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Internet Gaming with Credit Cards

w York City and an Egyptian pyramid. Live shows (including erupting volcanoes, pirate ship attacks and a permanent home for Cirque du Soleil) and amusement parks are used to lure visitors to one or another casino. Shopping malls are integrated into hotels, and fine art and fine dining grace many of the newer properties. All of these attractions are intended to bring customers to a particular casino, and to provide enough distractions so that even when the customer is not gambling, he or she will have little or no reason to leave the property (Freedman, 1998, p. S37).

These attractions require considerable capital investment both to construct and to maintain. The MGM Grand spent more than $1 billion to completely renovate in 1993, and the company planned to spend more than half that again in 1998 to update the property. The investment is considered to have a short payback time: more than 70,000 people visit the MGM Grand's property each day, and its 5005 rooms have an industry-enviable 98 percent occupancy rate. In a city where low-cost buffets were once subsidized by gaming revenues, properties now generate only 60 percent of their profits from their casinos. The large companies which operate these properties have realized the benefit of generating profit from the nonregulated nongambling operations (Freedman, 1998, p. S38).

Investors interested in the gaming industry have traditionally invested in the hospitality industry with companies having significant presences in the gaming market. Such companies include Hilton, MGM Grand Hotel, Marriott, Mirage and Station Casinos. Nearly all of these companies have a presence in Las Vegas. Since these companies are focused not only on gaming but also on the hospitality industry, performance has been largely mixed (Sharav, 1998, p. 1802).

A number of companies have been created to address on-line gaming, including Global Entertainment Holdings/Equities based in Omaha, Nebraska...

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Internet Gaming with Credit Cards. (1969, December 31). In LotsofEssays.com. Retrieved 06:51, March 28, 2024, from https://www.lotsofessays.com/viewpaper/1696196.html