The report aims at providing an insight into integrated resort management with respect to Casino Industry in Monaco. Since the year 1816, casinos have shaped the business of Monaco. Presently, Monaco represents one of the luxurious and the finest destination both for the high rollers and the public since the casinos are undergoing constant reinvention thereby indicating preservation of tradition but focusing on the innovation. The discovery of the city of Monaco starts with the Place du Casino, a vibrant place ruling the heart of principality. However, the Casino de Monte Carlo represents the epitome of luxury. The reinvention of Monaco at end of 19th century has helped in sustaining its appeal (casinomontecarlo.com 2018). The city attracts visitors from across the world due to its exclusive range of fun activities. Besides, the casinos operating under the Société des Bains de Mer are no exception except that each one offers more slot machines and casinos. In Monaco, Tourists are also able to experience gourmet restaurants, pop up installations and lounge areas. The report here discusses about the benefits and disadvantages of the casino industry to the internal and external stakeholders. The report also discusses about the doings of the casino industry of Monte Carlo with a focus on its fame. The report also presents an interview that discusses about the social, political, economic and ecological factors of the casino industry.
Benefits:
Casino represents the sole business of Monaco (Strauss 2015). The Casino de Monte Carlo is one of the entertainment and gambling complex operated and owned by Société des bains de mer de Monaco. Commercial casino gambling is approved by the state as a means for economic growth. Some of the highest perceived benefits of Casino industry include the increase in employment, greater amount of tax revenue and the growth in the localized retail sales and the local economies (Jeon and Hyun 2013).
Disadvantage:
Casino also brings about a lot of risk and danger like money laundering, addiction, crime and traffic.
The Casino Industry in Monte Carlo is one of most renowned across the world and represented by ‘Casino de Monte-Carlo’. It is an entertainment and gambling complex located in Monaco. It comprises of a casino, Grand Theatre de Monte Carlo and office of the Les Ballet de Monte Carlo (Shiels 2016). The Casino de Monte Carlo is operated and owned by a public company Société des bains de mer de Monaco that owns sports, clubs, principal hotels, nightclub and food service establishments across Monaco.
The state owns and operates the Casino market. Société des Bains de Mer (SBM) operated by ruling Grimaldi family operates and owns the all the four casinos in Monte Carlo and the five hotels. The Casino de Monte Carlo however charges € 10 as entrance fee (Cook, 2015). Besides, the picturesque interiors made it the part of innumerable James Bond Movies. The casino allowed gambling plates and chips having a value of € 200,000 to be used at the tables. It can be said that the Monaco market is unique in the ways it is run and in terms of its history. The SBM was found in the year 1863 with the help of sovereign decree put forward by Prince Charles III. It opened its first casino in that particular year.
The Casino de Monte Carlo is famous because of the following reasons:
Monaco is a tiny independent city on France’s Mediterranean Coastline that is known for it’s upscale casinos, yacht-lined harbor. Monte-Carlo, its major district, is home to an elegant belle-epoque casino complex and ornate Salle Garnier Opera House. There many luxury hotels, boutiques, nightclubs and restaurants. In a nutshell, Monaco is a luxurious city that is overly inflated, what are ways for this expensive city to develop their tourism infrastructure to attract more tourists?
A1. Monaco became famous in attracting wealth as well as tourist after the establishment of its gambling casino at Monte Carlo in the year 1856. Gambling accounted for close to 25 percent of the total revenue (gamblingcommission.gov.uk 2016). The other attraction includes the museums and gardens, beaches and the Louis II stadium. Besides, the opera house of Monte Carlo has been the chosen site for the various excellent performances. Monaco also had outstanding sports facilities. The renowned driving championship of Monte Carlo had its closing line in Monaco. The country however imposed no restriction on the entry of the French nationals. Citizens of other countries however needed to show a valid passport. Tourist staying up to 90 days did not require a visa.
Q2. Monaco has developed its name for the yearly Formula 1 Races that takes place every year. That is the peak season for tourists there. What are ways for the city to diversify it’s activities so that it can attract more tourists when it isn’t that season?
A2. Tourist can visit Monaco at any given time around the year. The city has one or more events going around in each month. Some of events include glamorous balls like ‘The Princess of Hanover’s Rose Ball’ taking place in March, outdoor concerts by Monte-Carlo Philharmonic Orchestra in the month of July, sporting events like the Tennis Masters Series taking place in April and Formula 1 Grand Pix in the month of May. Monaco has some activities of interest for each member of the family (Peregrine 2017)).
Q3. Many other countries are interested in building integrated resorts as Monaco has done. What has Monaco done right for their infrastructure that other places in the world fail to do?
A3. Monaco breathes in luxury. It not only a paradise for the tax avoiders but has been home to the rich and the famous. The city had one of the most luxurious infrastructures for the pedestrians. The city is located on the top of the steep mountain that rises from the Mediterranean Sea (Lei, Pratt and Wang 2017). Therefore, for facilitating an easier commutation the city built a network of public elevators that remained integral to the infrastructure of the pedestrians. The city is connected through a vertical system of escalator and elevators that connected the sidewalks and the streets at different levels.
Q4. With Monaco being as successful and as luxurious as it is. A big reason behind it is the investors and stakeholders from around the world pouring money into this city. How prevalent do you think local business is in this luxurious city?
A4. Monaco is the most attractive destination in terms of the business operation. Since the year 1969, the country had light taxation policies and is one of the most secure and safe destination in terms of residents, business and the visitors. Over 5000 business from various sectors operates in Monaco. The sectors mostly include banking and finance, international trade, retail, tourism, construction, retail, yachting and shipping. The moderate taxation policy acts beneficial to the business. Businesses do not have to pay taxes if 75 percent or more of the turnover is generated within Principality.
Social-cultural Impacts
Q5. Do you think that the full blown development of integrated resorts in Monaco has affected the cost of living and quality of life for locals due to the influx of tourists which in turn definitely has raised the cost of living given how tiny Monaco is the whole city itself is a tourist destination
A5. Monaco is the world’s smallest country and an autonomous state is located in the South Western part of the Europe. The geographical position of the country with three of its sides surrounded by France and southern portion facing Mediterranean Sea has made it a destination for the tourists. Besides, the renowned Monaco grand prix and the casino complex there are other factors that contribute to the higher cost of living (D’Hauteserre 2015). One of the reasons for this is the tax free lifestyle since the year 1870 and the sole dependence on the Casinos.
Q6. The people who are employed in these resorts are integral to integrated resorts success. What should managers do to keep up the goodwill of these people given how important they are?
A6. In order to ensure the goodwill of people the managers should make the employee feel that they are valued. The manager should encourage that an employee’s tenure should end on positive note. On confirming the decision to leave he should be given a farewell lunch. The managers should also establish a networking group that helps in extending relationship with the ex-employee (Buckingham and Coffman 2014).
Technological Impacts
Q7. Has Monaco had a massive advance in terms of technology due to the rapid development of tourism and integrated resorts?
A7. Space has been a constant challenge for Monaco. Demolishing bigger buildings has not been an option for a country that lived on beauty and heritage. Architects adopted technology that helped them to innovate without changing designs that helped in tying the older buildings with the newer ones (euronews.com 2015). The design always remained in harmony with flat sea on one of its sides and soaring mountains on other. Further, for freeing up the space for further development technology re-routed the railway and sent it underground. The famous Odean Tower, standing at 170 meters above sea level was also a boon of the technological advancement. Further, it also ensured the modification of the Fontvieille port and the train station.
Q8. What are some negative impacts of these advancements if any?
A8. Some of them include, ecological systems disturbances, depletion of natural resources, environmental pollution and changes in the climate resulting in global warming (Ellabban, Abu-Rub and Blaabjerg 2014). Although technology is important for increase in productivity and development for satisfying the human need however, the uncontrolled one have negative environmental impacts.
Economic Impacts
Q9. There are definitely positive impacts from building such a rich tourism industry, but do locals benefit from it in term of job availability and a higher wage?
A9. The rich tourism industry helps in creating employment opportunities for local where he/she is paid a higher wage in various sectors such as transportation, accommodation and the attraction sites. Tourism industry by nature is labour intensive and requires a huge number of people for servicing rooms, maintenance of hotel infrastructure and preparation of food. Tourism is not just about offering opportunities to locales but also acts as an alternative income source of the locales (Kim, Uysal and Sirgy 2013).
Ecological Impacts
Q.10. The tourism industry in Monaco is on the coastline. That could lead to some environmental impacts like increased waste, and sea pollution? What are some other negative impacts the tourism industry could have in Monaco?
A10. The negative impacts of tourism that Monaco experiences are most of the times the untreated effluents that is flowing untreated into airways and the natural gas. Liquid sewage, smoke and polluting materials are some of the examples of detrimental substances that cause pollution. Cruise ships distribute and produce them majorly. These effluents are creating negative consequences for the ocean and water bodies. They not only reduce animal life but also damage to the animal and human communities thereby reducing beauty of natural landscape. Eutrophication, which leads to the release of higher concentration phosphorus and nitrogen into water bodies, is another reason for the pollution (Chislock et al., 2013).
Q11. How can the negative impacts of these developments against the environment be controlled?
A11. To control the negative impacts there is a need for adoption of sustainable tourism strategy. It can be through ensuring that all developments relating to the infrastructure, tourism, and housing strengthens and supports the genuineness of the cultural landscape of Monaco thereby minimizing the negative impacts of the environment, enforcement of the land use policy, strengthening of site management and undertaking monitoring through participatory collaborative and efforts (Vesilind, Peirce and Weiner 2013) .
Q12. As Monaco has a big focus on their integrated resorts, what the governing body in Monaco does to ensure sustainable development with minimal impact.
A12. The Principality should ensure sustainable development with minimal impact. This is because Prince Albert II has already embodied his engagement by attending each meeting on the climate change put forward by the United Nations Conference on Environment and Development that was held in the Rio de Janeiro, Brazil, in the year 1992. He also participated on sessions on climate change organized by the United Nations thereby contributing to the meetings on oceans. He was also behind the formulation of draft report on cryosphere and oceans in the Intergovernmental Panel for Climate Change, launched in Monaco in the year 2016 (McGlade and Ekins 2015).
Political Impacts
Q13. The development of integrated resorts can develop social ills, especially in Monaco from people losing massive amounts of money due to excessive gambling. How can the government there reduce the impacts of these social illnesses?
A13. The government can reduce the social illness of excessive gambling and money laundering through proper education and implementation of policies and programs that would manage the triggers to the gambling and provide required support and help.
Q14 How can the government try to minimize the fears of their locals about the negative impacts of these integrated resorts?
A14. The negative impacts of the integrated resorts could be minimized by making the local understand how it helps in creating jobs, creates a boom in the property market and generates substantial amount of revenue thereby increasing the income of the government. The integrated resorts also boost tourism and attract tourists (Schimmelfennig 2014).
Q15. Normally, government should make it compulsory for integrated resort owners to engage in CSR practices so that benefits of integrated resorts can be shared among the local people. Will this idea backfire as investors turn towards other countries without such rules and regulations?
A15. The idea would not backfire as CSR practices although discretionary and voluntary renders benefits thereby outweighing the cost (Camilleri 2014.). Mostly, in the tourism sector it helps in improving the brand awareness and the loyalty of customers.
Conclusion:
On a concluding note, it can be said that a stronger casino industry will result in a thriving real estate market with ample number of jobs. However, the sole impact of the legalized gambling on the community becomes difficult in accessing and their economic benefits and cost varies across the globe. Commercial gambling seems to stimulate the economy through promotion of tourism, increase of tax revenue and creation of jobs. It also brings about certain disadvantages to the economy in terms of increasing crime rates, addiction, substance abuse and bankruptcy. Nevertheless the economic impacts of casino industry is not the same everywhere.
References:
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