Word: harrah
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Dates: during 2000-2009
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...Within weeks of the shift ashore, new casino players like the Golden Nugget bought land in Biloxi for casino development. Harrah's Casino, owner of the destroyed Grand Casinos in Gulfport and Biloxi, sold its Gulfport location, moved everything to Biloxi and bought out a smaller casino for future expansion. And, the crown jewel of coast casinos - the huge Beau Rivage in Biloxi - announced a massive renovation beyond its Katrina damage. It plans to observe the one-year anniversary of the storm with a grand reopening to salute returning employees...
Eagerly seeking out this big-ticket clientele, corporate sponsors like Rolex, BMW and even Harrah's Trump Casino in Atlantic City, N.J., have jumped in and ponied up backing for teams and tournaments. This year Shearson Lehman/ American Express put $250,000 into sponsoring polo, says Marketing Director Cathy Stewart, "because it is changing from an elite to an upscale audience." TV has come acovering. The first major network broadcast, of a Long Island tournament, will be shown on NBC-TV in three weeks. And the sport has its own magazine...
...HARRAH'S Gary Loveman...
...will soon be the highest roller in the gaming industry--but Gary Loveman, 44, is already the unlikeliest. Only several years ago, Loveman was a professor at Harvard Business School, specializing in the service economy. Now he's applying some of those theories about retail and customer loyalty to Harrah's Entertainment, which, after last week's $9.25 billion--including debt--deal for Caesars Entertainment is consummated, will cement its position as the world's biggest casino operator...
With a Ph.D. in economics, Loveman knows how to use data to learn more than anybody else about his customers. Instead of catering to big spenders, he has focused Harrah's on the small-time, frequent gamblers who come to play the slots at his many riverboat and Indian casinos around the U.S. He's betting that he can draw many of those people to his newly acquired properties on the Strip. Loveman still commutes to Vegas from Boston, and he doesn't care much for gambling himself. But, as he put it recently, "I love what I'm doing...