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Harrahs CEO: Economy is changing casinos

International Herald-Tribune,  Thursday, November 20, 2008 at 4:19:22 PM

Executives at top casino companies said Wednesday that the gambling business won't be the same for years to come as game makers and casino owners shift focus to properties that already exist from casinos still being planned.

"One of the challenges that has plagued the casino industry for a long time is that we spend money like drunken sailors," said Gary Loveman, chairman and chief executive of Harrah's Entertainment Inc. "I think the industry is going to have to get accustomed to the notion that not every project is a good project -- and $1 billion is a lot of money, after all."

Loveman told other casino operators at an industry conference that Harrah's, its competitors and other businesses may have to change how they work -- particularly how they finance development -- for the rest of his professional life.

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