Heel Size Shows Success
For one former Harvard Business School professor, the ability to tell how well or how bad a casino is doing is all in the size of the heels present on the casino floor. Gary Loveman is the CEO of Harrah’s Entertainment, based out of Las Vegas, who likes to see stilettos rather than flat heels on the floors of his more than 50 casinos. Loveman claims that the more stilettos there are in the casino the more money will be spent. Why? Loveman believes that his guests are literally more well-heeled, which means that they are more likely to spend more money at the tables, machines, hotels, restaurants and shops.
Loveman said the following at the Reuters Travel and Leisure Summit in New York:
“I have noticed that one can proxy this by the average heel height of the ladies visiting our casinos, which had historically been very low. I’m pleased to remark that it is growing. We are not building these places to live in them ourselves. We are not building them to show them off to our friends and our girlfriends and our boyfriends. We are supposed to be building them to make a return.”
Loveman has been the CEO of Harrah’s Entertainment since 2003 but it still skeptical about some of the newer casinos being built across the industry. Loveman does not understand the luxury being thrown into the casinos and hotels being built, claiming that companies should stop building such expensive casinos. Loveman had the following to say about luxury in the casino industry:
“There is only so big a hotel room one needs. There is only so soft a bed can be.”
Loveman is also worried about how cheap a nightly rate has gotten in the city of Las Vegas. Some hotel rooms are going for a low rate of $89 per night, which Loveman claims makes Las Vegas the cheapest date in the world. Harrah’s Entertainment operates 50 casinos in United States markets including Atlantic City, New Jersey; Tunica, Mississippi and Joliet, Illinois. Loveman said that Harrah’s has never considered bankruptcy:
“I have two investment partners in this deal that each have tens of billions of dollars of uninvested capital available,” he said. “Surely if you had been a private equity entity, you would rather pony up, whatever it is, $100 million, than kiss $3 billion goodbye. I mean it just would not make any sense.”
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