It’s 2008 and the Chinese got all the dough.
Well, it’s 2008 and we’re off to the races, once again. Happy New Year, merry credit cards, and welcome to whereever you are.
Let’s make this a year for you to remember, O.K.?
Good, here we go…
One of my favorite places in the world is Las Vegas. And although I’m not a gambler, I do gamble when I go to Vegas, which isn’t often. In fact, the last time I was there was in late 1999, a few months before my daughter was born, but hopefully I’ll be going back, sometime soon.
The pulse of Las Vegas is incredible. It’s like New York City, only it’s even LOUDER, and MORE in-your-face. And the amount of money that exchanges hands in Vegas is absolutely wild.
In fact, while revenues in casinos across the country are slumping, the Vegas till was up 19.8% over last year, just this past October alone.
There are a few reasons for this increase — against the competition’s decline.
One, is because wealthier, and more successful people tend to go to Vegas, as opposed to riverboats along the Mississippi. Wealthy people want an experience, and that’s what Vegas gives them. If you’ve never been to a gambling boat along the Mississippi, I can tell you from experience, it’s nothing like Vegas. In fact, comparing Vegas to a gambling boat, or even to one of the Hard Rock (non-Vegas) casinos around the country, is like comparing the Four Seasons Hotel to a Days Inn.
Those other casinos aren’t even in the ballpark.
Number two, the value of the dollar has dropped so low, that in many places around Europe, when you exchange one dollar unit of your local currency, you will get MORE than two American dollars in return. That’s a GREAT deal, and LOADS of sharp foreigners are taking advantage of this.
I remember going to England back in 1993, and it was actually the other way around. I got almost 2 UK Pounds, for one American dollar. (I was broke back then, so it really didn’t matter much, anyway.) Gosh, how things have changed.
And three, the Chinese. The Asian economy is booming right now, and the luxury casinos in Las Vegas are aware of this, and are now marketing directly into those countries. Baccarat in particular, is a very popular game amongst the Chinese, when it comes to American gambling, and they are keeping the casinos FILLED!
If you’ve never sat at a gambling table with a typical Asian gambler, it is a very unique experience. These guys have ice in their blood, when it comes to gambling! First off, while they’re gambling, they’ll smoke cigarette after cigarette after cigarette, as if it was their last day on earth and they knew it.
And whereas an American will typically show “some” signs of emotion when they’re plunking down a five-figure bet, these guys are as stoic as a ceramic plate — regardless of whether they win OR lose. Finish one hand, move on to another — it’s all just business. Very interesting, indeed.
There are three things you need to take away from today’s story. One — people have money for the things they want to buy — always. Doesn’t matter how “broke” they are. Two, nothing beats a vibrant and exciting experience. And three, always remember what Willie Sutton supposedly said, when he was asked why he robbed banks. He said, “Because that’s where the money is.”
In your business, ALAYS go after the fat-cats. The folks who don’t think twice about where they stay or how much they spend. The one’s who never check the price on the menu, and who order top-shelf liquor “just because.”
Why do you want to sell to those folks?
Just ask Willie Sutton.
Let’s all have a good year.
Now go sell something, Craig Garber
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