As the Massachusetts gaming commission began hearings last week to decide if the Wynn Co will retain its license to operate the first major urban casino on the East Coast, I thought back to my original introduction to the casino industry in 1983. I considered much that industry has changed, but also how each sector I've researched has transformed and why these metamorphoses keep my job fresh.
Now, 48 states offer legalized casinos in the U.S., and Macau, the Chinese-owned peninsula, is home to the largest concentration of gaming facilities in the world, generating five times the revenue of Las Vegas. Any resemblance to the industry I first covered is purely a function of the consistent rules of slots, blackjack, craps and roulette.
Most that survived the cutthroat 1990's cratered under the weight of debt and fear of flying following 9/11. The evolution from an elite and expensive travel experience to something closer to flying bus travel has done nothing magical for airline stocks, which have been cyclical and indifferent performers at best.
Doesn't an industry require competition? 🤣