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At an industry conference this week, Harrah's CEO Gary Loveman says that casino operators will need to change how they do business in order to thrive. Loveman says that spending capital "like drunken sailors" has plagued the industry. "The arms race that has characterized the business over the last several years might have to de-escalate," he says. "There will be a significant sea change in the way in which the balance sheets of these businesses are structured."
In addition, Dan D'Arrigo, CFO for MGM Mirage, told conference attendees that he does not expect any new hotel-casino development for the next five to seven years.
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Harrah's CEO Says Casino Operators Need to Change M.O.
Nov 21, 2008 - Source: Associated PressAt an industry conference this week, Harrah's CEO Gary Loveman says that casino operators will need to change how they do business in order to thrive. Loveman says that spending capital "like drunken sailors" has plagued the industry. "The arms race that has characterized the business over the last several years might have to de-escalate," he says. "There will be a significant sea change in the way in which the balance sheets of these businesses are structured."
In addition, Dan D'Arrigo, CFO for MGM Mirage, told conference attendees that he does not expect any new hotel-casino development for the next five to seven years.
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