15th_Annual_Casino_Survey

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©2015 Spectrum Gaming Group LLC.
Contents cannot be republished or reproduced without the express written consent of Spectrum Gaming Group LLC.
15TH
ANNUAL BRISTOL ASSOCIATES/
SPECTRUMETRIX™
EXECUTIVE SATISFACTION SURVEY
Prepared by Jeremy Pollock, Spectrum Gaming Group
August 25, 2015

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Contents
INTRODUCTION: JOB SECURITY, COMPENSATION TAKE CENTER STAGE............................... 3
FAVORED EMPLOYERS: SEMINOLE HARD ROCK IS INDUSTRY LEADER................................... 3
DIFFERENT LEVELS OF EXPERIENCE, TYPES OF OPERATIONS .................................................. 9
OPTIMISTIC AND SATISFIED.........................................................................................................11
METHODOLOGY............................................................................................................................. 12
ABOUT BRISTOL ASSOCIATES ............................................................................................................ 13
ABOUT SPECTRUM GAMING GROUP .................................................................................................. 13

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Introduction: Job security, compensation take center stage
The gaming industry is maturing, and so are the executives who run it. They are another year
older, and another year wiser. This year, it seems that executives are placing slightly more emphasis
on compensation, job security and other factors that would indicate a certain level of career maturity,
and that is befitting an industry that has expanded significantly across the United States in recent years,
but is facing fewer growth prospects. That is our overall key takeaway from our 15th Annual Executive
Satisfaction Survey, which had 1,021 responses, a significant leap upward from the 636 responses
received last year. Another exceptional quality to note of this sample is that half of the respondents
have changed employers within the last five years.
Favored Employers: Seminole Hard Rock is industry leader
Once again, a new leader has decisively emerged as the employer of first choice. The Seminole
Tribe of Florida, which has leveraged its valuable Hard Rock brand to become an industry leader, is
now the leading employer of choice as measured by our survey. Penn National, last year’s most favored
employer, is close behind. Penn clearly benefits from both its attractive corporate culture and its
continued growth into new markets.
Not far behind is Mohegan Sun, which also experienced a decisive leap upward to capture third
place, moving ahead of major employers Wynn Resorts and MGM Resorts. This follows from previous
years. As we noted in this report last year: “As always, growth opportunities will drive these selections,
which helps explain why major tribal operators such as Mohegan Sun and the Seminoles, which own
the Hard Rock brand, showed such significant increases.”
This year we limit our focus to these top 5, in large part because so many respondents are
focused on these, and other contenders are far lower in the rankings. The following chart shows the
rankings:

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As we note every year, the percentages listed represent only those respondents who
specifically addressed the question and made a selection. As in the past, we note that respondents
who rank potential employers are weighing multiple factors.
Wynn and MGM clearly benefit from their perception as growth opportunities as well a
common theme among all five. To a great degree, respondents to this survey seek a balance between
the security that comes from size and the opportunities that come from growth. That balance is
reflected in these top five operators.
The next chart shows how our overall survey respondents valued each major factor as it relates
to overall career satisfaction over the past four years.
6.5%
13.6%
3.1%
16.7%
9.8%
4.0%
13.6%
2.2%
18.0%
10.8%
10.5%
20.6%
9.0%
15.5%
7.0%
17.9%
15.5%
12.4%
10.8%
10.0%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
Seminole Tribe of
Florida
Penn National
Gaming
Mohegan Sun Wynn Resorts MGM Resorts
What would be your employer of first choice?
(percent of respondents)
2012
2013
2014
2015

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To gain some insight into the growing favor of this year’s leader, we examined the following data:
4.28
3.88
3.51
4.01
4.03
4.33
4.11
4.38
4.11
4.23
4.16
3.78
3.22
3.85
4.00
4.21
3.98
4.30
4.01
4.11
4.26
3.79
3.46
3.95
4.06
4.31
4.12
4.37
4.11
4.24
4.30
3.86
3.48
3.95
4.04
4.33
4.16
4.35
4.15
4.26
Executives overall favored (1-5 scale) (5=Most Important,
1=Least Important)
2012
2013
2014
2015

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This shows that those who favor Seminole Hard Rock placed somewhat greater emphasis on such
critical categories as base compensation, job security, career growth and – not surprisingly – location.
The two markets which respondents would most prefer to live in were respectively Florida and Las
Vegas. The Seminole Tribe is based in Florida and is quite dominant in that market.
4.42
4.2
3.45
4.08 4.13
4.48 4.39 4.36
4.14 4.19
2
2.5
3
3.5
4
4.5
5
Executives who favored Seminole valued (1-5 scale)

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Florida does not hold a monopoly on optimism, however. In fact, Las Vegas leads in this important
category. Every year, we ask respondents to provide their views on the future of certain gaming
markets. This year’s results are:
3.4
4.1
4.09
3.33
2.78
3.1
4.11
4.17
3.55
2.46
3.13
4.05
4.12
3.53
2.94
1 1.5 2 2.5 3 3.5 4 4.5
Weather/Lifestyle - Priority
Career Opportunity - Priority
Compensation - Priority
Corporate Culture - Priority
Relocation closer to family - Priority
Career priorities in Las Vegas and Florida (1-5 scale)
Overall survey Respondents who prefer Las Vegas Respondents who prefer Florida

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The long-term trends are listed in the following table:
Las Vegas The South Midwest
Atlantic
City California
Native
American
Casinos Racinos
2005 3.73 3.61 3.47 3.09 3.91 3.57 3.50
2006 3.80 3.73 3.56 3.06 3.86 3.54 3.50
2007 3.79 3.58 3.52 2.98 3.73 3.46 3.44
2008 3.70 3.54 3.44 2.98 3.67 3.45 3.36
2009 3.06 3.30 3.36 2.37 3.43 3.39 3.28
2010 2.97 3.28 3.30 2.26 3.42 3.28 3.31
2011 3.05 3.26 3.34 2.37 3.36 3.22 3.23
2012 3.31 3.30 3.42 2.26 3.45 3.25 3.19
2013 3.38 3.36 3.44 2.18 3.50 3.20 3.18
2014 3.40 3.24 3.28 1.77 3.52 3.38 3.10
2015 3.49 3.40 3.37 1.97 3.44 3.44 3.10
There is remarkable consistency over time with Las Vegas and California vying for annual
leadership. This year Las Vegas enjoys the most optimism of US markets for the seemingly apparent
reason of its staying power, as well as the opening of several projects on the north end of The Strip.
More importantly, Las Vegas continues to do well in attracting business travel as well as vacationers
with a desire to spend on amenities other than gambling.
Casino closings in Atlantic City have so far outweighed any investment in new and emerging
non-gaming amenities leading to another bleak outlook among executives in 2015. Racinos’ outlook
3.49 3.4 3.37
1.97
3.4 3.44 3.44
3.1
0
0.5
1
1.5
2
2.5
3
3.5
4
Las Vegas The South The
Midwest
Atlantic City The
Northeast
(other than
Atlantic City)
California Native
American
Casinos
Racinos
Level of Optimism (1-5 scale)

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may well depend on that of horse-racing, but also of convenience gaming, their primary market.
Ben Farber of Bristol Associates comments:
“We are pleased to see that executives in every jurisdiction, even Atlantic City, are increasingly
positive about the future of their careers in the casino gaming industry. The numbers show that we
are heading back up towards the glory days of 2005 and 2006.”
Different levels of experience, types of operations
We analyze the level of contentment among respondents in various ways, starting with differentiation
based on levels of compensation:
As expected, executives who are paid less appear to be less content. As noted earlier, base
compensation remains a core driver of satisfaction. That level of contentment, however, has little
bearing on whether respondents are actively seeking other work. Notably, those executives in the mid-
range of compensation are those who appear most ready to advance their careers.
3.66
3.65
4.43
3.6
3.56
3.52
2.49
3.6
2.52
2.4
1.63
2.47
3.04
3.23
2.57
3.22
1 1.5 2 2.5 3 3.5 4 4.5 5
Under 75k
150-300k
Over 500k
Overall
Contentment criteria, sorted by compensation (1-5 scale)
I am confident that I can find a better job someplace else.
I am actively searching for a new position.
I would seriously consider a reasonable offer of new employment
I have no interest in leaving my present employer for at least the next two years

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To quote Leo Tolstoy, “All happy families are alike; each unhappy family is unhappy in its own way.”
Executives who are content with their current employers are (relatively) alike, while each restless
respondent is restless and unhappy in his or her own way. We don’t know why any particular
respondent may be unhappy, but it’s safe to say that most respondents who earn more than $500,000
annually are quite content.
We took a special look at the executives with fewer years on the job, to glean their motivating factors:
These executives place a high value on their relationships with their supervisor, and an increasing value
(more than the previous year) on job security, with slightly less emphasis (again, based on year-over-
year responses) on career growth.
This comports with the finding that (as noted in an earlier chart) a relatively small number of executives
at the lower pay level are actively seeking employment elsewhere. They want career growth with their
present employer.
4.44
4.48
4.35
4.37
4.43
4.41 4.42
4.39
4.25
4.3
4.35
4.4
4.45
4.5
Relationship with
Immediate Supervisor
Career Growth Job Security Base Compensation
Top Priorities of Executives with Under Ten Years
of Experience (1-5 scale)
2014 2015

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Optimistic and Satisfied
As has been noted in previous years, executives generally believe that their companies are
working harder to keep their staffs satisfied than they are the executives themselves. Last year, we
pointed out that this represents a hidden bias within the survey: Executives who are responsible for
keeping their staff satisfied generally believe that they are doing a good job, and are performing much
better than their own supervisors.
This year’s results are slightly different:
Many factors could be behind that increased contentment, but it is also clear that contentment
breeds optimism:
3.62
3.54 3.55
3.72
3.62 3.63
Staff Employees Satisfied Mangement Employees
Satisfied
Me Satisfied
My Company is working hard to keep
its People Satisfied (1-5 scale)
2014 2015

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Optimism is almost reaching an all-time high, and continues to grow in the post-recession era.
Methodology
The Bristol Associates/Spectrumetrix Executive Satisfaction Survey was conducted online, and
represents a sampling of industry executives from across North America. The total number of
responses collected was 1,021, an all-time high. This is an increase from 636 last year, 573 responses
in 2013 and 596 responses in 2012. We note that the respondents are diverse in terms of geography,
executive responsibilities, years of experience and other meaningful criteria.
The survey was posted on www.bristolassoc.com, the website of Bristol Associates, as well as on our
website, www.spectrumetrix.com. The responses were collected over several months this summer and
early fall. We publicized the survey in a press release and through email, largely to inform and
encourage executives to participate.
The survey collected data designed to ensure, among other things, that the individuals who
participated were indeed employed in the casino industry and that no one responded to the survey
more than once. At the same time, however, we did not ask questions that could identify respondents
3.6
3.7
3.8
3.9
4
4.1
4.2
4.3
4.4
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
I am optimistic about
the future of my career
(5=Strongly Agree, 1=Strongly Disagree)

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by gender, age or other criteria that could be useful in a pure analysis — but would be perceived as
potentially discriminatory in hiring.
The principal analyst in this report was Jeremy Pollock of Spectrum Gaming Group, who served as
principal writer.
About Bristol Associates
Bristol Associates, Inc. (www.bristolassoc.com) is an executive search firm. Founded in 1967, it has
well-established, successful recruitment practices in casino gaming, hotel, restaurant, travel,
healthcare and food processing. Bristol maintains one of the largest databases of executive talent in
the industry.
Typical searches in the casino industry include key corporate and property-level executives within
operations, finance and accounting, marketing, human resources, hospitality, information systems and
development. Current searches and examples of completed searches can be found at
www.bristolassoc.com/casino-gaming/searches.
Bristol is known for offering highly-focused personal service, depth of experience and professional
knowledge of the industries in which they work. The firm has been established with a focus on
responsiveness, honesty, integrity and strict adherence to ethical standards.
Bristol’s casino gaming practice includes Ben Farber President, and Steven Kessler, Vice President.
About Spectrum Gaming Group
Spectrum Gaming Group LLC, founded in 1993, is an independent research and professional
services firm serving public- and private-sector clients worldwide. Our principals have backgrounds in
gaming operations, economic analysis, law enforcement, due diligence, gaming regulation, compliance
and journalism.
Independence and integrity are our hallmarks. We assiduously avoid conflicts of interest, and
we hold no beneficial interest in any casino operating companies or gaming equipment manufacturers
or suppliers. We employ only senior-level executives and associates who have earned reputations for
honesty, integrity and the highest standards of professional conduct.
Spectrum was honored by Inc. Magazine, which named Spectrum to the 2008, 2009, and 2014
Inc. 5000 List of the Fastest Growing Companies in the United States. In offering such recognition, Inc.
Magazine noted, “A focus on integrity has allowed Spectrum to thrive.”
Each Spectrum project is customized to our client’s specific requirements and developed from
the ground up. Our findings, conclusions and recommendations are based solely on our research,

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analysis and experience. We do not tell clients necessarily what they want to hear; we tell them what
they need to know. We will not accept, and have never accepted, engagements that seek a preferred
result.
Spectrum is a full-service, 360-degree firm. We maintain a network of leading experts in all
disciplines relating to the gaming industry, and we do this through our offices in Atlantic City, Bangkok,
Guangzhou, Hong Kong, Las Vegas, New York and Tokyo, as well as through our team of experts based
from London to Latin America. We provide our clients with an array of services, including:
• Anti-money-laundering controls
• Drafting of legislation and regulation
• Economic impact reports
• Establishment of investigative
procedures
• Evaluation of public policy
• Financial analysis
• Investigations and due diligence
(financial and Integrity)
• Internet gambling research and
analysis
• Legal support services
• Market analyses
• Professional services for Indian
Nations
• Public-policy analysis
• Regulatory services
• Restructurings, distressed
properties/acquisition services
• Strategic Planning for Operators,
Suppliers and Lotteries

Our reports have been used by clients to shape public policy, secure financing, formulate
marketing plans, determine scope and size of development, establish gaming regulations, and
make licensing decisions, among many other purposes.
Our principals have testified or presented before the following government bodies:
o British Columbia Lottery Corporation
o California Assembly Governmental Organization Committee
o Florida House Select Committee on Gaming
o Florida Senate Gaming Committee
o Georgia Joint Committee on Economic Development and Tourism
o Illinois Gaming Board
o Illinois House Executive Committee
o Indiana Gaming Study Commission
o Indiana Horse Racing Commission
o International Tribunal, The Hague
o Iowa Racing and Gaming Commission
o Louisiana House and Senate Joint Criminal Justice Committee
o Massachusetts Gaming Commission
o Massachusetts Joint Committee on Bonding, Capital Expenditures, and State
Assets
o National Gambling Impact Study Commission
o New Hampshire Gaming Study Commission
o New Jersey Assembly Regulatory Oversight and Gaming Committee
o New Jersey Assembly Tourism and Gaming Committee
o New Jersey Senate Legislative Oversight Committee
o New Jersey Senate Wagering, Tourism & Historic Preservation Committee
o Ohio House Economic Development Committee
o Ohio Senate Oversight Committee
o Pennsylvania Gaming Control Board
o Pennsylvania House Gaming Oversight Committee
o Puerto Rico Racing Board
o U.S. House Congressional Gaming Caucus
o U.S. Senate Indian Affairs Committee
o U.S. Senate Permanent Subcommittee on Investigations
o U.S. Senate Select Committee on Indian Gaming
o U.S. Senate Subcommittee on Organized Crime
o World Bank, Washington, DC

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