This post was written by SmartBrief’s Doris Nhan.
Keith Smith, president and CEO of Boyd Gaming and chairman of the American Gaming Association, recently spoke with AGA SmartBrief editor Liz DeHoff at the 10th annual Global Gaming Expo about the challenges facing the industry, the innovations needed to succeed in the future and how Boyd Gaming survived the recession. Some of his key points:
- Find a way to stand out from your competitors. With expansions internationally and across the U.S., the gaming industry has grown increasingly competitive. Businesses that stand out create a memorable, unique experience for their customers that keep them coming back.
- Make innovation a priority. While no one can really predict the future, staying innovative is one way to guarantee your business will be at the top of the game. Success will come to those who are always looking for new ways to keep customers wanting more.
- Be willing to make sacrifices. Smith said one of the company’s most difficult periods was the decision to suspend construction on the nearly $5 billion Echelon project until the economy picked up. Smith also said he had to retool his company’s business model to reflect the slowly recovering economy. It was about being efficient while delivering the same level and quality of customer service.