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The Economic and Social Impact of the Gaming Industry During Economic Downturns

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The Economic and Social Impact of the Gaming Industry During Economic Downturns Iowa State University Capstones, Theses and Graduate Theses and Dissertations Dissertations 2017 The economic nda social impact of the gaming industry during economic downturns Byron Aaron Marlowe Iowa State University Follow this and additional works at: https://lib.dr.iastate.edu/etd Part of the Economics Commons Recommended Citation Marlowe, Byron Aaron, "The ce onomic and social impact of the gaming industry during economic downturns" (2017). Graduate Theses and Dissertations. 15363. https://lib.dr.iastate.edu/etd/15363 This Dissertation is brought to you for free and open access by the Iowa State University Capstones, Theses and Dissertations at Iowa State University Digital Repository. It has been accepted for inclusion in Graduate Theses and Dissertations by an authorized administrator of Iowa State University Digital Repository. For more information, please contact [email protected]. The economic and social impact of the gaming industry during economic downturns by Byron Marlowe A dissertation submitted to the graduate faculty in partial fulfillment of the requirements for the degree of DOCTOR OF PHILOSOPHY Major: Hospitality Management Program of Study Committee: Tianshu Zheng, Major Professor Thomas Schrier Young-A Lee Ching-Hui Su Eunha Jeong The student author and the program of study committee are solely responsible for the content of this dissertation. The Graduate College will ensure this dissertation is globally accessible and will not permit alterations after a degree is conferred. Iowa State University Ames, Iowa 2017 Copyright © Byron Marlowe, 2017. All rights reserved. ii TABLE OF CONTENTS LIST OF TABLES ............................................................................................................ iv LIST OF FIGURES ............................................................................................................v ACKNOWLEDGEMENTS .............................................................................................. vi ABSTRACT .....................................................................................................................vii CHAPTER 1. INTRODUCTION .......................................................................................1 The Gaming Industry .................................................................................................1 Economic Downturns.................................................................................................2 Purpose of the Study ..................................................................................................4 Research Aim ........................................................................................................4 Research Objectives ..............................................................................................4 Time Series ............................................................................................................7 CHAPTER 2. LITERATURE REVIEW ............................................................................9 Background ..............................................................................................................9 History................................................................................................................ 11 Economic Impact ............................................................................................... 12 Social Impact ..................................................................................................... 14 Employment Impact ........................................................................................... 17 Current Trends/Challenges ................................................................................ 19 Capacity Management ............................................................................................ 20 Practical Implications of Overcapacity and Undercapacity ............................... 24 Causation and Consequences of Capacity Issues............................................... 26 Revenue Management ........................................................................................... 31 Conditions for Effective Revenue Management .............................................. 32 Summary of Literature ..................................................................................... 34 CHAPTER 3.METHODOLOGY ..................................................................................... 37 Introduction ............................................................................................................ 37 Time Series Analysis .............................................................................................. 38 ARIMA with Intervention Analysis ....................................................................... 41 Box-Jenkins Method ......................................................................................... 43 Regression Method ........................................................................................... 43 Urban and Rural Gaming ....................................................................................... 44 iii Indiana Gaming Industry ........................................................................................ 45 Data Collection ....................................................................................................... 48 CHAPTER 4. A TIME SERIES WITH ARIMA ANALYSIS OF URBAN AND RURAL GAMING VOLUME AND CASINO EMPLOYMENT THROUGH THE RECESSION USING REGRESSION ANALYSIS ................................................................................ 52 Data and Methods ................................................................................................ 52 Time Series with Intervention Analysis ........................................................ 52 Social Impact Regression Analysis ............................................................... 53 Data Analysis and Results ................................................................................... 53 Impact Analysis ............................................................................................. 53 Recovery Analysis ......................................................................................... 59 Social Impact Regression Analysis ............................................................... 63 Discussion ........................................................................................................... 66 Gaming Volume in a Non-Destination Gaming State ................................... 72 Casino Employment in a Non-Destination Gaming State ............................. 73 Implications ................................................................................................... 74 CHAPTER 5. SUMMARY AND CONCLUSIONS ........................................................ 80 Summary ............................................................................................................. 80 Conclusions ......................................................................................................... 84 REFERENCES ................................................................................................................ 89 iv LIST OF TABLES Table 1. Impact Analysis - Summary of Estimates of Model Parameters .........................57 Table 2. Impact Analysis - Summary of Autocorrelation Check Results ..........................58 Table 3. Summary of Impact Identification .......................................................................59 Table 4. Recovery Analysis - Summary of Estimates of Model Parameters .....................62 Table 5. Recovery Analysis - Summary of Autocorrelation Check Results......................63 Table 6. Summary of Dummy Variables ...........................................................................64 Table 7. Summary of Different Models .............................................................................65 Table 8. Summary of Regression Analysis Results ...........................................................67 v LIST OF FIGURES Figure 1. Impact Analysis - Time Series Plot Results ..........................................................55 Figure 2. Trend and Correlation Analysis for First Order Differenced Time Series ............56 Figure 3. Recovery Analysis - Time Series Plot Results ......................................................60 Figure 4. Trend and Correlation Analysis for First Order Differenced Time Series .............61 vi ACKNOWLEDGMENTS I would like to thank my PhD. father, Dr. Tianshu Zheng, and my committee members, Dr. Thomas Schrier, Dr. Young-A Lee, Dr. Ching-Hui Su, and Dr. Eunha Jeong, for their guidance and support throughout the course of this research. In addition, I would also like to thank my family especially my wife Tami, daughters Adeline and Brynn, my son Jonathan as well as the Ames and Iowa State University friends, colleagues, the department faculty and staff for making my time at Iowa State University a wonderful experience. vii ABSTRACT Investigation is conducted into how gaming volumes and casino employment were impacted within a non-destination gaming state in urban and rural counties by the 2007-2009 economic downturn in The United States of America. Examples of urban and rural areas are researched in order to determine if certain gaming locations within a non-destination gaming state can be determined as recession proof. Effort is directed to establish and measure the gaming volumes
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