People often ask me how the economy affects business at the casino where I work. What people don't realize is that the casino business is a different kind of animal, especially in the midwest. We are thriving in a struggling economy. There are multiple reasons for this, but I believe one of the biggest reasons is the negative impact the economy is having on Sin City. Las Vegas is currently in world of hurt. The unemployment rate is over 10% and they rank number one in the country in foreclosures. When I was there in November a table games dealer told me that she was only allowed to deal one day a week. I can't imagine attempting to make a living like that. Station Casinos are said to be filling for bankruptcy and MGM Mirage is being sued by their partner on the $8 billion plus City Center project for breach of contract due to being concerned about the financial stability of the company. After being the fastest growing city in America for multiple consecutive years, Vegas is now fighting for their life. How does this affect the gaming market in Oklahoma? Surprisingly well. People who like to gamble are still going to gamble. The difference between a casino in the casino I work at and a casino in Las Vegas is that one of us is a "local's casino" and the other is a "destination casino". I'm sure you can put two and two together and figure out which is which. The current state of the economy is hindering many people's vacation plans to places like Vegas. The people that go to Vegas still have the desire to gamble. Luckily, we can provide them with that satisfaction in their own backyard. Sure, casinos here are nowhere near as extravagant as they might be in LV, but they're becoming increasingly nicer as new properties continue to be built across the midwest.
Our new $195 million property will open it's doors next Tuesday. It's funny to think a casino in Oklahoma had the ability to reach a deal on such a substantial loan and the casinos in Las Vegas don't stand a chance. Investors realize that the casino industry remains to be very profitable, even in the economic crisis our country is currently going through. With the opening of the new casino, we will introduce Tulsa to a gaming experience unlike any that locals have experienced thus far. I was skeptical during the many months of construction that our new property would be pretty similar to other recently opened and renovated casinos around the area. I do believe I was wrong. It's been a stressful project but I'm extremely excited for the opening. More than anything, I can't wait for the public reaction. I don't think people realize how nice it is inside, especially with the reputation of our current casino. People still think of the former casino as an old smokey bingo hall. Oh how the perception is going to change.
I do hope that things pick up for the casinos in Las Vegas. I love going there and I don't want to stop doing so. In the meantime, however, I'll enjoy our day in the sun.
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