udget, Office of the President, 1987).
To this point, it would appear that the requirement to limit the analysis of the hotel industry as it is defined by the Standard Industrial Classification code is reasonable. In fact, however, the scope of the industry has far outstripped the standard industrial classification system. A major devel opment in the operation of hotels has been the combining of this activity with gambling. Gambling establishments are included in Major Group 79: Amusement and Recreation Services (Office of Management and Budget, Office of the President, 1987). Gaming establishments not primarily operating coin operated machines are included in industry group 799 miscel laneous amusement and recreation services, and industry number 7999 amusement and recreation services, not elsewhere 3classified (Office of Management and Budget, Office of the President, 1987).
The differentiation between industries number 7011 and 7999 might, at a casual glance, appear to be irrelevant to an analysis of the hotel and motel industry. In fact, however, the differentiation is highly relevant. Major players in the hotel and motel industry are now classified in industry number 7999. These major players include Hilton Hotels Corp., and Resorts International, among those organizations with extensive lodging operations (Standard & Poor's, 1990a). Further, casino operators also engaging in the lodging business are included in industry number 7999. Reporting organizations such as Standard & Poor's develop industry data separately for industries number 7011 and 7099, and, thus, provide incomplete data on the hotels and motels industry number 7011. Conversely, reporting organi zations such as Value Line Investors Service combine industries number 7011 and 7999 for data reporting, which, if an attempt is made to apply it to an analysis of the hotels and motels industry number 7011, creates a distortion of a different type.
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