For many years I was covering news about the casino industry at CasinoTop10, in the Finnish language sadly, because it would be great to share some of my stories. The casino industry is a member of the luxury industry but only partly because online casinos cannot be described as luxury and some brick-and-mortar casinos.
The legendary Monte-Carlo Casino in Monaco is a world-famous casino, which is also connected to British agent James Bond 007. The Monte-Carlo Casino and her surrounding are obviously almost all about luxury and great customer experiences. However, Monaco is a very small place and this brings obviously lots of challenges because modern casinos require lots of space in order to be magnificent. But there are more great examples.
Las Vegas is the global capital of the casino industry. Asian casino centers are way behind, such as Macao and Singapore and many others. Las Vegas is the crown jewel, which is very hard to beat because it provides over the top experiences for visitors. It is also one of the favorite places for superstars to perform. Wynn Resorts and Sands Corporation are major players globally and they are well represented in Las Vegas because they are American brands. President Donald Trump's Trump International Hotel Las Vegas is also present. As we know that Trump's business empire tried to revive Atlantic City but casino lovers decided to choose Las Vegas instead. If you are searching for a quiet luxury resort, then Las Vegas is not your place because the city is known for its very buzzing, loud, adrenaline bursting showmanship. It is a place for those who love some serious action.
Las Vegas is well known for her magnificent buildings, which are pure entertainment and creativity. She looks like a fairytale land for adults, and she is. Many of you might think that gambling is the major revenue source for casinos. It is not. In many cases, only five to ten percent comes from gambling. Hence, 90 to 95 percent comes from other channels such as restaurants, lounge clubs, shops, entertainment venues, spas, gyms, cafeterias, bars, discos and many others.
Casinos are huge entertainment centers, which have one specific aim - to entertain customers as good as possible. Therefore they provide almost everything crazy, and almost everything can be provided through excellent concierges. This is the reason why Las Vegas succeeds in the global world because it encourages radical creativity. It understood that gaming is not the issue but extreme experiences, which people are talking all over the world. This is the main lesson for luxury brands. Go big and bold.
Published in Luxury Sales Academy.