The Casino Industry
In Casino Industry, the growth potential of the two major gambling destinations such as Las Vegas and Atlantic City causes the major concern. The greatest growth in casino industry occurred in the form of the waterborne casinos operating in the six states. Other prospective fields in the industry include racetrack casinos and the slot machines. With the growth of the number of casinos, they are forced to intensify the competition for the gamers.
Analyzing the MGM Mirage’s place in the competition, the SWOT analysis tool was applied. One of the major strength that makes the MGM Mirage casinos resort rather competitive is a recognizable brand name that helps the casino attract visitors. Although it was difficult for the MGM Mirage to find financing, it has developed extravagant properties such as the City Center. The possible solution to increase revenues is to continue the chosen line offering the high-quality non-gaming activities. MGM Mirage has already proved the efficacy of it, as more than half of its revenues are accounted for the nongaming activities. Another solution to strengthen its positions in the competition is to achieve significant growth through merges. Thus, MGM Mirage had acquired the Mandalay Resort Group.
Personally, I believe that the company should continue the chosen strategy based on merging and providing the variety of nongaming activities. However, taking into account that online gambling becomes the prospective area, the MGM Mirage has to develop its own strategy to meet the demands of time. Given the high revenues of the Internet gambling, it is greatly probable that it can be legalized. Timely response of MGM Mirage would allow it to win the competition for gamers, receive revenues from the internet advertisement and save money on staff payment (Goss and Morse, 181).
Goss, Ernest P., and Edward A. Morse. Governing Fortune: Casino gambling in America. University of Michigan Press, …