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Sharon Harris looks at what the American public is up to in lean economic times…
Welcome back. I hope you had a great summer. My husband Norman and I took a road trip in mid-July. Who wants to pay those pricey airfares? We drove 900 miles in six days.
Our first stop was Hyde Park, New York. Located north of Manhattan in the Hudson River Valley, the area is home to the President Franklin Delano Roosevelt (FDR) family estate and presidential library.
We love touring these libraries for their perspectives on America. We’ve attended the Bill Clinton Library opening in November 2004, and also visited the John F. Kennedy library in Boston.
FDR entered office in 1933, years after the 1929 Great Depression gripped the world. Within 100 days, he immediately passed massive legislation to jumpstart the American economy. Program after program took shape, costing billions, but helping people rediscover their souls after years of despair.
He then led America through World War II, following the Pearl Harbor attacks in Hawaii on December 7, 1941. FDR again inspired the nation; the US proved itself a superpower when faced with disaster and doom. What we proudly call our “American Spirit” exploded in full force.
However, the public never fully understood FDR’s personal battles. Stricken with polio in 1921 at age 39, 10-pound steel leg braces supported his paralyzed legs. When speaking at a podium, his strong upper body supported his weight. FDR died in April 1945, months before the Japanese and German surrenders ended World War II.
I have childhood memories of hearing my dad often debate FDR’s legacy with my maternal grandmother. She loved FDR, touting his many accomplishments. My father countered that FDR put America in debt for future generations. They adored each other, and from these conversations, I learned that leaders still never hit 100 percent.
In office for 12 years, FDR held steady while confronting bleak, gloomy events. Agree or disagree, he epitomized leadership.
The gaming industry needs strong leadership now. The American Gaming Association’s (AGA) members represent hundreds of billions in American investments, employment and tax revenues. Can they influence the credit markets and economy? Can they promote risky positions on taxes and labor to guarantee the industry’s future?
Like other businesses, gaming is confronting revenue decreases and lighter customer traffic in casinos all over the US. Las Vegas, a “prisoner” of the gas pump, has been uniquely hit. Isolated in the desert, one can only arrive by air or car, heightening the problem.
Can Las Vegas weather this storm? It will have to, despite some shocking developments. For example, some hotel rates are down 20 per cent from last year. MGM Mirage, the Strip’s largest casino operator, has laid off 440 corporate and property-level management employees. Boyd Gaming’s $4.8 billion Echelon construction has been “suspended” up to a year. Under construction since June 2007, the project’s skeleton structure will remain untouched. Even the Nevada Gaming Control Board is facing budget cuts, which may affect regulation at the state’s casinos.
With gas averaging $4 a gallon for regular gasoline in numerous states this summer, consumer habits changed. Millions stayed home, enjoying a “staycation”. When traveling, they spent less.
While company chiefs plan against tough economic times, leadership may mean more during unexpected events. In late July, Revel Entertainment's Chief Executive Officer, Kevin DeSanctis learned firsthand about leading during dark days.
One morning, a private corporate jet left Atlantic City International Airport with six southern New Jersey passengers. All were working on the $2 billion Revel casino project, scheduled to open in 2010. There were three Revel executives, two executives from the glass company supplying the casino, and one from the construction company building the property.
Within two hours, these six and the two co-pilots were dead, victims of a horrific runway crash at the small destination airport. Our community went into immediate mourning, many remembering the 1989 helicopter crash that killed three Trump executives prior to the Taj Mahal opening.
Well known in gaming, DeSanctis worked in Atlantic City for years. He was the former president of Trump Plaza. He left to become president and chief operating officer of Penn National Gaming Inc. DeSanctis resigned in 2006 to start Revel Entertainment.
With an obviously heavy heart, DeSanctis’s leadership will be put to the test. One supporter, Donald Trump claims, “Kevin DeSanctis is an excellent guy. He will figure it out better than anyone.”
Good luck. We hope he can make his deceased colleagues proud.
