Speech And Debate Block 4 - 901 Words

Tessa Buono Mr. Donley Speech and Debate, Block 4 12 November 2014 What Really Happened? Raise your hand if you agree, two towers fell on 9/11. Now, raise your hand if you believe three towers fell on 9/11. Those of you who are raising your hands now are more informed than the average American. On 9/11, in the late afternoon, a third building, just blocks away from the twin towers, fell. The building was called WTC 7, or building 7. (PHOTO 1) Why do many Americans not know about Building 7? The Building’s collapse was not mentioned in the 9/11 Commission Report. Also, it took nearly seven years for the federal government to conduct an investigation on the collapse of the building. So why is the collapse of this Building hidden in secrecy? It was due to the fact that it had no evident reason for why it fell. Many news reporters stated that the reasoning behind the building’s collapse was due to the small, contained fire inside the Building. If this was true, that marked the first day in history that a building with a steel frame ever fell due to flames. If you’re not following me yet, just picture this: just as the handle of a frying pan doesn’t get hot at the same rate of speed as the part over the fire, the steel work on the Building near the fire could not have triggered the whole building’s steel structure to collapse. Steel buildings are known to continue to hold their structure through fires. Hence the reasoning behind why so many firemen died on 9/11, because theyShow MoreRelatedInternet Censorship: Censoring Freedom Essay1707 Words   |  7 PagesEven the United States is now in debate to construct a system to filter the internet and remove sites that are considered censor-worthy. Although this may sound like a semi-logical approach to uphold our internet, countries that have this system abuse the censor for more than hiding adult content from children or removing drug paraphernalia sites. Chinese web content filters, for example, do not allow pro-democratic information, religious m aterials, and any speech considered improper. Another problemRead MoreWhistleblowing1148 Words   |  5 Pagesthe criminal and political ramifications of whistleblowing there is still one area that can often be seen as a more personal one†¦that of the ethical debate. As stated in Lars Lindblom’s article Dissolving the Moral Dilemma of Whistleblowing, â€Å"The ethical debate on whistleblowing concerns centrally the conflict between the right to political free speech and the duty of loyalty to the organization where one works.†2 The political philosophy of John Rawls that can be applied to this dilemma, showRead MoreEssay on Comparing the Internet in China and the United States1744 Words   |  7 Pagesthe Internet in China and the United States. China was chosen due to the restrictive and closely scrutinized nature of its Internet, in contrast to the internet in United States which has significantly more freedom and protected by the freedom of speech and expression. This study will include: †¢ Distribution and segmentation of the medium in both countries †¢ Ownership †¢ National regulatory structures †¢ Socio-economic origins and functions of medium in today’s society It was concluded in this studyRead MoreFec vs. Citizens United Essay1275 Words   |  6 Pagesâ€Å"Congress shall make no law respecting an establishment of religion, or prohibiting the free exercise thereof; or abridging the freedom of speech, or of the press; or the right of the people peaceably to assemble, and to petition the Government for a redress of grievances.† Many people disagree on the extent of power the First Amendment actually has on the right to free speech. One of the most controversial issues surrounding the First Amendment is how much influence a company can have over elections andRead MoreObservation Of A Child On Human Development1401 Words   |  6 Pageschild’s house on November the 11th from 3 to 7pm. I observed about 4 hours for 1 session. In a small town in northern Wisconsin called Minocqua the observation took place. The environment varied at time, it would be loud for a while with music being played and the kids dancing along. At times ca lm with the girls favorite T.V. show on about unicorns then quite at other times of the observation. I was watching my older niece of 3 soon to be 4 at the time, but my younger niece of 1 and half was there alsoRead MoreCensorship Research Paper4391 Words   |  18 Pagesweb censorship in the United States was a common thing, as it is in some countries. Censorship of hateful and inappropriate content seems good in theory but since inappropriate material is based on personal opinion and censors either don’t block everything or blocks harmless sites, it’s not practical and can only hinder web use. The internet is a free-flow of ideas, facts, and opinions that anyone has access to as long as they have a computer and it allows information to travel faster than any otherRead More Internet Censorship Essay - America Needs Censorship of Cyberspace1330 Words   |  6 Pagesban these websites.    Many lawmakers want to establish laws to control what is available on the Internet. Their number one reason is the availability of everything on the Internet to children. Even though parental controls, software that blocks offensive sites to children, are available many parents fail to use them. Senator J. James Exon, who proposed the amendment, does not believe that parents can watch their children all hours of the day, which leaves the government to do the jobRead MoreRti Provides The Framework For Reading Instruction At Newsome Park Elementary School Essay959 Words   |  4 Pagesreceive Tier II instruction, and 25% qualify for Tier I instruction only. All students receive 20 minutes of daily Tier I instruction in a whole group setting. Additionally, they continue differentiated independent practice for the remainder of the ILA block, with the exception of meeting for Tier II and III instruction. Intensive students receive 30 minutes of daily Tier II instruction, strategic students receive 20 minutes of daily Tier II instruction, on, and above grade level, students receive instructionRead MoreFailures of Internet Censorship Essay1890 Words   |  8 PagesInternet censorship is the use of filters or ‘blocks’ to control what is published, access and viewed across the internet. It is used by parents, organisations such as schools and corporations and governments to restrict what their citizen’s access and post online. Internet censorship has occurred since the early days of the public internet, where governments around the world have attempted to address the issue of illegal material, political propaganda, harmful material or content deemed unsuitableRead MoreThe Westboro Baptist Church, A Radical Christian Group1533 Words   |  7 Pagesled to many debates and even a case in the supreme court on whether or not their protest against America and her people should be protected by this amendment, Hopefully that question will be answer ed in this essay. The Westboro Baptist Church, evil as they are, should be protected by the first amendment. First lets review the first amendment. â€Å"Congress shall make no law respecting an establishment of religion, or prohibiting the free exercise thereof; or abridging the freedom of speech, or of the

Scuba Snorkeling Scuba Diving - 1055 Words

What is Scuba Diving? Scuba Diving is defined as swimming and breathing below water. Scuba stands for Self-Contained Underwater Breathing Apparatus.1 Scuba makes it possible for one to explore the amazing sights of the underwater world. Divers can remain underwater by using a cylinder of air to breathe. It is practiced recreationally all around the world and can even be a profession. Scuba divers enroll in courses through an organization, such as PADI. What is PADI? PADI stands for Professional Association of Diving Instructors. It is the world’s leading diver training organization. More than 23 million certifications have been issued around the world. PADI diver courses can be found nearly anywhere. Translations of PADI materials are available in 26 languages.2 This organization provides instructors that help those interested in scuba diving to learn. How to become a diver? PADI offers two ways to get involved with scuba diving, Discover Scuba and becoming an Open Water Certified Diver. Discover Scuba is available for those who want to try scuba diving, but are not yet ready to dive into a certification course. Discover Scuba is offered in either a pool, off a beach or from a dive boat. Basic skills and safety guidelines are learned before one tries Discover Scuba. If the program is enjoyable, a student may proceed to the next step, which is becoming an Open Water Certified Diver. First, lessons will be taken either in a classroom or online to comprehendShow MoreRelatedScuba Snorkeling And Snorkeling Diving1785 Words   |  8 Pages The Extreme and Thrilling Dangers of Scuba Diving Have you ever been scuba diving or perhaps seen pictures of it? It is an amazing opportunity that should be on everyone’s bucket list. When most people look out at the ocean, they think of how beautiful it is. Although the ocean is marvelous on the outside, they’re only looking at the outside. The inside is when it really takes your breath away. When scuba diving, you are given the chance to swim in one of the world’s glories -- the ocean. TheRead MoreFactors Caused By Recreational Scuba Diving And Snorkeling Industries923 Words   |  4 Pagesrecreational scuba diving, and snorkeling. Pressure refers to the frequency, and quantity of divers, and dive boats on any particular reef. This pressure often results in damage to the reef, and is caused by divers, snorkelers, and even dive boat anchors, and anchor lines, furthermore, this damage takes significant time to repair, due to the rate at which coral grows, and repairs itself. Although this damage is not irr eparable, continual pressure by recreational dive and snorkeling industries, canRead MoreCoral Divers Resort Case Study1155 Words   |  5 Pagesis acting since 10 years on the niche industry of a rapidly growing sport scuba diving in the island of New Providence in the Bahamas. The company belongs to Jonathan Greywell familys who found this niche by creating short weekend and midweek diving ventures, a service that intrigued the public, both single and families. Coral Divers Resort has targeted the aficionado diver, and the tyro, both of which want maximum diving pleasure for minimum expense, having the advantage of accomodation at a beachfrontRead MoreHawaii s Spectrum Of Ocean Recreational Activities1176 Words   |  5 PagesSnorkeling, one of the simplest of Hawaii s spectrum of ocean recreational activities could be the basis for a great family vacation in the islands! As all of us look for creative ways to stretch our vacation budgets, a closer look at this simple, inexpensive activity can provide for a vacation with memories comparable to anything your family s experienced together! Unlike scuba diving, snorkeling offers the silence for you to hear sounds emitted by fish, crustacea, and the relaxing sound of sandRead MoreDifferent Types of Diving Mask: Scuba Dive in Nassau Bahamas544 Words   |  3 PagesYou may be preparing to scuba dive Nassau Bahamas, but youll need to check if you have all of the proper equipment first. A proper scuba diving mask is a crucial part of your equipment, but there are many different types of mask to choose from. Whether youre purchasing a mask now or just wish to expand your knowledge on the topic, there are four main types of mask that you should learn about. Swimming Goggles Unless youre diving in particularly shallow areas, swimming goggles are usually notRead MoreTourism in Fiji1418 Words   |  6 Pagesbeen exposed to islands and water sports. Fiji is known for been one the most wonderful places for scuba diving and snorkeling as well a vast natural resources. I am PADI licensed diver and while taking some of my courses my colleagues always talked about the wonderful experiences they had in Fiji and how unreal the corals were. According to yourtravelsource.com (n/d), â€Å"Great diving and snorkeling! Fiji is the Soft Coral Capital of the World and is one of the top 10 dive destinations in the world†Read MoreShort Story : Traveling - It Leaves You Speechless, Then Turns You Into A Storyteller832 Words   |  4 Pagesafter our briefing, I would love to include everything I did but that would make this way too long so I am going to focus on the highlights. The first stop, snorkeling the reefs of Norman Island. Norman Island, untouched by man. The reefs are luring to all snorkelers in the area. We moored off about 25 yards from the reef. Geared for a snorkeling adventure of a lifetime. I said to my dad â€Å" This is gonna be great â€Å" and just like that I was gone. I had entered another world. A world of color and happinessRead MoreDiving : A Window Of An Unexplored World2090 Words   |  9 PagesDIVING: A Window to an Unexplored World Mankind has always been very curious about the ocean and its secrets. In the past centuries, countless numbers of inventions and experiments have been made in an attempt to maximize the time that a person can stay underwater. Thanks to a device called the aqualung, invented in 1943 by Jacques Cousteau, people were able to dive down and explore the ocean with his/her own air source without the need to be connected to an air source at the surface. EventuallyRead MoreMarketing Analysis : Paradis Adventure1715 Words   |  7 Pagesfunction and a set of process for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organisation and its stakeholders† (Philip Kotler, 2012). In recent years the snorkel and diving industry are becoming increasingly popular in the Trinbagonian market and with the rapid expansion in the water sport industry. Paradis Adventure will be the first company in Trinidad and Tobago to intro duce the Seaview 180 snorkel mask and they areRead MoreBusiness Plan for a Dive Shop10436 Words   |  42 PagesLetter Deep Sea Diving Adventures Sea World Drive, Main Beach Gold Coast, 4217 Australia ABN AMRO Bank Mrs. M Jooste Account Manager Brusselselaan 2 2587 AH The Hague The Netherlands Dear Mrs. Jooste, Deep Sea Diving Adventures Management namely, Thijs van Schijndel, Roger Langmann and Moritz von Kummer as well as the silent partner (former navy diver and co-founder of Underwater Times) would like to follow up on previous conversations and meetings regarding the Deep Sea Diving Adventures business

Increasing Bank Frauds and Cyber Crimes - 2367 Words

INTRODUCTION According to Edwin Sutherland s definition, white-collar crime refers to a relatively uniform behaviour involving actions undertaken by individuals to contribute to the financial success of the organization. They violate the law for the firm. Yet the definition is loose. An offence would be called a white-collar crime insofar as it represents violation of a legal rule constructed to govern business affairs or occupational practice and insofar as the law violation took place as part of the conduct of regular business or occupational activities. White-collar crimes are distinguished from the conventional crimes like murder, rape, and manslaughter etc. These crimes do not actually require any particular label of†¦show more content†¦It has been estimated that, by the middle of the 1990s, the gross criminal product of organised crime made it the twentieth richest organisation in the world and richer than 150 sovereign states. The world s gross criminal product has been estimated at 20 percent of world trade. Thus, to understand the increasing scams over the Internet, it becomes imperative to understand the above concepts. It can be seen that they are strongly interlinked and more than often, tend to be applied simultaneously. BANK FRAUDS THROUGH THE INTERNET IN THE USA Though a relatively new phenomenon, Internet bank fraud affects millions of Americans every year. Internet bank fraud occurs when one party deliberately deceives another through an Internet scam in order to achieve financial gain at the victim s expense. Criminal fraudsters are always looking for new ways to accrue financial gain at the expense of others, and the Internet is often their chosen means of scams and deception. There are two major types of Internet bank fraud that are currently being committed against consumers worldwide. The first is called phishing . Phishing is defined as a fraudster s creation of emails and Internet websites that mimic legitimate business, financial institution, and government email and website pages, but are in fact designed to deceive. In the case of Internet bank fraud, criminals design and use emails and websites that look almost identical to bank sShow MoreRelatedThreat Landscape Of Online Fraud Risk Management1460 Words   |  6 Pages1. INTRODUCTION 1.1. Introduction to threat landscape of online fraud risk management The Online banking and financial services have revolutionised the consumer and corporate banking industry in the last few decades or so by giving customers the power to conduct their banking anytime, anywhere and without all kinds of paperwork and branch visits. This has been possible with the help of massive investments in information technology, systems and communication infrastructure linking the banking industryRead MoreOnline Banking And Financial Services1440 Words   |  6 Pagesfor the banks. Financial crime or fraud in the last few decades was largely restricted to cheque or loan fraud by individual fraudsters. The perpetrators seem to have kept pace with the evolution in banking services. The threat landscape today is such that every time the banking industry presents innovative financial products and a convenient way to do business with its customers, it also attracts a whole new category of fraud risk and new opportunities for the fraudsters. The financial fraud fraterni tyRead MoreFinancial Risks Of Online Banking1683 Words   |  7 Pages2.2 Fraud risks in online banking The threat landscape The section above traced the evolution of the banking industry’s adoption of IT based innovations with the aim of offering a suite of products and services to delight their retail and corporate customers and to gain cost reduction and market share. Whilst these developments have grown the market universe exponentially it has also created opportunities for crime syndicates and fraudsters to take advantage of the wider canvas and customer ignoranceRead MoreTechnology And The Internet And Personal Smartphone Devices1270 Words   |  6 PagesWith the ever increasing use of technological advancements such as the internet and personal smartphone devices, many people simply take their security for granted. However, the act of simply connecting to a web page like the Google search engine requires interacting with thousands of security checkpoints and distinct networks just to display their distinctive logo. Every modern organization must consider the risk of the internet, including b ut not limited to: banks, organizations, universities,Read MoreCyber Security Threats And Crimes1279 Words   |  6 Pages Cyber security threats/crimes Before people even knew you could do so much with computers and internet beside common work activity before it got popular and admired, criminals had to get a lot more personal when retrieving their personal information like dig through trash, steal or break into their mailboxes, are buy it from a somebody who sold other people identity was some of the way criminal got people personal information. Now many of people aroundRead MoreCyber Crime And The Internet1326 Words   |  6 Pagessector has increased remarkably. New innovations, new technologies and new ways of communication have developed which, despite connecting the world, have added another dimension to crime. The intensity with which the Internet is used in our everyday lives is a huge factor in determining the increasing rates of cyber-crime. In this era of technological advances, people are unaware of the high risk of exposure of their personal information. While each of the networks that make up the Internet is ownedRead MoreCom176 outline and thesis statement1246 Words   |  5 Pagesadvancement in technology are increasingly rising; however, our development of laws, law enforcement resources, and training to combat cyber crimes are inadequate. Outline: I. Introduction Societies dependence and advancement in technology are increasingly rising; however, our development of laws, law enforcement resources, and training to combat cyber crimes are inadequate. Technology changes at very fast rate, before you know it the processors and programs we are currently using quicklyRead MoreThe Impact Of Internet On Our Daily Lives1540 Words   |  7 Pagesoutcomes, but also negative outcomes an example being cybercrime. We find that the internet is the fastest growing technological infrastructure development in today’s modern world. This is evident due to the emergence of a digital platform trend. The increasing demand of the internet and computers has led to the adoption of computer technology into products that initially used to perform without the use of either. Examples are buildings, vehicles and even trains. ICT in general has been embraced in almostRead MoreEvaluating The Risk Of Cybercrime1771 Words   |  8 PagesEvaluating the Risk of Cybercrime Victimizations Cybercrimes are one of the significant types of crimes that make various individuals vulnerable to victimization. Numerous types of cybercrimes exist throughout the world, including identity theft, spam, phishing, and online consumer fraud that relies on computer-based technology to facilitate criminal activities. The risk of cybercrime victimization influences individuals who differ in age, gender, ethnicity, and social class. This conveys that certainRead MoreThe Risk Of Cybercrime Victimization Essay1762 Words   |  8 PagesCybercrimes are one of the significant types of crimes that make various individuals vulnerable to victimization. Numerous types of cybercrimes exist throughout the world, including identity theft, spam, phishing, and online consumer fraud that relies on computer-based technology to facilitate criminal activities. The risk of cybercrime victimization influences individuals who differ in age, gender, ethnicity, and social class. This conveys that certain indiv iduals are more likely to face cybercrime

Mgm Case Analysis free essay sample

MGM Resorts International ( MGM) is a Fortune 500 company traded on the NYSE in the complex and unpredictable industry of gaming and hospitality. MGM is one of the leading global hospitality companies with a portfolio of 15 wholly owned resorts and gaming properties located in Nevada, Mississippi, and Michigan and 50 percent stakes in four additional properties in the US and China ( Exhibit 1). With approximately 45,000 full time employees, the company has an enterprise value of $ 18. 09 billion and 2010 revenues of more than $ 6 billion ( Exhibit 2). It is the third largest revenue generating company in its industry. MGM believes its success is due to its reputation for delivering high quality gaming and luxury services and believes its hospitality and entertainment venues are the best in the business. 1 Previously thought to be a recession- proof industry, gaming was not only hit harder than expected by the most recent economic recession, but is on a slower than predicted road to recovery. We will write a custom essay sample on Mgm Case Analysis or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Nevertheless, many leading analysts view MGM as a worthwhile long- term investment. In fact, within the MGM conglomerate, Mandalay Bay, Bellagio, and MGM Las Vegas experienced double- digit EBITDA growth in 2010 and were projected to grow even more in 2011. Yet, despite its isolated wins and the subtle optimism in the financial community toward the gaming industry as a whole, MGM faces significant concerns. At $ 12. 1 billion, MGM carries one of the heaviest debt burdens and shows the largest net operating losses in the industry year over year since 2007— posting losses in excess of $ 1 billion for both 2009 and 20103 ( Exhibit 3). Domestically, MGM has debt obligations maturing in 2013 and 2014. Internationally, MGM is working to offset a weak dollar with new growth ventures in China and Vietnam and has experienced higher than anticipated returns from its Macau ( China) property. While its competitors are experiencing similar difficulties and achievements domestically and abroad, MGM also faces market share erosion as its competitors put capital toward enhancing their images against the MGM brand with more frequency and ease. Adding to its challenges and central to its recent lack of flexibility is MGM’s ill- timed massive undertaking— CityCenter. Construction began on this 68- acre, $ 9 billion joint venture on the Las Vegas Strip ( The Strip) in 2006 when American businesses could still reasonably turn a blind eye to the brewing implosion of the banking and credit markets and the subsequent ithdrawal of the common consumer from the gaming and hospitality markets. While MGM cannot be blamed for the timing of this bit of bad luck, it had to weather the storm and now must deal with the damage rendered. In a nutshell, MGM is at a crossroads that could provide the opportunity for a timely strategic evaluation; it needs to reevaluate its identity wi thin the industry and seek opportunities that enable long- term sustainability. The company and its directors must analyze its tangible and intangible assets and determine if and where they fit within the vision for the company. Most pressing however is whether MGM should downsize to cut its losses and how to stop the flow of market share to its competitors. Firm History Part 1: The Beginning The group of properties that comprise what is now known as MGM Resorts International began in the 60s under the leadership of Kirk Kerkorian. Kerkorian, a pilot and the owner of a small charter airline that ferried gamblers from Los Angeles to Las Vegas, began to purchase, lease, sell, and build properties, such as The Flamingo and The International, through his Leisure International Company. In 1971, and soon after opening the world’s largest hotel at the time, Paradise Road, Kerkorian sold Leisure International to Hilton Hotels. The following year, Kerkorian began to build another hotel- casino on The Strip that would open in 1973 as the MGM Grand Las Vegas. With 2,100 rooms, the MGM Grand Las Vegas allowed Kerkorian to reclaim the bragging rights as owner of the world’s largest hotel. In 1986, Kerkorian sold the MGM Grand Las Vegas and the MGM Grand Reno to Bally’s ( both renamed Bally’s after their purchase) and, later that year, incorporated MGM Grand. The late 80s and early 90s held several ventures for Kerkorian and MGM including the start of MGM Grand Air, a new charter airline, and the opening of the new 5,005 room MGM Grand— making Kerkorian, once again, owner of the largest hotel in the world. 4 Part 2: The Growth Years 1995– 2007 In the mid 90s, MGM riveted its attention to the booming real- estate market. Not only did it acquire property and facilities on The Strip, but also in South Africa and Australia. Between 1995 and 1997, MGM opened New York- New York on The Strip and MGM Grand Australia in Darwin, and agreed to manage four casinos in South Africa. Looking to expand further, MGM acquired Primadonna Resorts in 1999. Later that year, MGM Grand Detroit opened in a temporary facility and ‘ The Mansions,’ high- end luxury suites at MGM Grand Las Vegas, were introduced. 5 From 1995 to 2000, net revenues grew 327 percent— from $ 722 million to $ 3. 08 billion. 6,7 This growth trend continued into the early 2000s with the $ 6. 4 billion acquisition of Steve Wynn’s Mirage Resorts. This acquisition included Golden Nugget, Monte Carlo ( 50 percent), Mirage, and Bellagio on The Strip as well as other regional locations including Beau Rivage in Biloxi, Mississippi. With the acquisition of Mirage Resorts, MGM Grand Inc. was renamed MGM Mirage. In 2005, MGM made another large purchase acquiring Mandalay Resort Group for $ 7. 9 billion and its 16 locations including Luxor, Mandalay Bay, and Circus Circus on The Strip. The acquisitions of the Mirage and Mandalay holdings incurred large debt transactions of $ 2 billion8 and $ 2. 5 billion, 9 respectively. In 2006, MGM announced its focus on extending the MGM brand into the development of its hospitality subsidiary, MGM Hospitality, responsible for sourcing both gaming and non- gaming investment and management opportunities. Concurrently, the company opened the Grand Macau in China. Divestments of multiple properties played a major role in accumulating nearly $ 1 billion in capital during this same period. 10 By the end of 2007, total revenue had increased 7. 2 percent and net income was an astonishing $ 1. 58 billion. However, within only 15 months of its 2007 banner year, MGM’s stock prices would plummet from $ 99. 5/ share to less than $ 2. 00/ share ( Exhibit 4). Part 3: Economic Downturn 2008 Forward In 2006, MGM had begun construction in Las Vegas on the largest private development project in US history— CityCenter: a multi- use gaming, condominium, hotel, convention, and retail outlet development. It was CityCenter that would bring MGM to the brink of bankruptcy in 2009. With many industries beginning to feel the strain of the weakening economy beginning in 2008, the majority of industry experts continued to contend the gaming industry was recession proof. But when called on its bluff, The Strip— overbuilt and significantly funded by MGM’s growth investments— showed its hand. In 2008, MGM reacted by folding its $ 5 billion Atlantic City project and selling its Treasure Island Resort and Casino for approximately $ 775 million. 11 The $ 7 billion CityCenter project budget quickly ballooned to over $ 9 billion and MGM had to be bailed out by its joint venture partner— Dubai World. 12 To avoid negative credit/ stock ratings and continue operations, MGM needed to generate cash; however, it was in too deep on a number of projects and had no choice but to stick it out and see them to completion. CityCenter opened in December 2009— unfortunately, to less than stellar fanfare. Stock prices fell hard and fast with impending negative quarterly profit earnings. MGM reported a net loss of $ 856 million in 2008 and $ 1. 3 billion in 2009 and saw its stock price hit an all- time low on March 6, 2009 of $ 1. 81/ share. Looking at this period in retrospect in April 2011, Chief Financial Officer Dan D’Arrigo explained it this way: We were faced with many challenges over a 24- month period. We were focused on getting to the finish line with CityCenter and then shoring up our own finances and liquidity as it pertains to MGM Resorts. We were able to do a lot of things during that time, however, that a lot of companies could not do, including raising capital and improving our liquidity. What gets lost often is the fact that this company raised over $ 7 billion in liquidity during some of the darkest financial times when capital markets were closed. Bond markets were closed and there was no lending going on at all. . . One thing became crystal clear to us. We weren’t effectively leveraging who we are and who we were as an entity. 14 On June 15, 2010, the company officially changed its name to MGM Resorts International based on CEO Jim Murren and the board of directors’ hopes of better aligning the MGM brand with its international intentions. 15 Although 2010 ended with a net loss of $ 1. 43 billion, many industry analysts believed that, based on its fourth qua rter 2010 results, MGM was on track for a return to prosperity— albeit in ten years or more. While operations contributed positive cash flows of $ 499 million in 2010, analysts expressed short- term concerns that this was the result of a period of underinvestment in its properties due to high debt burdens. In addition, some analysts forecasted negative cash flows in 2011— further limiting MGM’s financial flexibility. To the surprise of most, when MGM released its 2011 first quarter earnings in May 2011, MGM reported increases to revenue of 3 percent and EBITDA of 15 percent. Even though a net loss of $ 90 million was reported, it was $ 7 million less than the loss reported in the same quarter the previous year. All told, the announcement was considered by many a healthy progression compared to the previous few years. Additionally, signs of a spring thaw began to pop up in the form of improved room occupancy as well as a rebound of the heavily relied upon Las Vegas convention market. A major bright spot were the increased revenues from overseas markets with MGM Grand Macau continuing to show improvements, again reinforcing optimism around MGM. 18 Future expectations for MGM are mixed. Despite being the third largest company in its industry, MGM has the lowest profits. Earnings estimates by top analysts show modest sales increases of 3 percent to 5 percent expected in 2011 and 2012 with year over year earnings estimated between 0. 3 and 0. 6 percent. 19 Already factored into their estimates, on April 13, 2011 MGM announced it would take a 51 percent ownership stake in the MGM Grand Macau. 20 Along with the potential sale of the Atlantic City Borgata, this ownership stake should result in positive liquidity of approximately $ 311 million. 21 In the meantime, management has been able to retain large assets and continue construction on properties yet to be completed. One of these properties is the MGM Grand Ho Tram in Vietnam scheduled to open in 2013. This $ 4. 2 billion multifunctional entertainment site is located near Ho Chi Minh City near the South China Sea and features 1,100 luxury rooms22 ( Exhibit 5). The Pit Bosses MGM is a premier luxury resort and entertainment conglomerate. Many companies have portfolios similar to MGM and compete in various geographic markets with a variety of casino sizes and target markets ( Exhibit 6). MGM’s primary competitors are Las Vegas Sands, Wynn Resorts, Penn National, Boyd Gaming, and Caesars Entertainment ( Exhibits 7 and 8). As MGM consolidated its energies and efforts to survive the economic recession amidst its massive development of CityCenter, each of these competitors staked a claim to a piece of MGM’s market share. Las Vegas Sands Las Vegas Sands ( LVS) is a gaming and convention company with properties and resorts in Nevada, Pennsylvania, Macau, and Singapore and the second highest revenues in the industry. Incorporated in 1988, LVS owns and operates The Strip’s very popular Venetian and Palazzo. LVS reports an enterprise value of $ 38. 6 billion with revenues in 2010 of $ 6. 9 billion ( up over 50 percent from 2009) and over 34,000 employees on payroll. 3 While LVS experienced net losses in 2008 and 2009 of $ 164 million and $ 355 million respectively, the company rebounded in 2010 to turn a profit of $ 599 million with an 8. 75 percent profit margin. 24 Like many of its competitors, LVS came through the recession by suspending operations that did not have the potential to quickly t urn a profit. On a less optimistic note, in March 2011, LVS was subpoenaed in a joint SEC and Department of Justice investigation stemming from allegations made by fired CEO of Sands China, Steve Jacobs, that he was instructed to engage in illegal activities including bribery of foreign officials. 5 Despite this and the cautious expectations for the industry overall, LVS’s first quarter 2011 results were much more favorable than predicted with operating income reported at $ 299 million— making LVS, at least for the moment, leader of the pack. Wynn Resorts Ltd Founded in 2002, Wynn Resorts ( Wynn) primarily owns and operates Wynn Las Vegas and Encore at Wynn Las Vegas on The Strip. Additionally, the company operates two casinos in Macau that opened in 2006 and 2010. 27 Wynn hotels and casinos are considered preeminent luxury destinations. By 2010, and with only three properties, Wynn had developed an enterprise value of $ 19 billion with over 16,000 employees. Wynn’s 2010 revenue exceeded $ 4. 5 billion with a reported profit of $ 307 million and a profit margin of 6. 77 percent. With ongoing pressure to outperform its competitors in the upper- end luxury gaming market, Wynn has successfully managed its finances by borrowing money to clear its balance sheet and delever itself by generating cash from new operations. 28 For example, Wynn created a new alliance with PokerStar, a popular online gaming poker business, to establish a new environment promoting safe online poker play. Furthermore, Wynn has closely managed its budgets on new investments. As part of its 2009 efficiency initiatives, the construction of its casino in Macau that opened in 2010 came in $ 125 million under budget. 29 Trends in 2011 show its first quarter earnings were primarily driven by its holdings in Macau. Table game holds allowed Wynn to achieve an increase in EBITDA of over 70 percent in the first quarter 2011. With net income reported at $ 173. 4 million, in April, the board announced a cash dividend of $ 0. 50/ share. 30 Penn National Founded in Pennsylvania at the Penn National Race Course, Penn National Gaming Inc. Penn) began busi-ness in 1972 and went public in May 1994. 31 Penn owns and operates 19 casinos and racetracks in 16 different states and is primarily an acquisition- based company of mid- size casinos. Penn employs 16,000 people and has over 27,000 gaming machines. Penn’s enterprise value in 2010 was $ 4. 91 billion with $ 2. 5 billion in revenue and net inco me amounting to $ 47 million. Penn’s first quar-ter EBITDA for 2011 increased by 19. 7 percent to $ 178 million primarily due to new acquisitions and openings in West Virginia and Pennsylvania. 2 Boyd Gaming Corporation Boyd Gaming ( Boyd) was founded in 1975 by Sam Boyd and taken public in 1988. Over the next thirty years, it acquired 16 gaming properties in six different states. Boyd’s company vision states it is â€Å" a billion- dollar company that retains the philosophy of a family- owned business, focused on creating long- term, sustainable growth for our shareholders. This philosophy defines and separates us from the competition, making us unique in our industry. † 33 In 2010, Boyd had an enterprise value of $ 4. 1 billion with revenues of $ 2. billion and a net loss of $ 1. 65 billion. In the first quarter of 2011, Boyd sustained a $ 3. 5 million loss and a 36 percent increase in expenses. 34 Furthermore, Boyd announced on May 16, 2011, that The Sahara, a presence on The Strip for nearly 60 years, was officially closing its doors. 35 Caesars Entertainment Corporation ( formerly Harrah’s) Caesars Entertainment Corporation ( Caesars) is consid-ered the â€Å" largest and most diverse casino company in the world† with operations under the Harrah’s, Horseshoe, and Caesars names. 6 Founded and headquartered in 1998 in Las Vegas, Caesars has over 50,000 employees and is the number one revenue generator in the industry. On January 28, 2008, Apollo Global Management, LLC and TPG Capital, LP, both private equity firms, acquired Caesars and assumed its debt load of $ 13. 4 billion in an all- cash transaction valued at $ 30. 7 billion. As a result of this acquisition, Caesars stock is no longer publicly traded and complete financial data for direct industry comparison is not available. In 2010, Caesars had net revenues of $ 8. billion with a loss of $ 831 million. 37 Caesars strives to abide by the following philosophy: â€Å" We concentrate on building loyalty and value for our cus-tomers, employees, business partners, and communities by being the most service- oriented, technology- driven, geographically- diversified company in gaming. † Although Caesars fourth quarter 2010 EBITDA increased by 3 percent, net revenue decreased 0. 4 percent. Las Vegas occupancy at Caesars properties increased 440 basis points with continued growth on The Strip. 9 While 2011 showed modest growth— albeit wit h declining revenues— and after winning a court ruling to proceed, Caesars planned to move ahead with a new 27,000 seat sports arena on The Strip. 40 A Tale of Two Cultures In a review of the US based hospitality/ gaming industry, two distinct customer geographies must be addressed— the US and China— each of which drives significant revenue for the sector. The United States Within the US, populations are both aging and migrating away from Eastern and Midwestern urban areas. 1 By 2030, one in five Americans will be over the age of 65. Sunbelt states such as Florida, Nevada, and Texas have all seen significant gains in both population and new business. Despite a post- 9/ 11 slowdown owing to tighter immigration restrictions, over 1 million legal immigrants have arrived each year since 2005— numbers that will help replace and support the retiring baby-boomer workforce. 42 The recent collapse and subsequent federal resuscitation of many major US banks has put a significant strain on the nation’s economy. Americans fortunate enough to have a job are now putting what little disposable and discretionary income they have toward delayed expenditures and reducing debts incurred during this period ( Exhibit 9). With more than 25 percent of the two fastest growing demographic segments in the US— Blacks and Hispanics— living at or below the poverty rate, 43 entitlement programs funded by the increasingly poorer federal and state governments— both of which have seen tax revenues drop significantly over the last three years— are stretched to the limit. With the faltering economy the central focus of American discourse, local governments and populations have begun to move away from the traditional moral questions surrounding casino development of â€Å" Should we? † and toward â€Å" How can we? † ( Exhibit 10). State legislatures in Pennsylvania, 45 Michigan, 46 Indiana, Illinois, and Mississippi have seen regional casinos thrive— generating revenue and providing jobs for constituents ( Exhibit 11). 7 The trend continues with Ohio casinos set to begin operations in 2012 and expected to contribute in excess of $ 500 million per year to state coffers. 48 Of course, Nevada continues to be a force as well with casinos the largest employers in the state, a powerful lobby in the American Gaming Association, and the vocal advocacy of the Senate majority leader, Harry Reid. 49 Las Vegas continues to occupy a unique place in American consciousness. Having been dubbed â€Å" Sin City,† it serves as a multifaceted escape. Its marketing campaign tagline â€Å" What happens here, stays here† 50 signifies the break from normal life it provides. The industry is now attempting to spread this feeling to casinos across the country to capitalize on the American demand for instant gratification by providing levers to pull and dice to roll. Once considered a diversion of the less virtuous, many factors are purported to contribute to the less contentious acceptance of the world of casinos, gaming, and gambling. Among others, these include declining religious affiliations, a sharp jump in teen pregnancies, 51 a rise in prescription narcotics use, and the displacement of the traditional family by cohabitating ( both opposite and same gender) and single parents52— all considered indicators of changing socio- cultural values in the US. 53 Topped off with a mind numbing news cycle and the tacit acceptance of the wholesale erosion of privacy, the fact that casinos are no longer associated with moral or lifestyle choices but instead viewed as yet another form of entertainment is unsurprising ( Exhibit 12). While public gaming corporations in the US are subject to the same transparency regulations of the SEC as any other US corporation, their forays into China have created issues. Most notably are potential Foreign Corrupt Practices Act ( FCPA) violations by LVS54 and MGM’s difficulties in New Jersey given its dealings with a questionable Chinese investment partner. 55 China As one of the oldest cultures in the world, China has a rich history and tradition of gambling that extends back thousands of years. Interestingly, the oft- envisioned demand of the Chinese government for social order may in fact be what perpetuates the habit and obses-sion with gambling held by so many of its citizens. Deprived of many freedoms, Chinese have a measurable external locus of control— in other words, they â€Å" believe that luck, destiny, chance and powerful others control their lives more than themselves. † 56 Seemingly contra-indicated, this, in combination with proper deference to superstitions, leads to a higher illusion of control— and thus, increased risk taking, often, at games of chance. Measuring one’s karma or virtue in this manner may also explain the large percentage of Chinese that gamble not for the money, but for camaraderie and entertain-ment. In 2010, nearly 25 million people visited the tiny 11 square mile coastal region of Macau with 88 percent of those visitors coming from China, Hong Kong, and Taiwan. 57 Unlike Las Vegas, however, nearly 55 percent of Macau visitors are â€Å" day trippers†Ã¢â‚¬â€ visitors that arrive and leave without spending money on accommodations. China is predicted to reach the same proportion of 1 in 5 citizens over the age of 65 ten years after the US, in 2040. 8 However, by today’s population rates, that will equal 267. 9 million seniors in China as compared to only 62. 4 million in the US. 59 Complicating the issue of its aging population will be a marked shortage of working age Chinese ( as a result of China’s 1979 one child policy) to replace and support its aging population. Unlike the US, immigr ation has not, and likely will not, replenish China’s youth. 60 Even so, at present and in contrast to the US, urban incomes in China rose tenfold between 1991 and 200961 making China’s middle class alone the same size as the entire US population. 2 In addition to being newly affluent, China’s new middle class, at least for now, is able to both spend and save simultaneously. 63 Despite being illegal in China, there is no shortage of opportunities for those living in China to gamble. From a friendly round of mah jong with the neighbors to roaming card games to cruise ships in Hong Kong and Singapore that take passengers to international waters and set anchor, gambling has and will continue to be an integral part of Chinese culture. Officially, casino operations are restricted to the former Portuguese colony of Macau where a tenuous balance of private interests, criminal elements, and regional government are all now being more closely watched by Beijing. 64 While a lucrative source of income for the Chinese government, many are beginning to express concern about the reasoning of officials that, because gambling is illegal, it is not possible that any of its citizens would have a gambling addiction; therefore, because it could not be a problem, no gambling addiction education, intervention, or rehabilitation is required or offered. The Dealers In the casino/ hotel realm, there are two distinct supplier lines inbound to properties: hospitality related supplies, including everything from food to sheets to soap, and casino/ gaming specific supplies with slot machines to electronic poker to craps tables and thousands upon thousands of decks of cards. For all their consumable and durable products, the resort casinos have a large contingent of eager suppliers to choose from for anything from attresses and poker chips to staff uniforms and bottled water. 65 The cost of ultra luxury products or furnishings may still be relatively high, but with fewer buyers in the market and the promise to consider a long- term relationship, casinos are often able to leverage their size and sustainability as a customer to squeeze the margins of a supplier. In fact, in this high-profile market, even elite manufacturers of branded goods can find themselves competing for â€Å" shelf space† inside a hotel or casino. Even top tier b rands are not concerned about pricing power when a casino comes calling,† says Carleen Jorgensen, Managing Director of Brand and Consumer Marketing at Burson Marsteller. â€Å". . . via partnership or other arrangement, they will find their way in before a competitor does to get exposure. † 66 On the other hand, casino specific suppliers face a tough battle. International Game Technology, better known as IGT, is the most successful maker of slots and electronic gaming machines and does well with its highly diversified offering of branded machines. 7 However, IGT has faced not only antitrust complaints from rival slotmaker Bally Technologies, 68 but battles with WMS Industries, another game manufacturer, and others in casino operations and security as well. 69 Due to this lack of industry solidarity, the major casinos in Las Vegas and Macau hold the winning hand. Specialized assets such as the exclusive rights to a high demand show, popular entertainer, or even a celebri ty chef are significantly more expensive on relative terms but, compared to the revenue they can generate, represent a small portion of total expenses and can pay off in spades.