Staff & Wire Reports | The outlook for 2009 in the gaming industry look bleak, with a recovery not likely until 2010, according to a survey of key casino and hospitality executives.
The survey was conducted by Globalysis Ltd., a boutique Las Vegas-based research and strategy consulting firm, which just released its 2009 Casino Executive Outlook (CEO) study. The study sampled government and industry leaders from all six continents.
When executives were asked when they believed the global economy would recover, most (53%) believed it would recover in early to mid 2010. These leaders were similarly pessimistic about the current outlook of the global gaming industry, with a majority (52%) indicating that they foresaw a "very poor" or "poor" performance for this industry in 2009.
Globalysis partner Jeff Voyles summarized the study: "These findings are intriguing, and reveal that executives are now responding dynamically to unprecedented shifts in global attitudes and reduced consumption. At the same time, there is cause for optimism, as most executives surveyed see a recovery in 2010."
Many respondents extended this negative outlook to corporate hiring and social responsibility matters. Nearly half of the executives anticipated that their organization would reduce their staff in 2009, while 63% said that they anticipated that their organization would likely commit fewer resources to corporate social responsibility programs during 2009.
Some reason for optimism, however, might be found in responses to questions asking about technology and politics. Fully 63% of respondents indicated that they foresaw growth in their organization’s technology usage in 2009, while 73% predicted growth in the global internet gaming industry during the year. Meanwhile, 46% of respondents believed that the Obama administration would have a positive effect on the U.S.-based casino gaming industry, while only 12% indicated that it would have a negative effect.
Finally, given the global diversity of this sample, the Globalysis research team thought it would be interesting to ask about their impressions of the current "gaming capital of the world." As it turns out, Las Vegas still maintains the top spot: 81% voted for Las Vegas, while only 19% voted for Macao.
"Your Vegas Is Showing"
I've been to Hollywood
I've been to Redwood
I crossed the ocean
for a heart of gold
I've been in my mind,
it's such a fine line
Later, The Team.
