62 Figure 4 Occupancy Percentage for Gaming Resort Destinations................................ 64 Figure 5 Distribution of Gaming Revenue for Gaming Resort Destinations................ 67 Figure 6 Distribution of Non-gaming Revenue for Gaming Resort Destinations ........ 68 Figure 7 Distribution of Total
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