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Word Count: 740
The casino industry in Australia operates under an environment of uncertainty According to the Australian Bureau of Statistics Australias 13 casinos recorded a total operating loss of 288 million in 97-98 Outsiders predict a gloomy future for the casino industry in the next few years due to the reduction in international high rollers and the low level of management talent in Australias young casino industry In this business environment Crown must implement business strategies will carry it into the next century as one of the worlds most successful casino complexes The Crown was set up as a multimillion-dollar establishment in order to attract international gamblers especially the Asian junket gamblers However with the economic meltdown of countries such as Thailand Indonesia and Malaysia Asian gamblers are fewer and have less money to gamble The present focus of Crown casino towards the Asian market is fruitless as its competing in a highly saturated international market International casinos have a much better operational efficiency compared to Crown due to the high levels of tax and intense monitoring experienced by Australian casinos Nevertheless this excessive regulation reduces the perception of corruption which can be used to market Crown as a reputable operator in the world stage Its current strategy of focusing on the Asian market is an inefficient management of resources Crown should focus on the growing local market which would stabilise the balancesheet as the focus should be on maintaining a high volume of local gamblers as opposed to a small number of high rollers The current volatile earning figures for Crown are caused due its reliance on Asian junket gamblers In the current business environment buyer power is high as Crown focuses on few high volume gamblers this should be reduced as it should concentrate on a higher numbers of smaller gamblers The recent increases in the gambling to HDI ratio as a result of better domestic economic conditions
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