Gambling is a multi-billion-dollar industry that has been growing constantly, especially over the past several years with the surge of its online segment. According to the tenth annual Global Gambling Report, global gambling revenue amounted to $452 billion in 2014, up 3.2% as compared to the figures posted for the previous year. Despite the obvious slowdown due to a number of adverse factors, an increase in overall revenue is expected to be reported for 2015, as well.
But to what does an industry owe its profitability and growth? Consumers? Of course! It is really important for an industry to have a customer base that is keen to take advantage of the products and services it is offered and to do this repeatedly. On the other hand, it would be quite neglectful not to pay special attention to the hundreds of thousands of people (probably even millions) who are employed in the industry. Their major contribution to the popularity and the constant growth and development of the global gambling industry is indisputable.
Yet, it could be said that behind every successful company, gambling companies included, there is usually one individual that represents the whole entity. A person with immense creativity, leadership skills, determination, and enthusiasm. And there are probably thousands of such individuals involved in the gambling industry. Over the years, they have managed not only to create gambling empires providing both land-based and online operations, or both, but have also changed the way the industry is perceived, as well as the course of its development and growth.
The following paragraphs are focused exactly on such people – owners of some of the world’s biggest gaming companies, influential people who have contributed quite a lot to the current state of the global gambling industry, and who are to further shape and re-shape it.
1. Sheldon Adelson
Founder, Chairman, and Chief Executive Officer of Las Vegas Sands Corp., one of the world’s biggest and most profitable gambling operators, Sheldon Adelson is probably the first name that pops into people’s minds when they think of powerful figures in the gambling industry.
At the age of 82, Mr. Adelson is still actively involved in the management of his company as well as in a number of other related matters. His contributions to the development of the industry are numerous. As mentioned above, he is the founder of one of the largest hotel and casino companies in the world with properties in the United States, Macau, and Singapore.
Another important thing worth paying attention to is the fact that the introduction of the term “integrated resort” was attributed to Mr. Adelson himself. According to media reports, back in 1990, the casino mogul started calling Las Vegas Sands’ Nevada-based properties integrated resorts in order to distinguish them from the rest of the hotel and casino venues in the state, particularly the ones located in Las Vegas.
Generally speaking, the integrated resorts are multi-billion-dollar, multi-purpose properties, featuring numerous gambling, accommodation, entertainment, food and beverage, convention, and a number of other options. It could be said that such combined venues have become extremely fashionable over the past decade, as they gradually left the borders of Las Vegas and the United States as a whole, in order to be introduced to Macau and other jurisdictions in the Asia-Pacific region.
Coining the term integrated resorts and presenting the world with the concept was in a way instrumental to the development of the global gambling industry. Such properties can now be seen in Macau, Singapore, the Philippines, the United Kingdom, etc. What is more, Australia is to launch several integrated resorts in the years to come. Japan is also a likely host to at least two hotel and casino resorts, if it legalizes its casino industry.
Mr. Adelson is also known to be a staunch supporter of the so-called Restoration of America’s Wire Act initiative. Essentially, RAWA calls for the prohibition of almost all forms of online gambling within the borders of the United States. Currently, online gaming options are provided in three states – Nevada, Delaware, and New Jersey. If RAWA, which has been subject to long discussions over the past years, eventually passes, this would mean that the aforementioned three jurisdictions will, too, be forbidden to provide gambling customers with Internet services.
Supporters of the legalization of online gambling have accused Mr. Adelson that he has been using his wealth and influence to convince legislators that RAWA’s passage would be the right thing not only for the US gambling industry but also for the nation as a whole. The casino mogul has not done much to refuse those claims. In fact, he has repeatedly told media that he would do his best to prevent the legalization of online gambling, calling Internet options a menace to American families and “a societal train wreck waiting to happen.”
2. Steve Wynn
With decades of experience in the gambling industry, Mr. Wynn is known for overseeing the construction of some of the most emblematic casino venues in the world. He started his career in the industry in the 1970s when he acquired a controlling interest in Las Vegas-based Golden Nugget casino. Mr. Wynn turned the gambling hall into a destination resort, thus attracting wealthier customer base that was ready to spend large amounts of money at the luxury property. Given this, it could be said that the casino mogul changed not only the way casinos were built but also the way gambling options were provided in Las Vegas and subsequently the rest of the world.
It was 26 years ago when Mr. Wynn opened his first major casino on the Las Vegas Strip, which up until a few years ago was known to be the world’s most popular and profitable gambling destination. The Mirage, a $630-million hotel and casino venue, Las Vegas’ most expensive one at that time, was in fact the first project in which the casino tycoon was actively involved. Mr. Wynn contributed significantly to both the design and the construction of the facility. With its erupting volcano, glass-domed atrium with tropical plants, and lobby aquarium, the tropical-themed resort was a truly impressive addition to the Las Vegas skyline.
Wynn Resorts Ltd., which is now one of the world’s biggest gambling operators, was founded by Mr. Wynn back in 2002. Since then, he has been its CEO and Chairman of the Board. For years now, the company’s flagship properties Wynn Las Vegas, Encore at Wynn Las Vegas, and Wynn Macau Resorts have amazed visitors not only with the numerous gambling, accommodation, food and beverage, entertainment, and other exciting options they offer but also with their unique design.
All three properties sport a similar design, behind which was Mr. Wynn himself. The buildings of the three hotel and casino resorts are slightly curved and thus they could be easily distinguished from the surrounding venues of this kind both in Las Vegas and Macau. The bronze glass towers are a true feast for the eyes with their simplicity, yet discernible uniqueness. The epitome of luxury and attention to detail!
3. Stanley and Lawrence Ho
At the age of 94, Dr. Stanley Ho Hung Sun, or the ‘King of Gambling’ as he has often been referred to as, is no longer in the casino business but his contribution to Macau’s turning into the global gambling mecca that it is now is indisputable.
Born in Hong Kong (British Hong Kong at that time), Dr. Ho started working in Macau at the age of 22 as a clerk in an import-export firm. He quickly built reputation of a resourceful person with exquisite entrepreneurial skills. Early in the 1960s, Dr. Ho, together with partners Henry Fok, a Hong Kong business mogul, famous Macau casino player Yip Hon, and businessman Teddy Yip, won the public tender for government-granted monopoly for the provision of gambling services within Macau’s borders.
Dr. Ho and his company, which was rebranded as Sociedade de Turismo e Diversões de Macau, reigned in the Chinese administrative region for more than four decades. In 2002, the government of Macau put an end to the monopoly system and three international casino operators were allowed to build casinos in the city and to provide gambling services there. Three more such companies entered Macau’s gaming market later on.
And it could be said that Lawrence Ho is his father’s son. Dr. Ho’s eldest male descendant, too, has been long working in the gambling industry and has contributed a lot towards its current state. Mr. Ho is CEO and Chairman of Hong Kong-based company Melco International Development, owns a 33% stake in Melco Crown Entertainment, and heads Summit Ascent.
What is more, Melco Crown, a joint venture between Melco International Development and Australian gambling operator Crown Resorts, is one of the six international companies that have been authorized to provide gambling options within Macau’s borders. Not long ago, the joint entity launched Studio City – a $3.2-billion Hollywood-themed integrated casino resort, which offers not only a number of gambling options for both VIP and mass market players, but also a wide variety of non-gaming, family-oriented ones. The expensive complex came as part of Macau’s strategy to reduce its dependence on its casino industry and attract more non-gambling customers.
Melco Crown also operates City of Dreams Manila – the Philippines’ third integrated casino resort and second one to be launched within the so-called Entertainment City. The complex had its soft launch in December 2014 and was an instant success.
As mentioned above, Mr. Ho also currently heads Summit Ascent, a company that holds a 60% stake in an integrated casino resort project in the Russian city of Vladivostok. The Hong Kong businessman and his peers would likely be the first to open a venue of this kind in the so-called Primorye Integrated Entertainment Zone in a bid to attract high rollers from North Asia, who would otherwise travel to Macau and other popular gambling destinations in the Asia-Pacific region.
It is still too early to tell whether Mr. Ho’s venture in Russia would turn to be a profitable one. Yet, it could be said that the casino scion clearly did not want to limit his influence to the southern part of the continent and the Philippines and has been looking for ways to expand his operations even further.
4. James Packer
Media mogul and casino owner, James Packer is a well-known figure on the Australian and international business scene. The businessman is former Chairman of Crown Resorts, one of the two major gambling operators in Australia, with the Star Entertainment Group being the other. At present, Crown operates two of the largest casino and entertainment venues there – Crown Melbourne and Crown Perth. The casino company has also won a license for the operation of a multi-billion-dollar integrated resort in Sydney’s Barangaroo precinct.
Outside Australia, Mr. Packer owns a stake in the above-mentioned gambling operator Melco Crown Entertainment, which as already stated, runs casinos in Macau and the Philippines. What is more, in 2013, the casino mogul’s company Crown Resorts was given the green light to start providing gambling operations in Sri Lanka. However, the current government of the country cancelled all casino licenses preceding legislators awarded, including the one granted to Mr. Packer’s company.
And as it seems the Australian casino giant is planning to bet big on major integrated casino resorts projects in the United States and Japan. Crown Resorts is to built a luxury hotel and casino complex on the Las Vegas Strip by 2020. The venue would feature different gaming and non-gaming options and will be located just across Wynn’s emblematic properties. As for the company’s interests in launching a gambling venue in Japan, it will need to wait until casino gaming is legalized in the Asian country.
5. Kazuo Okada
Mr. Okada has made the greatest portion of his fortune by selling slot machines to gambling operators around the globe. But his business is not only limited to manufacturing gaming machines, the 73-year-old businessman has also long been a key figure on the international casino scene and his role is yet to become even bigger as he is currently building a luxury integrated resort in the Philippines as part of the Entertainment City.
Tiger Resorts Leisure and Entertainment Inc., an affiliate of Mr. Okada’s Universal Entertainment Corp., is in charge of the construction of the $2-billion Manila Bay Resorts. Under the Philippine law, a foreign company cannot own more than 40% of the land where a given business is to be conducted and has to work with a local partner that would own 60% of the said land. After a prolonged search for a local partner and a series of unfortunate events that occurred while looking for such partner, Tiger Resorts eventually reached an agreement with Philippine businessman Antonio O. Cojuangco.
Manila Bay Resorts was initially expected to open doors in March 2015. Now developers have up until December 2016 to launch Phase 1 of the project. The integrated resort would be the third one in Entertainment City, the multi-billion complex located on the Manila waterfront.
Mr. Okada also owned a 20% stake in major gambling operator Wynn Resorts and was even a Vice Chairman of the company at some point. The reason for this was the fact that the Japanese billionaire had provided his partner and friend Mr. Wynn with the amount of $455 million to help him complete his Wynn properties in Las Vegas and Macau.
When Mr. Okada won a casino license for the operation of a gambling venue in the Philippines, he expected that Mr. Wynn would join the ambitious project. However, the Las Vegas-based casino magnate decided not to take part in the venture, a decision that led to a long and severe feud between the two moguls and eventually to the end of their partnership.
These were six of the casino industry’s most influential people. They have managed to create gambling empires, to expand their presence in more than one continent, and to change the way casinos around the world are built and operated. Here it is important to note that the article contains the names and information about a few of the gambling industry’s most powerful figures. There are in fact many more such people that have contributed quite a lot towards the industry’s current state.
