Las Vegas, NV (PressExposure) April 20, 2009 -- On February 19, gaming expert, Richard Goeglein, CHA, addressed a group of Gaming Regulators at the International Gaming Institute at UNLV, representing foreign and domestic regulatory bodies.
Goeglein is one of the nationâs top industry experts in operations, development and turn-around management. He was President and COO of Holiday Corporation (then parent of Harrahâs Hotels and Casinos), a role he took after his successful acquisition and expansion of Harrahâs Hotel and Casinos (the largest U.S. casino operator at that time). Goeglein then managed a variety of projects for the casino and hospitality industry, culminating in his role as President and Chief Executive of Aladdin Gaming Holdings and Aladdin Gaming LLC. He was instrumental in creating the capital structure of the company and overseeing the placement of over $600 million in development financing. He served on the Boards of Directors of Pinnacle Entertainment, Inc.; Harrah's College of Hotel Administration at UNLV; and the Gaming Oversight Committee for Marriott International.
During his address, Goeglein spoke about the world economy and its implications for gaming, especially in Las Vegas, which represents the largest gaming market in the world. He also addressed social responsibility and how Gaming Companies can accommodate responsibility to shareholders, while still remaining sensitive to employees and communities where they operate.
When addressing the recent situation in the U.S., Goeglein said, âThe psychological impact has been enormous and in many ways captures âthe irrational exuberanceâ of 2003 to 2007. This was a period of unbridled growth in materialism â a time when something âtoo good to be believedâ WAS believed. Gaming (especially in Las Vegas) embraced this with the development of massive casino resorts, luxury hotels and condominiums, ending in re-sizing through mergers and consolidations (in addition to recapitalizations through leveraged buy-outs with unprecedented debt / equity ratios). Empires were built, millionaires became commonplace and Mega-Million / Billionaires created. This new development has seldom resulted in meaningful increases in overall revenue.â
Goeglein believes this distressed period for gaming will not abate until well into 2010, and gaming, as an industry, will more closely mirror the rate of growth of the overall economy. He predicts that new casino development in Atlantic City will continue to be static while impacted by expanded gaming in the region. Vegas will likely not recapture itâs historical growth. Finally, the current political outlook, coupled with a stressed economy, will depress the convention and meetings market segment. This economy has likely put an end to rampant consumerism and ostentatious spending by the very wealthy. As in all industries and business segments, there will be those that outperform, those that sustain/maintain, and those that will disappear. While the âgolden ageâ of gaming might be over, having a realistic picture of where things stand for the near future is truly the only way for ALL the players to leverage themselves and make the most out of a difficult economy.
Richard Goeglein currently speaks and shares his expertise with gaming industry groups and investors from around the world. He also mentors top executives and management teams. Press Release Distribution By PressReleasePoint