competetive and government policies
Competitive Strategies, Government policies and Global Competition
Guy Hull, Samuel Stahlschmidt and Livio Waits
ECO/365
Jan 6, 2014
Eugene Kaufman
Competitive Strategies, Government policies and Global Competition
Businesses regardless of size or scope of operations need to be aware of changes in the business environment and plan for such changes. The competitive environment facing businesses encompasses all external entities competing for the same goods and services. These external factors need to be taken into account when making decisions. Examples of external factors in the competitive environment are new competitors, merger activity, globalization, governmental policies, governmental regulations, and basic economic model decisions. Businesses first look at the competition within their industry. The resort gaming industry is the competitive environment analyzed in the central business gaming corridor in Las Vegas for MGM Resorts International.
MGM Resorts International enjoys a dominant place in the central business gaming corridor in Las Vegas. The central gaming corridor (LV Strip) consists of the destination resort and casinos along Las Vegas Boulevard running from Winchester, Nevada in the north to Paradise, Nevada in the south (“Nevada Gaming Abstract”, 2013). The Nevada Gaming Control Board created this as a reporting area. The Strip earns over fifty percent of all gaming revenue from all sources in the state of Nevada (“Nevada Gaming Abstract”, 2013). The primary competition comes from Caesars Entertainment Corporation formerly Harrah’s. The limited properties available and the enormous cost of entering the market prevent easy entry for new competitors. The barriers do not deter every potential competitor. The Genting Group is entering the market by building a 3500 room Chinese themed resort with a 175,000 square foot casino (Velotta, 2013). The initial investment is over two billion dollars and will be constructed at the old
Guy Hull, Samuel Stahlschmidt and Livio Waits
ECO/365
Jan 6, 2014
Eugene Kaufman
Competitive Strategies, Government policies and Global Competition
Businesses regardless of size or scope of operations need to be aware of changes in the business environment and plan for such changes. The competitive environment facing businesses encompasses all external entities competing for the same goods and services. These external factors need to be taken into account when making decisions. Examples of external factors in the competitive environment are new competitors, merger activity, globalization, governmental policies, governmental regulations, and basic economic model decisions. Businesses first look at the competition within their industry. The resort gaming industry is the competitive environment analyzed in the central business gaming corridor in Las Vegas for MGM Resorts International.
MGM Resorts International enjoys a dominant place in the central business gaming corridor in Las Vegas. The central gaming corridor (LV Strip) consists of the destination resort and casinos along Las Vegas Boulevard running from Winchester, Nevada in the north to Paradise, Nevada in the south (“Nevada Gaming Abstract”, 2013). The Nevada Gaming Control Board created this as a reporting area. The Strip earns over fifty percent of all gaming revenue from all sources in the state of Nevada (“Nevada Gaming Abstract”, 2013). The primary competition comes from Caesars Entertainment Corporation formerly Harrah’s. The limited properties available and the enormous cost of entering the market prevent easy entry for new competitors. The barriers do not deter every potential competitor. The Genting Group is entering the market by building a 3500 room Chinese themed resort with a 175,000 square foot casino (Velotta, 2013). The initial investment is over two billion dollars and will be constructed at the old
References: Colander, D.C. (2010). Macroeconomics (8th ed.). Retrieved from The University of Phoenix EBook Collection database. Nevada Gaming Commission (2012). Retrieved from http://gaming.nv.gov Nevada Gaming Abstract. (2013). Retrieved from http://www.gaming.nv.gov UNLV Gaming Research. (2013). Retrieved from http://www.gaming.unlv.edu Velotta, R.N. (2013). Asian Themed Resort in las Vegas. Retrieved from http://www.vegasinc.com