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Gaming Industry Essay

4414 words - 18 pages

Table of Contents

Introduction………………………………….….…..…..Pg. 3
Broad Overview of the Gaming Industry…………....….Pg. 4
Trends……………………………………………..…….Pg. 5
Is My Business Fit for Gaming…………..…..................Pg. 6
Larry Katz of Dot’s Diner………………….……….…..Pg. 7
Lessons Learned……………….......................................Pg. 7
Conclusion…………………………………….….……..Pg. 8
Works Cited……………………………………………..Pg. 9

There are many industries that are out there providing jobs for many different people in this world. There is however, quite none like the Gaming Industry. The beginning of gambling can be traced to religious rituals in pre-historic societies. The rituals had a purpose of ...view middle of the document...

Toward the end of the Middle Ages, in addition to playing cards, the lottery became an important form of gambling in Europe. First, lotteries appeared in the Roman Empire as a way to distribute gifts without offending anybody. In Europe, lotteries originally served the purpose of getting rid of expensive merchandise that did not have any buyers. A century later the merchants of Venice and Genoa used lotteries to move unsold goods. The first English lottery took place under Queen Elizabeth in 1569 with prizes in silverware, tapestry and money. The lottery is now a multi-billion dollar revenue generator for many states across the United States. The evolution of gambling back then to now has changed the way humans interact and perceive gambling. Gambling today is now an accepted (for the most part) form of entertainment and millions of people across the globe come to Gaming venues for the sheer entertainment and adrenaline rushes that comes with it.
The purpose of this paper is to examine the Gaming Industry as a whole and see if there is a place I can diversify into with my current businesses in the hospitality industry. My family is exclusively in the hotel industry and I would like to diversify into other sectors. Diversification is good for any business if it is done well as it ensures there is revenue coming in from multiple industry segments. Diversification is also a very sustainable business practice as it will help ensure your business will stay around longer because it has it’s “hand” in so many pots. It will be especially good in my case since we are a fairly small business and a slow demand in the hotel industry could send a big stop to our aggressive growth. In the case of a slow demand of hotel rooms, we would rely more heavily on another industry that we would have diversified into-such as the Gaming sector. I think it would be wise for us to diversify into the Gaming sector because there is plenty of good that is in it and it can also be a compliment to our existing businesses in some cases. I also want to diversify into it because I have a personal interest in owning a Gaming establishment. I have always heard the phrase “the house always wins” and I have always wanted to own the house that wins the money. I understand it takes plenty of capital to start up a full service casino such as Harrah’s so I am more interested in adding a value added gaming option in my current hotels such as video poker and other electronic gaming devices. If these devices do well then I would have an interest in trying to open establishments that offer just video gaming exclusively. I understand that there are many different laws and regulations pertaining to establishments like this and I want to do research on these laws to see if it would be feasible.
Gaming is an official industry sector according to the 2002 Census Bureau. The codes range in the industry from 72112 which are casino hotels all the way down to 713290 which are classified as...

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