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Casino Companies Balance High-Tech and Retro19 September 2002LAS VEGAS – As reported by the Associated Press: " The old is new in the gambling industry. "Slot machines feature the 1950s TV show `The Honeymooners,' high-tech bingo is hot in Indian casinos, and creaky race tracks -- long ignored by large resort companies -- have become the next big investments for casino giants like Harrah's Entertainment. "Meanwhile, U.S. casino executives are gingerly exploring cutting-edge technology, the latest of which was on display Wednesday at an industry conference at the Las Vegas Convention Center. "…`Anytime you can get something that has some nostalgia tie to it, it has proven to be very effective to our business,' said Frank Farhenkopf, Jr., president of the American Gaming Association. He attributed that success to marketing efforts targeting older gamblers. "The retro focus comes as Nevada casinos continue to struggle a year after the terrorist attacks, while gambling companies ride their highly regulated industry to stock success. "While the Standard & Poor index dropped 22 percent this year, the four largest casino companies' stocks have increased in price 23 percent to 24 percent, said Goldman Sachs stock analyst John Kempf. "…Kempf added that the industry's capital investments, like new acquisitions of race tracks, have boosted casino stocks. "Slots are being integrated with race tracks as `racinos' in a `political synergy' that industry leaders say makes gambling more palatable to politicians. "A report this week from analysts Bear Stearns & Co. in New York found that racinos represented the industry's best bet to expand into New York, Kentucky, Nebraska, Maryland and Pennsylvania. "…The bingo table is one setting long shunned by major companies but embraced by Native American tribes. "The game has shifted along with other casino technology to remain at the center of many tribal casinos, according to Dan Tucker, vice chairman of the National Indian Gaming Association. "…The next step is entirely automated bingo, a break from tradition that doesn't faze 71-year-old Ruth Downey of Las Vegas…" |