Global Gaming Expo Falls On Hard Times
It's the gaming industry's hottest tradeshow where the latest advances in slot machines and other gambling-related products go on display at the Las Vegas Convention Center. In past years, this even attracted thousands of people and included keynote speakers the likes of Larry King.
This year's Global Gaming Expo will be different however.
The global and American economies are tanking, leaving consumers with fewer discretionary spending dollars, writes Howard Stutz of the Las Vegas Review Journal.
"Casino executives have been holding the line on expenses, such as updating gambling equipment. Representatives of the leading slot machine manufacturers are worried the G2E trade-show floor could turn into a three-day window-shopping excursion."
"We think people will be there and, more importantly, we hope they bring their checkbook," said Bally Technologies Chief Operating Officer Gavin Isaacs. "Ultimately, casinos have to replace their games. A certain amount of buying will take place, but the replacement cycle is much slower than we all anticipated."
Frank Fahrenkopf, President of the American Gaming Association is cautiously optimistic.
"Once thought to be impervious to economic fluctuations, the gaming industry has proved very vulnerable to the recent downturn. This is due, in large part, to the sheer magnitude of the economic crisis. Businesses of all stripes are affected.
"Difficult times often encourage creativity and ingenuity, traits that have long been hallmarks of the gaming industry. They have helped us overcome many difficult challenges in the past, from dealing with vocal opposition in new jurisdictions to recovering from natural disasters such as Hurricane Katrina. This may be a time of apprehension and uncertainty, but it also is a time of tremendous opportunity.
"G2E also reflects the industry's continued commitment to this city and other gaming communities across the country, as well as to the employees who are essential to our continued success. The gaming industry is determined to weather the current economic storm, and to use this challenge as a springboard for future growth and prosperity.
"At its core, the gaming industry remains strong. Throughout all the recent economic turbulence, that fact has not changed. Armed with new ideas and renewed determination, the gaming industry will persevere and, in fact, emerge even better than before."
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Jagajeet Chiba, Gambling911.com
