The Analysis of Entry and Exit Barriers for the Casino Market

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The Analysis of Entry and Exit Barriers for the Casino Market

  1. 1. #M-11-1 #BELENOVA #LEONT’EV OF BARRIERS C A S I N O BARRIERS OF MARKETMARKET THETHETHE ANALYSIS FOR THE ENTRY AND EXIT
  2. 2. THE TOP CASINOS IN LAS VEGASTHE TOP CASINOS IN LAS VEGAS THE BELLAGIO MANDALAY BAY RESORT & CASINO THE MGM GRAND CAESARS PALACE THE LUXOR HOTEL & CASINO
  3. 3. INTRODUCTIONINTRODUCTION T R M T RANSPARENT (?) EGULATED ONITORED AXED
  4. 4. INTRODUCTIONINTRODUCTION > NYSE / NASDAQ > TAX: 6,75% - 55% > ITS OWN BUSINESS CYCLE > A VERSION OF IRRATIONAL EXUBERANCE
  5. 5. 88NON-STRATEGIC ! ! BARRIERS ! ! BARRIERS
  6. 6. > MARKET CAPACITY CAPITAL REQUIREMENTS < CRIMINALITY < > ABSOLUTE COST ADVANTAGE RELATIVE COST ADVANTAGE < > ADMINISTRATIVE BARRIERS [GOVERNMENT REGULATIONS] MARKET INFRASTRUCTURE < > QUALITY OF GOODS & REPUTATION OF A FIRM
  7. 7. LICENSING PROCESSUPFRONT CAPITAL COSTS DESIGN DEVELOPMENT CONSTRUCTION HIGH LEVEL OF TAXATION NON-STRATEGIC BARRIERSNON-STRATEGIC BARRIERS
  8. 8. CITYCENTER - $8,5 BILLION CONSTRUCTION CAPITAL REQUIREMENTSCAPITAL REQUIREMENTS TECHNOLOGICAL INNOVATIONS GAMING EQUIPMENT WYNN ENCORE - $2,5 BILLION RED ROCK- $1 BILLION OR JUST LAND - $1,2 BILLION
  9. 9. ADMINISTRATIVE BARRIERSADMINISTRATIVE BARRIERS > LICENSING PROCESS > NEVADA GAMING COMMISSION > STATE GAMING CONTROL BOARD > AGA: AMERICAN GAMING ASSOCIATION > NRS: NATIONAL REGULATORY SERVICES > TYPES: RESTRICTED & NON-RESTRICTED > LICENSING PROCESS > NEVADA GAMING COMMISSION > STATE GAMING CONTROL BOARD > AGA: AMERICAN GAMING ASSOCIATION > NRS: NATIONAL REGULATORY SERVICES > TYPES: RESTRICTED & NON-RESTRICTED
  10. 10. 55 STRATEGIC ! ! BARRIERS ! ! BARRIERS
  11. 11. > LIMIT PRICING EXCESS CAPACITY < > PRODUCT DIFFERENTIATION LONG-TERM CONTRACTS: < SUPPLIERS & CUSTOMERS > REPUTATION OF ‘TOUGH’ COMPETITOR
  12. 12. CULTURAL LANDMARK STRATEGIC BARRIERS PRODUCT DIFFERENTIATION THE KILLING (OFF) $100,000 ENTERTAINMENT EVENTS $50,000 STRATEGIC BARRIERS
  13. 13. COMMENTS WELCOME AND ARE QUESTIONS

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