Vanbiesbrouck wrote:Concessions from a government that seemingly hurt locals to allow them to continue operating there?
Selling off assets to fund current development?
Are these things really positive? I guess more than anything I'm asking because I'm not sure...not necessarilly to disagree with the original post.
Interesting take. I'd forgotten about the 'Public Image' side of business.
ALL businesses take risks and make investments that don't pan out. (Filing for a PA slots license is very expensive, and only ONE applicant will be successful. Does that mean it's a stupid business descision to apply? No.)
IoC has propertis that they invested in years ago. Since then the overall market has changed (9/11 changed travelling habbits, New Orleans is no longer a viable tourist destination - PA now presents a new opportunity). Not only has the market changed, but any business is faced with a limited amount of capital. Selling off underperforming assets and moving the money where it can achieve a greater return is SMART business. As for the Bahamas. Thats politics. We all know what dealing with politicians is like. If you think politics here is corrupt, you don't want to know what happens in the Carribean. The politicians there cut deals to attract a casino, then cut a better deal to attract the next one, putting the first casino at a disadvantage. That's why there are constant negotiations between casinos there and the local government.
Again, smart business for IoC.