Casino Life Issue 168 Volume 20

The magazine for the owners and management of international casinos

Volume 20: Issue 168

CASINO

Welcome...

Publisher: Peter White

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Editorial:

Editor in Chief : David McKee [email protected]

Editor EMEA: Damien Connelly [email protected]

Columnist: Raymond Chan [email protected]

Victor H. Royer

International Features Editor [email protected]

Associate Editor EMEA: Andrew Behan [email protected]

Las Vegas Correspondent: Ryan Slattery [email protected]

International Correspondent: Lyudmyla Kyrychenko lyudmyla.kyrychenko@outsource digitalmedia.com

Production:

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Accounts: Helen Holmes [email protected]

IT Director: Pasha Kuzminskiy [email protected]

ongratulations, Donald Trump. How the mighty have fallen. From overlord of Atlantic City to failed casino owner to 34-time convicted felon. That's quite an achievement, one wholly unprecedented in the gaming industry. Let's weigh the gravity of the moment, shall we? Never, to our vast recollection, has the CEO of a casino (former or current) been convicted of a felony.

In the past, executives who disgraced their industry have either been hounded into retirement, steered gently aside or simply become nonpersons. But when before has a current or former casino owner faced serious jail time? Never, that’s when.

Trump's apologists, who are legion, will say that he's not in gaming right now, so cut the guy some slack. They conveniently forget that he's angling for casino entitlement of Trump Doral in Miami. Should the courts continue to uphold the questionable-at-best Seminole Tribe compact with Florida, Trump will be juiced into casino-enabled status.

Sunshine State regulators will have a heckuva time looking past Trump's 34 felony counts, to say nothing of the New York State taxfraud conviction or the E. Jean Carroll verdict for sexual assault and defamation. Being a convicted sexual assailant and slanderer ought to put him out of consideration for a gaming license on the face of it. Besides, what is the likelihood that a Trump casino in Miami will fare any better than ones in Atlantic City (sold, rebranded or demolished, all of them) or Gary (drydocked)?

Trump's greatest achievement has been to hoodwink the public—and bankers—into thinking he's a savvy, successful businessman when his biography is in fact a litany of failures and insolvencies. Of six casinos to bear the the Trump brand, three are operating under different names now and the other three have quite literally ceased to exist. One has been resurrected under the sort of Native American ownership that caused Trump to foam at the mouth in congressional testimony.

It's rather appropriate that Trump should have been convicted (34 times) of perpetrating a fraud upon the public. His career has been built upon one fraud after another, whether it was the infamous Trump University or the preposterous, ever-shifting valuations he bestowed upon his real estate, usually to evade taxes. And let's not forget his ability to dazzle regulators in Nevada, New Jersey and Indiana into granting him gaming licenses, despite Mob associations so blatant it's as though he was daring to be called on the carpet for them.

Given the willingness of gaming regulators to see no evil, never mind how obvious, there's no reason why Fred Trump’s spoiled son shouldn't expect continued indulgence from the legal and regulatory systems. Anybody else would have long since had the book thrown at them.

David McKee Editor

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A Man for All Seasons

Downtown Las Vegas casino operator Terry Caudill has a player-friendly philosophy. By David McKee

If you want a square deal in Las Vegas, it’s hard to find a better option than Downtown’s Four Queens Hotel & Casino and Binion’s Gambling Hall. Both are the pride and joy of maverick operator Terry Caudill. A five-decade veteran of the gaming industry, Caudill is known for personifying the Downtown tradition of good food (Hugo’s Cellar is the stuff of legend), a good gamble — and no resort fees.

Caudill is cagey about his early years in Idaho, where he was raised, went to college and where his values were instilled. But he followed military service during the Vietnam War with graduate training at the University of California-Santa Barbara. Finding himself at loose ends, he and the first Mrs. Caudill set off for Reno, where he wrote keno and dealt craps at nowbygone Harrah’s Reno. After a six-year interval as a CPA, Caudill returned to the gaming business for a decade at Circus Circus Enterprises. He followed a decade-plus at Circus with a brief interregnum as a bar owner and real estate developer.

But he was bored. So his eye lit on a challenged Downtown casino, the Four Queens and the rest is history. Soon afterward, Binion’s fell upon evil days and had its gambling license pulled. A somewhat shambolic period of revolving-door management

ensued before Caudill stepped in as buyer, shortly before the Great Recession. He’s weathered that challenge, as well as that of the Covid-19 shutdown, as he describes in this conversation.

Necessity is the mother of invention and Caudill has met challenges with innovation. Too much payroll? Bring in ticket-in, ticket-out slots. Not enough dealers? Introduce mini-craps, a half-sized version of the game that plays by the same rules but requires neither as much floor space nor as much staff.

Getting Caudill to talk about himself is not easy. Modest by nature, he’d rather extol his employees or his executives, most of whom have been with TLC Gaming for decades. Is it any coincidence that Caudill’s initials coincide with the popular acronym for ‘tender loving care’? We began our discussion in the middle, as it were, right after Caudill’s UCSB graduation …

Where were you when the casino bug bit?

In Reno, if you want to pay your rent you went to work in the casino industry. I had a math degree so they put me to work writing keno. That was in 1973, before we had computers. We had charts to guide us but you had to figure it all out in your head. I did that for just a few weeks.

By the early Eighties, Circus Circus was preparing to go public. I had worked on the audit, so I was familiar with them. When they went public in ’83, one of their requirements was the Securities & Exchange Commission and Nevada Gaming Commission both wanted them to have an internal audit department. Finally, they made me an offer I couldn’t refuse to create an internal audit department from scratch.

One year later they created another new position for me called ‘corporate vice president and chief accounting officer,’ and that’s what I did for the last 10 years in my career up there. I was the corporate comptroller over all the properties and did the annual report. Glenn Schaeffer was actually the CFO but his background was in English. So I worked hand-inhand with him on most of the finance-and-accounting issues. I was there for 11 years and enjoyed the first 10.

How would you describe their operating philosophy?

Circus Circus was very low-cost, high profit margins. We had the highest profit margins in the industry. Bill Bennett basically would say, ‘I don’t want the people with the hundred-dollar bills. I want the guys with the twenties.’ He wanted to cater to middle America.

Ironically, Mr. Bennett didn’t set out to attract families. He set out to attract the middle class. Well, the middle class happened to have families. They wanted to come to Las Vegas, enjoy the casino, and the midway and carnival games made it natural that we accommodated families. We didn’t necessarily seek them out.

When I say that I try to emulate Circus, I’m looking more at the customer. Middle market, not high rollers at all. Never been in that business. I like just normal people. They come with a certain, limited budget and they have enjoyment and some entertainment in return. They go home and tell their friends, ‘Oh, we had a great time.’

The other thing that fascinates me is the interaction between math with human psychology. I’ve seen people come here and lose a thousand dollars. They’re getting ready to leave and they’re on their way to the airport, they hit a $500 jackpot while they’re waiting for their ride. When they go home, invariably what they will say is, ‘I won $500.’ They don’t talk about the thousand that they lost. That’s basically our marketing.

How do you manage your company’s money? I squeeze a buffalo nickel. When Covid hit I had to

“

"Mouth-to-mouth is our primary marketing. We send that person home with a good experience. Even if they lost money, they have to feel like they got their money’s worth and went home happy, so they tell their friends."

go to my banks unexpectedly. One of my bankers didn’t know me very well. He said, ‘Terry, have you thought about cutting your costs and saving money?’ I said, ‘Well, to tell you the truth I recycle paper clips and rubber bands, and I buy my clothes at Kohl’s when they’re on sale. I think I know how to save money. I don’t think we’re going to solve this problem by cutting expenses.’ My upbringing in Idaho, you learned to use everything to its fullest. So I’ve always been one to be very, very conscious of not wasting anything. That went hand-in-hand with Circus’ philosophy and has served me very well in the casino days.

When did you leave Circus Circus and what did you do next?

When we had new management at Circus Circus, our philosophies didn’t exactly jibe. That's when I left, at

the end of ’94, and I had already acquired three bars, two Loose Cabooses and a No Red Ink. I decided I was going to pursue the bar business full-time. And I did. We started buying ‘em, renovating and we got up to 15 bars. In 1999, we built the Chicago Brewing Co. It’s a brew pub and we brew our own beer there. It has gaming. That’s the last bar I did. Once I bought the Four Queens, we didn’t buy or build any more bars. We’ve sold several off over the years. We’re down to six now from the original 15.

All the time what I really wanted to do was get back in the casino business. I had been looking for a property that basically was a size that I could afford.

What interested you about the Four Queens and what was it like when you took over?

When we bought the Four Queens, it had been in a foreclosure. It had not had any capital expenditures for

about 10 years, including maintenance. It was a mess. We had to go through every square foot of it and get everything up to speed.

We were the first casino to actually go 100 percent ticket-in, ticket-out. Everybody else thought we were crazy. We had used it in the bar business, so I knew it worked. It took a little bit of training. Our top-end restaurant, Hugo’s Cellar, was very popular. If you’re playing quarter slots and they call you for Hugo’s and you’ve got to push ‘cash out,’ you’ve got two or three buckets of quarters that you need help with. You’ve got to stand in line at the cage. Then you go to Hugo’s and they say, ‘Sorry. You didn’t respond so we’ve canceled your reservation.’ Under TITO, they call your name, you push a button, the ticket comes out, you go have your dinner, enjoy yourself and when you come out of dinner, you can take that same ticket, put it in any machine on the floor and continue gambling right where you left off.

We’re always looking at ways to save money, to do things cheaper through innovation and technology. The bottom line is, all the profits we made at the Four Queens the first three years went right back into the property. But we took a property that was making about $5 million EBITDA and went up to $12 million fairly quickly.

Soon afterward, Binion’s Gambling Hall ran into trouble and you eventually bought it. What intrigued you about Binion’s and what did you find when you bought it?

When Binion’s came on the market, we said, ‘We know the formula. We know what to do. We think we can make this more profitable.’ A lot of people think that Harrah’s owned Binion’s for a while. They never actually did. We bought it from a company called MTR Gaming. When Binion’s became available, Harrah’s put it in escrow. What Harrah’s actually wanted was the rights to the Horseshoe name, because they were working with Jack Binion in the Midwest, and they wanted the rights to the World Series of Poker. They only wanted the intellectual property. They didn’t want the actual, physical property. They sold the physical property to MTR out of West Virginia out of escrow. So MTR ran it and one of the reasons people are kind of confused is Harrah’s agreed to manage it for MTR for a year or so. When Harrah’s stopped managing it and MTR took it over themselves, they did not know downtown Las Vegas. It is a different animal.

Terry Caudill, CEO, TLC Gaming

You have to walk the floors. You have to see what’s going on. You cannot manage these properties from 2,000 miles away. So MTR got themselves in trouble. In 2007, which is the best year this city had ever seen up to that point, they lost money and EBITDA. I looked at their numbers and said, ‘We can trim literally a million dollars a month off of these expenses.’ And we did.

We closed the sale in March of 2008. Well, that summer was when the recession hit. It started with four-dollar gas. Then Lehman Brothers failed. I was on a cruise in the eastern Mediterranean. I came home from a Thanksgiving cruise and said, ‘Guys, we got a problem. We’ve got to go into bunker mode here.’

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What did you do?

When we bought Binion’s we got an extra $7 million from the bank to buy slot machines, new carpet, redo the public restrooms, basically the public floor. We got all that done. The rooms were in very, very bad shape. Our plan was that as soon as we started making money we would put it back into the rooms and renovate them floor-by-floor. In 2009, the rooms were bleeding money so badly we had to close them down, in hopes of reopening them soon. They had a coffee shop that was very famous for 99-cent steak dinners but it was losing $2.5 million a year, so we had to close the coffee shop. But the casino floor continued to do well and a lot of people were surprised we were able to keep the property open, not lose it or have to shut it down during the recession. It was a good five years before things started coming back.

But we managed to keep Binion’s open. It was basically through gaming and liquor sales. We put bars right out on the street, kind of like a Bourbon Street philosophy and they got us by. To this day, we still have not been able to reopen that 300-room tower that we had to close.

We have reopened the Apache Hotel, which are 80 rooms that existed at Binion’s. They were originally opened in 1932 and we were not able to do much of anything with them structurally. They were grandfathered in. If we did anything structurally we would have to redo them. They had wood floors, wood studs, that kind of thing. All we could do were cosmetic things. We thought, ‘Let’s play off of the history, decorate them and treat them like 1932 rooms.’ A lot of things that are hard to explain have occurred to people, including some of my employees. So we thought, ‘Let’s just go with that and open those 80 rooms for right now. Let’s play up the ‘haunted’ aspect. Those are doing very well.

Our original goal had so much potential. Binions had bought the old Mint. They never had integrated The Mint during their reign so there were a lot of things we wanted to do there. One of them was to add a 700-room tower on the back corner. Jack Binion had the same vision but never really got anywhere with it. I still have every intention in the world of building that tower and reopening the 300 existing rooms. Binion’s, as a property, should be able to easily — easily — support a thousand rooms. Right now we have to completely depend on walk-in business.

I’ve always had my eye on Binion’s. I just love the

history. When we took over, people were like, ‘Are you going to change the name?’ No! We love the Binion name. We want to basically pay homage to Benny Binion. He had a colorful past, being a gunfighter and a gambler. But he also was a great innovator. He was one of the first to put carpeting in casinos. He was one of the first to offer free drinks while you’re gambling — I’d still like to shoot him for that one. He was one of the first to send limos to airport to pick up high rollers. He has the second electric elevator in the entire state. He knew how to attract people with his 99-cent steak dinners and stuff.

What’s your philosophy on “resort fees”?

I don’t believe in resort fees. They’re a misnomer and a ripoff. Resort fees were originally intended to have

“

I’ve always had my eye on Binion’s. I just love the history. When we took over , people were like, ‘Are you going to change the name?’ No! We love the Binion name. We want to basically pay homage to Benny Binion. He had a colorful past, being a gunfighter and a gambler. But he also was a great innovator. He was one of the first to put carpeting in casinos. He was one of the first to offer free drinks while you’re gambling – I’d still like to shoot him for that one.

things like the spa that people may choose and, if they chose to use those things, it was an extra cost. That is not what’s going on today. The resort fee is nothing more than a disguised part of the fee. You don’t get a different set of amenities with or without the resort fee in 99 percent of the cases. A resort fee is dishonest. It’s just trying to hide part of your actual cost.

With no resort fee, I ask myself, ‘Why aren’t we the first ones to fill up? Why aren’t we 100 percent full every night. But I’m not going to change my philosophy. We’re not going to have a resort fee. It’s a ripoff. It’s deceptive. We’re not chasing the last dollar.

Another part of our strategy is we don’t set our

policies and procedures on a day-by-day basis. I set operating strategies on a three-to-five-year horizon. I’m not saying saying we don’t have to tweak once in a while but we try not to have a knee-jerk reaction every time something changes out there in the world. We’re more likely to stay the course with what we believe is the right long-term approach and not make some short-term reaction. It helps us to be more stable, steadier, predictable.

What is the importance of your workforce? What is the heart and soul of the success of our operation? It’s my employees. It starts with

“

"I can never say too many good things about my people. They have allowed me to live out my dream.”

my employees. Our motto is ‘Friendliness and cleanliness.’ That starts with them. The employees take care of my customers, so if I take care of my employees and they do a good job, then they in turn take care of my customers. We rely very, very much on repeat business and that comes very much from our employees taking care of our customers. It’s my employees who make that happen.

Another principle that I believe is that value has always been a driving principle for us. I’ll listen to complaints about pricing because we always have to raise prices from time to time. But I don’t ever want to hear complaints about quality. You have to provide the quality. Then you decide if you can provide that in a cost-effective manner.

What’s the current gambling inventory at the two casinos like?

Right now, as of the end of April, the Four Queens had 837 slot machines and 27 table games. Binion’s has 653 slot machines and 31 table games. Those numbers go up and down a bit. But they’re both

significantly down from when we first took over. We have found that if you have the right mix of machines you don’t need quite as many. That’s another way of saving a little bit of money because during what you consider a busy period, like a Saturday night, you’d be lucky if 30 percent of your machines are occupied. That’s good. That’s a lot. [laughs] But if people come in and think you’re going to see 90 percent of the machines occupied, no, you don’t see that. Both properties were over a thousand when I took ‘em on. But we found that we could eliminate some of those machines and it wouldn’t impact the drop at all.

Are you a satisfied CEO at this point or do you have any as-yet-unrealized dreams?

I’m never satisfied. There’s always something to do. There’s always something to learn. There’s always something new and exciting in this business.

Editor’s Note: This interview has been edited for length and clarity. Select portions previously appeared at LasVegasAdvisor.com.

Fore!

Mesquite is getting a makeover. Anyone who has driven from Las Vegas to southern Utah has seen this little oasis of a town (population 23,000) with its casino resorts and manicured, green fairways — there are eight golf courses in this tiny burg — hugging the highway.

Now, the popular pit stop for spa and golf aficionados is getting a revamp. Mesquite Gaming, which owns both the CasaBlanca Resort-Casino-GolfSpa and Virgin River Hotel/Casino/Bingo is investing millions to grow its casino. It will also transform a movie theater into a state-of-the-art sports book and remodel its signature restaurant, Katherine’s Steakhouse.

These improvements are in addition to the $6 million renovations previously announced at CasaBlanca Resort. These include a new Center Bar, sports bar and the addition of 200 more slot machines on the gaming floor. All of these projects are expected to be completed this year.

Combined, the two Mesquite properties (which are 77 miles north of Las Vegas) feature 1,186 guest rooms and 76,000 square feet of casino space with 2,000 slot machines, and 36 gaming tables. Casino Life spoke to Mesquite Gaming CEO Justin Moore, who filled us in on the renovations.

Let’s talk about the two properties. What brings people out to Mesquite?

We’re in a phenomenal regional location, right off the I-15, one of the most traveled interstates in the United States. So that’s part of it. But the main attraction is the golfing. We have incredible courses. Mesquite Gaming owns two of them, Palms Golf Club and CasaBlanca Golf Club. Mesquite is also a home to Wolf Creek, which is a Top 100 course in the nation. And we have several other courses that complement the diverse landscape of Mesquite. We are also close to St. George, Utah, one of the fastestgrowing cities in America. It’s only about a 35-minute drive away and it’s becoming a great gaming market that continues to grow. So we recognize that the region is growing and it’s a great time to reinvest in the property.

How do the two resorts differ?

Virgin River is definitely a Mesquite locals casino. There are some aspects that make it that way. We have a bowling alley, the only bingo room in Mesquite and a fantastic arcade. So the amenities really drive the locals there and Virgin River has always been about value. We have one of the last buffets in Southern Nevada and our cafe offers affordable specials. If you’re a value-driven customer you’re going to find your way to Virgin River.

The CasaBlanca is a true casino-resort in Mesquite. You get off the hotel elevator and you’re right onto the casino floor. The pool area is exquisite, featuring a waterfall, cabanas and a spa, which is amazing. The CasaBlanca was built to be a true getaway for folks from Las Vegas or Southern California and Utah, to come down visit, relax, escape, hit the golf course, the spa, and enjoy some table games and slots.

Being so close to Utah’s national parks, do you have a lot of people staying with you on road trips there? Yes, we are very much a gateway to the national parks. Zion National Park is just an hour away. In the summer, we do get a lot of families. People making their summer trip, not just from Vegas but from California and they find us to be an attractive, affordable location to stay the night before hitting the national parks the next day.

Let’s talk golf. Are the courses designed for the average golfer or are these more challenging championship courses?

Because there are so many courses in Mesquite, it’s very diverse. If you’re a novice player, the Palms is perfect. The front nine is fantastic. It’s very flat. You can see the whole course from one spot. If you want a challenge, then Wolf Creek or even our CasaBlanca course is ideal. We just had a qualifier for the U.S Open here. If you’re a golfer there is something for you.

What led to the decision to renovate both CasaBlanca and Virgin River?

The properties are 30 years old and are just ready for some renovations and upgrades. First, we decided to expand the casino footprint at the CasaBlanca by adding 200 slot machines, and we wanted to improve the showroom and build a brand-new sports bar. And we just announced a new cocktail lounge for Katherine’s that will have a more casual atmosphere for those looking for a quick bite or cocktail rather than the full fine dining experience.

What makes Katherine’s Steakhouse stand out?

The food there is phenomenal. The steaks are delivered every day from stockyards in Chicago. Never frozen, hand-cut and selected to our specifications, they’re the best quality steaks you’re going to find. Katherine’s is the real deal.

Are you adding any new items to the menu at Katherine’s?

We’re not going to play around with the regular dining menu too much, but we’re adding a new lounge menu to offer people a quick little bite. We’re still working on it but you can expect to find things like filet mignon sliders.

On the gaming side, what are you doing in the casino?

Most casinos these days are shrinking their casino floors to provide a more comfortable layout because they don’t have the same occupancy they once did. Here in Mesquite, we actually need more machines because our occupancy is so high.

That’s a good problem to have. You’re adding 200 new slot machines. Where are they going?

A lot of those machines are located in the brand-new bars that we’re building. We were able to pick up some additional square footage on the casino floor by removing the stage in the center of the casino and moving entertainment into the new showroom. The showroom slots are going to be non-smoking — a CasaBlanca first.

Tell us about the new sports book at Virgin River. The Virgin River sports book is definitely a fun project. We were looking at this vacant movie theater trying to figure out what to do with the space and we came to the conclusion that the best thing you can do with a movie theater is put large screens in it, so we’re turning it into a sports book with a 53-footwide by 10-foot-high video wall. It’s going to be phenomenal.

Do you partner with any casinos or sports betting operators or do you handle the wagering yourself? We partner with the South Point Casino. They provide

all of our sports wagering lines as well as supporting us on the parimutuel side with horse racing.

Can you tell me a little bit about what type of entertainment you have on property?

A lot of our bands come in from Las Vegas. We’re going to continue with the awesome programming that we have. It’ll just be in a bigger space with more seating.

Spa culture is really big at CasaBlanca. Can you speak to that?

It’s a gem for the patrons that have always been coming to the CasaBlanca. For years we had a spa package: Stay in the hotel and receive spa credits. We’re really excited to be bringing that back in the very near future.

The Mesquite Hot Air Balloon Festival is a popular event. What makes it so special?

It drives so much traffic to the resort. It truly does enhance our visitation in January. It carries our month. They’re launching the hot air balloons off the mesa and you get to see them above the beautiful town of Mesquite. And at night we shut off all the outside lights, put an DJ in the parking lot — along with food vendors and hot chocolate — and they do this night glow. Mesquite is known for some pretty unique things but that’s probably the best.

mesquitegaming.com

Games People Play

I’ve got you profiled in the first five minutes. By Al O’Grady

hen people ask me what I do for a living I tell them I turn cards, I move chips and I count to 21. After an interesting glance, I tell them I am a blackjack dealer and it’s not work. I also tell them the real work comes from standing for eight hours, dealing with jerks and also dealing with boredom. Let’s focus on the mind games.

WOne way that I keep my mind occupied during slow times is to play armchair psychologist and profile the players. I have fine-tuned this to the point where I can profile you in the first five minutes. If you are honest with yourself, I am sure you can put yourself into one of these categories.

The Serious Player

At a $25 table this guy will buy in for at least $500 with quick access to another $2,000 if necessary. The cash will be in crisp, $100 bills. He might ask to rase the table limit to a $100 minimum to keep the amateurs

away. While he might think he is a blackjack expert, there is room for improvement. Of all the players that I have encountered, less than one percent play perfect strategy. Including these guys. They like to play two hands or more and they bet aggressively when on a winning streak. Unfortunately, their downfall is what casinos bank on. They get greedy. They don’t know when to walk away, when they are up or down. It’s not uncommon for this guy to be up five or 10 thousand dollars and then give it right back to the casino. Unfortunately, a significant number of these types do not tip the dealer when they hit it big and, on behalf of all dealers, these guys need a kick in the pants.

The Smart, Advanced Player

This is usually my kind of guy. Again, he buys in for $500 but no more. He brings to the table either $100, $50 or crisp, $20 bills from his own bank and not the casino ATM, because he does not like the casino’s ATM-service fees. He knows basic strategy very

well and, in some cases, better than those in the first group. He knows that you double down on a soft 18 against a dealer’s five but he is not always sure about a soft 13 against a dealer’s three. If he is on a winning streak, he will color up his black chips ($100) for a purple ($500) and keeps it in his pocket. He will have a distinct goal in his mind and, once he hits it, he leaves. He knows in the long run the odds are against him. When he scores, he takes his wife to dinner or his kid to a ball game. If he loses his buy-in, that’s it. He takes it like a man, leaves and I’ll see him again in a few weeks. When he does win, he will tip the dealer very well. What’s not to love about this guy?

The Immature Adolescent

These are usually kids in their mid-twenties. My kids are older than these guys. They think they run the world, but they lack maturity, wisdom and class. Quite often they’ll wear a lot of bling and they’ll be pulling out wads of $100 bills. Just where does a twentysomething get all that cash? Successful businessman? Unlikely. Grandma’s inheritance? Possibly. Playing with the rent money? Also possible but (and I don’t want to know the answer to this) they got their cash from some sort of nefarious activity that the police would like to know about. They think that gambling is easy and a quick way to make a lot of money. They will do foolish things like splitting tens and doubling down on 12. Sometimes they will make a big score but they will eventually give it back to the casino. They are in denial that they can lose and, when they do, they will be slamming the table, uttering profanities, and blaming everything and everyone except themselves. These guys still have a lot of growing up to do.

The Casual Gambler

This guy is a classic case of a little knowledge being dangerous. For starters, he does not bring enough money to the table. You need to buy in 20 times the table minimum but these guys will buy in for half of that. He will know some basic strategy but not all of it. He will know you stand on 14 against a dealer’s five but he’ll be lost when it comes to a soft 18 or splitting certain pairs. He often will have unreal expectations and will not know when to leave the table. He could be up $500 but he thinks he can win more, ignoring the fact that he doubled or tripled his money. He loses perspective that the laws of probability will work itself

out favoring the casino. If he plays long enough, not only will he lose his $500 but his initial buy-in as well. Casinos live for players like this.

The Complete Novice

These players have no clue. The only thing they know is the higher hand closer to 21 without going over, wins. They do not know that basic strategy exists. At a $25 table, they will buy in for $25 or $50 with wrinkled $5 bills and they are doing it just for kicks. They usually play Friday or Saturday night and are out with their friends for a few beers. If he does win two hands in a row, I smile at him and suggest that he should leave since he has doubled his money. Some take my advice. For those that don’t, they usually lose it all in five minutes. I wish guys like this would donate that same $25 to a worthwhile charity.

As a student of human nature, I do like to watch people to see not only what they do, but how and why they do it. Almost every one of my players falls into one of these categories and I’ll have you profiled in the first five minutes. So which one are you?

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Golden Moments of the European Football Championships

Reliable bookmaker 1xBet talks about the highlights of Euro 2024

Panenka's legendary penalty

The Czechoslovakia national team was not considered a favorite, even among the top four participants in the final part of the Euro 1976. But the underdog surprised everyone and defeated the Netherlands in the semifinals and Germany in the final.

The fate of the gold medals was decided in a penalty shootout. The decisive blow was taken by Antonin Panenka and became a legend not only for the importance of his goal but also for the way it was executed. He chipped the ball, which slowly crossed the goal line in the centre, while German goalkeeper Sepp Maier managed to fly into the corner, trying to guess the direction of the shot.

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Platinum Platini

Zinedine Zidane scored a brace in the 1998 World Cup final and led the team that became European champions in 2000. Kylian Mbappe scored a goal in the 2018 World Cup final.

France has legends that symbolize big victories at major tournaments. But Michel Platini set the highest standards for the heirs. The three-time Ballon d'Or

winner scored nine goals in five matches at home in the European Championship 1984 and set a singletournament scoring record. France won that Euro and Platini scored the decisive goal in the final against Spain.

Sensational Danish team

The Danes did not qualify to participate in the final part of the Euro 1992 but got into the tournament thanks to the exclusion of the Yugoslav national team and worked a miracle.

The lack of pressure played in the Danes' favor –no big achievements were expected from the team. Peter Schmeichel, Brian Laudrup and their partners gradually gained self-confidence, completely lost their fear of authority and, in the final, defeated the German team, the current world champion, with a score of 2-0.

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Golden goals by Oliver Bierhoff and David Trezeguet

The Golden Goal rule was in effect at two European Championships. In both cases, it worked in the tournament finals! In 1996, Oliver Bierhoff brought the title to the German national team and, four years later, the French national team broke Italy's resistance thanks to a goal from David Trezeguet.

The Golden Goal rule guaranteed gold medals to those who scored in overtime in the final match.

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The fiasco of the hosts in the 21st century

The time when the home pitch factor was decisive is over. Traditions have changed completely in the 21st century.

In 2004, Portugal lost the home Euro final to the Greeks. In 2016, Portugal came out on the right side and won the European Championship final against host nation France. The England team played the Euro 2020 final at the legendary Wembley in London and lost to Italy in a penalty shootout.

In the 20th century, the tournament hosts won three out of three finals of the European Football Championship.

Legendary Spanish team

Only one team managed to win three major tournaments in a row and defend the European Champion title. The phenomenal Spanish national team successively won Euro 2008, the 2010 World Cup and Euro 2012. The key players of Furia Roja were Xavi and Andres Iniesta – FC Barcelona representatives, the official partner of 1xBet!

That squad went down in history as one of the best. A reliable bookmaker has a lot in common with that Spanish national team. After all, the 1xAffiliates affiliate program is one of the best in the industry and was recognized at the last SBC Awards.

The Road Ahead

WinSpirit Casino analyzes predictions for the online gambling industry for the next five years

What lies ahead for online gambling? Will new players be emerging and should we anticipate growth in casino revenue?

To address these and other pertinent questions, WinSpirit Casino has reviewed predictions from trusted analytical sources. This article highlights the key findings of our research.

Online gambling in numbers

The online gambling industry is experiencing rapid growth. From 2019 to 2024, Statista reports that revenues generated by online gambling establishments increased by 230 percent, surging from $43 billion to $100 billion.

Although this remarkable growth was substantially driven by the global Covid-19 lockdown and a significant influx of new money (with the amount of U.S. dollars in circulation increasing by over 27 percent from 2020 to 2024 alone), the industry’s

revenue continues to climb. By the end of 2029, revenue is projected to reach $136.3 billion, marking a 35 percent increase from 2024.

The number of players is also anticipated to rise significantly. By 2029, the online gambling industry is projected to reach 281.3 million players, an increase of 40 million compared to 2024. The average revenue per user, however, is expected to remain nearly unchanged at $460 in 2024 and $470 in 2029.

According to Statista, the United States generates the highest revenue in the online gambling industry, projected to reach $23 billion by the end of 2024. Canada has the highest user penetration rate at 69.4 percent. By 2029, global user penetration is expected to reach 7.6 percent, up from six percent in 2024. Another analytical source, Research & Markets, estimates that the online gambling market will grow at an average rate of 10.6 percent from 2024 to 2030, rising from $88.3 billion to $161.3 billion.

Why does the online gambling industry grow?

Jones Robins, head of business development at WinSpirit Casino, believes that technological advancements are the main driver of growth in the online gambling market. “Technology is constantly evolving, which in turn enables a personalized approach to player communication and reduces the frequency of disruptions in online casino operations,” says Jones.

“It’s simple: Thanks to technological advancements, online casino operators can offer personalized promotions to players, promptly and effectively address player issues through communication channels like live chat, and instantly process online payments. This is exactly what we do at WinSpirit,” he adds.

According to Jones, the adoption of technologies in regions where they were previously unavailable also plays a vital role in the growth of the online gambling industry. “Take a look at the African market, for instance: The recent integration of mobile and Internet technologies has notably increased the industry’s revenue,” he explains.

IMARC, an advisor on management strategy and market research, underscores the role of innovative technologies in enhancing player engagement through the gamification of online casinos. Companies like zVentures Web3 Incubator (ZW3I) leverage blockchain technology, empowering players to own their in-game assets, including characters, weapons and skins. This ownership grants players greater control over customizing and utilizing their assets within the gaming environment.

Geography of online gambling

Given the substantial revenue growth of online casinos and betting sites over the past decade, online gambling can be considered as one of the most lucrative industries worldwide. Between 2019 and 2024, the number of global casinos and online gambling businesses increased annually by an average of 5.2 percent, according to Ibisworld. As of 2024, there are a total of 5,098 global casinos and online gambling businesses, with the largest concentration in Europe, followed by North America, and Africa and the Middle East.

Customer Market Insights predicts that from 2024 to 2032 the most popular forms of gambling will be poker, casino games, bingo, sports betting and lotteries.

Social responsibility

Given the rapid growth of the online gambling industry and the influx of new players, industry regulation is expected to intensify in the future. It’s crucial for casino-service providers to recognize this trend and proactively address new regulatory requirements. This is a pivotal moment to adapt business processes and strategies to ensure full compliance with legislative norms, and with safety standards. Embracing regulation positively will bolster player trust and contribute to long-term resilience, and to success in the industry.

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Research & Markets connects businesses with the market insights and analysis they need to enable intelligent decision-making.

The International Market Analysis Research & Consulting Group (IMARC Group) is a leading advisor on management strategy and market research worldwide.

Custom Market Insights is a market-research and advisory company delivering business insights and market research reports to large-, small- and mediumscale enterprises.

Best of the Best

Noemie Serra triumphs at the 16th annual European Dealer Championship

The 16th European Dealer Championship, hosted by Holland Casino at its Venlo operation, proved to be a hugely popular event. Thirty-seven dealers from 21 European countries gathered to demonstrate their exceptional skills before the EDC judges.

Three days of intense tournament competition culminated in Noemie Serra of Casino de Monte-Carlo being crowned the European Casino Association’s Dealer of the Year. Jamie Cummins from London’s Crown Casino took the runner-up spot, with Asa Ekerot from Casino Copenhagen securing third place.

As well as taking home the trophy, the winner scooped a grand prize of €5,000. The second and third place finishers were awarded €3,000 and €1,500 respectively. In addition to the main prizes, there were another five Skill Challenges, each offering a prize of €500 for the winners, showcasing the diverse talents and expertise of the competitors.

Best Mathematician: Jamie Cummins, Aspinalls

Best Chipping: Tsvelan Kritonov Yanchev, City of Dreams Mediterranean, Cyprus

Best Cutting Chips: Noemie Serra, Casino de MonteCarlo, Monaco

Best Pushing Stacks: Stefano Samperi, Casino Malta

Best Card Handler: Marco Skorjanic, Casino Innsbruck, Austria

The finals, which followed intense national heats, brought the crème de la crème of Europe’s casino dealing professionals to Venlo for the skill-based competition to demonstrate their astute decisionmaking, lightning-fast reflexes and seamless ability to balance chip management, mathematics, and engaging social interactions.

The dealers were evaluated by a dedicated panel of impartial international judges, each an experienced professional dedicated to maintaining the highest standards in the gaming industry. The EDC jurors played a vital role in evaluating participant performances, thoroughly examining game control, communication and technical skills.

Erwin Van Lambaart, chairman of the ECA, said “It has been a huge honor for Holland Casino to host the 16th European Dealer Championship in Venlo. I’d like to thank the team behind the scenes for their tremendous efforts in organizing and hosting this prestigious event, and I’d like to thank the event’s

sponsors without whom it simply wouldn’t happen. It has also been a great honor to be able to celebrate the amazing craftsmanship of live dealing. This event is a showcase, offering a glimpse into the passion, professionalism and hospitality that define the experiences of guests at our member casinos daily.

“Our dealers and croupiers must be recognized as the most vital ingredient at the forefront of customer interaction,” Van Lambaart continued. “They are the very essence of the land-based casino industry and we really have celebrated the ‘best of the best’ in the field here in Venlo. This event gives us an opportunity to honor these skilled professionals, to highlight the remarkable achievements of our dealers and to say thank you for making live casino gaming what it is today.”

Hermann Pamminger, general secretary of the European Casino Association (ECA), remarked, “This year’s has been a truly phenomenal event. I would like to thank all the sponsors of this year’s competition who made it possible to stage this international celebration of land-based gaming talent. The ECA extends its gratitude to these leading companies from the European gaming industry for their continued commitment to the European Dealer Championship, ensuring its success and growth into the future.”

The winner, Monaco-born Noemie Serra, said “Being a croupier is the best job in the world. I am so thrilled to take home the top prize. I came through the dealer school for Société des Bains de Mer de Monaco

in 2018 and have worked there ever since. It was an honor to represent them in this competition. My father also works as a dealer for SBM, so I suppose you could say that being a croupier is in my blood. The tournament has been intense and exhausting, but all the competitors have been so supportive throughout the event.”

Runner-up Jamie Cummins of Crown London said “It is a huge honor to finish second in this prestigious event. I’ve loved every second of the event and my time with the other dealers. Since starting out at Genting Casino in Luton, it has always been a dream of mine to work in Mayfair, which I achieved with Aspinalls and Crown. Doing so well in this competition is right up there though. I was at the tournament in London a few years ago, which was an outstanding event, but this one has topped even that. I’d advise any croupier anywhere in Europe to have a go at this dealer championship. It’s an incredible experience.”

Second runner-up Asa Ekeret from Casino Copenhagen added, “I’m thrilled to have been recognized at this event. It has been tiring and grueling but, just as in my job in Copenhagen, the other dealers have been amazingly supportive and encouraging. We’ve picked each other up and kept each other going. It’s been an amazing experience.”

The European Casino Association is excited to announce Grand Casino Lichtenstein as the next distinguished location for next year’s European Dealer Championship 2025, which will run from June 16 to 19.

EDUCATION OCTOBER 7–10, 2024

EXPO HALL OCTOBER 8–10, 2024 THE VENETIAN EXPO, LAS VEGAS

G2E is the catalyst for gaming - fostering innovation and driving growth by convening the global industry to define tomorrow. CONVENING GAMING

Neon Jungle

Songs, slots, shopping, food and magic in Las Vegas. By Victor H. Royer

hat city we know today as Las Vegas, Nevada, was born in 1905 as a dusty whistle-stop for the railroad on the way to Los Angeles. The name “Las Vegas” is a Spanish word meaning “The Meadows,” and it was given to this outpost on the old Mormon Trail because there was water here. A small spring produced an oasis in the middle of the parched desert of the American Southwestern frontier. Today it is called Springs Preserve and it is part of the Las Vegas Water District & Museum, still on the old site. I live about five minutes from there, just around the corner.

TAt the height of the Great Recession of the 1930s, following the stock market crash of 1929, Las Vegas was a nearly empty, one-horse cowboy town whose only industry was ranching, servicing the railroad as a water stop along the route. Since the country and state were all very much in need of revenue, in 1931 the state of Nevada legalized gambling. And – as the saying goes – the rest is history.

Downtown did it first

In the 1930s most of the action was in downtown Las Vegas, in saloons which were known as “sawdust joints.” That’s because this was still very much an oldWest cowboy town and the sawdust on the floor was necessary to cover the blood which was often spilled, not only in fist fights but often even in gunfights.

But the main motivating factor to create Las Vegas and Nevada as a gambling destination was the construction of the Hoover Dam in Boulder City, about 27 miles from downtown. The dam’s construction brought not only huge amounts of money to the state but also thousands of men with paychecks to cash and money to spend. Now they had the gambling saloons in which to spend it and the red-light district on 16th Street to find other kinds of “action.”

Las Vegas grew rapidly as a result. By the 1940s it was well-patronized by visitors from Los Angeles, who took trips to the gambling saloons on the trains which then ran frequently between L.A. and Las Vegas. Soon

it became clear that these visitors were attracted by headline entertainers, and the saloons soon began booking cowboy acts and Western stars from the movies.

By the end of World War II, great national prosperity flooded the United States and the Western expansion was on. So was the expansion of Las Vegas into the Gambling Capital of the World, as it was then billed worldwide. Then in 1948, famed gangster Benjamin “Bugsy” Siegel elbowed his way into a brand-new kind of gambling resort on what was then the old Los Angeles highway. Today we know this portion of it as the famed Las Vegas Strip.

But back in 1948 this was about six miles or so away from the “real action” in downtown Las Vegas. Almost everyone thought Bugsy was nuts. By the way, he hated the nickname “Bugsy” so much that he would shoot dead anyone who called him that to his face. He eventually built the Flamingo, which still stands on the same spot on the Las Vegas Strip today. But the last of the original buildings were destroyed about 15 years ago, to make way for a Flamingo wildlife exhibit, for a time.

This new casino was called a “carpet ioint,” because it was a fancy place with no sawdust on the floor – just carpets. Furthermore, it had a dedicated casino, and its main attractions were famous

Hollywood entertainers, and nightclub performers. The original concept failed but the property was reopened in 1949 and the rest is – again – history.

From then on, Las Vegas became known not only as the Gambling Capital of the World, but also as the Entertainment Capital of the World. America’s greatest entertainers played the Flamingo, and later at the many other casino resorts which sprang up over time. In just a few years, even the downtown Las Vegas sawdust joints changed, and became instead clubs and gambling resorts. These were similar to the new ones on the Strip but with a smaller, more intimate identity.

The Pelvis shakes things up

From the 1950s on, Las Vegas casinos hosted the greatest entertainment acts in history. The most famous among them are – probably – the great “Rat Pack” group, which consisted of Frank Sinatra, Sammy Davis Jr., Dean Martin, Peter Lawford and Joey Bishop. Among the few female members were, most often, Angie Dickinson and Shirley MacLaine. But there were many other headliner acts in Las Vegas from the 1950s into the 1990s. Among them were dancers Gene Kelly and Donald O’Connor, and singer/dancer Debbie Reynolds, as well as “Mr. Las Vegas” Wayne Newton, and probably the greatest

showman of all time, Liberace. Many comedians, like Shecky Greene, Buddy Hackett, Milton Berle, Don Rickles, Johnny Carson and Henny Youngman played Vegas.

But the biggest act in Las Vegas history has to be Elvis Presley. He actually made his Vegas debut in the 1960s at the New Frontier and bombed. At the time the audience in those properties were older people who were expecting swing bands. Instead they got Elvis the Pelvis. Not a good fit. Presley actually said at the time that he “never wants to play this dump again!”

But after his famous 1968 TV sensation, “The Comeback Special,” Elvis headed back to Las Vegas. He began a multi-year residency at the newest and biggest casino, The International. It later became the Las Vegas Hilton and today it is known as the Westgate.

By the late 1980s and into the 1990s Las Vegas began to see a decline in headline acts, as the older generation of singers and comics, and great nightclubs acts of the earlier era passed on or retired. A new age of magicians and animal acts took the city by storm. These included massively popular acts like Siegfried & Roy and their white tigers.

By the 2000s Las Vegas also began to see the decline of the showgirl shows, such as the famous

de Paris” at the Stardust and” Jubilee” at Bally’s. Today it is known as the Horseshoe. Today these shows are again being replaced by name acts and nightclubs, as well as name-brand magicians, like David Copperfield, whose show has been a hit on the Strip for many years.

It was no mirage

As the era of the original Las Vegas casino resorts came to an end in the 1990s, the era of the megaresort began. Initiated with the opening of The Mirage in 1989, the concept of the all-integrated casino megaresort took off and, by the mid 1990s, most of the older properties were imploded and replaced by these multi-billion-dollar behemoths.

Prior to the era of the megaresorts, Las Vegas was famous for gambling and name-act headliner entertainment. It was all basically casino-centric, with the entirety of the “resort experience” being centered in and around the casino. Personally, that’s the way I still like it – but I am one of those people from that original era of Las Vegas and am just a bit biased. But in a friendly kind of way. But that wasn’t all that there was.

All of the great Las Vegas casinos of yesteryear also had great food and shopping. Las Vegas also evolved into a shopping experience with the introduction of

the Fashion Show Mall right on the Las Vegas Strip itself. It’s still there and still one of the greatest retail destinations in the city.

The food was still good and there was always plenty of it. Benny Binion, one of the famous founding fathers of Las Vegas – and owner of the equally famous Binion’s Horseshoe in downtown Las Vegas –pioneered the $2 steak dinner with all the fixings, soup or salad, a glass of beer and dessert.

What many people may perhaps also not know is that the iconic Las Vegas buffet, now largely gone, can trace its beginnings to the Chuck-Wagon Buffet at the

old El Rancho, which stood on the southwest corner of the Strip and Sahara Avenue. It was a fully cowboythemed property and one of the very first themed Las Vegas resort destinations. It burned down completely in 1960 and was never rebuilt. The land it stood on remains empty to this day, and serves occasionally as the outdoor venue for concerts and gatherings.

But it was the origination of a “theme” and “integration” as a “casino resort” which the old El Rancho Vegas pioneered – along with the now-famous Las Vegas buffet. And this concept was reignited in the 1990s with the emergence of the integrated mega resorts, all of which not only had buffets, but fine dining, often from celebrity chefs like Wolfgang Puck and Gordon Ramsay.

While this trend has somewhat run its course by today, the concept of an all-inclusive destination experience still prevails. Centers like the Forum Shops at Caesars Palace still cater to and showcase the importance of retail, as well as of dining. And this is not limited to just “fine” dining.

Almost all of these resorts also offer 24/7 dining, as well as casual dining and very often at truly great prices. In many instances it is actually less expensive to go for a great meal at one of these resorts than to buy all the ingredients at the store and then cook it all yourself. But of course the formula behind this is still the same: Once in the door for the “special,” many people also buy other things, be it in the shopping center within the resort itself or by playing in the casino.

Where we are now

So the evolution of Las Vegas has now come to also mean that this city has become The Retail & Entertainment Capital of the World, as well as all the other titles mentioned here. An all-in-one destination experience unlike any other is what Las Vegas has always been, ever since its beginnings.

Throughout its history, Las Vegas entertainment and gambling have walked hand-in-hand, and this hasn’t changed to this day. Even though today’s Las Vegas is mostly known as a “resort destination” and as a “convention destination,” it has even more recently also become known as “The Sports Betting Capital of the World.” Even more recently, some are calling it the “Sports Capital of the World,” along with all the other attractions which this great city in the desert still has.

I’ve been here 41 years now – and it’s been a blast.

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New Dimensions

How generative AI is transforming the pace of innovation. By Raymond Chan

The pace of artificial intelligence has entered a new era, propelled by revolutionary advancements by DeepMind’s AlphaFold 3 (a Google company), which has dramatically accelerated progress in the fundamental science of protein folding.

AlphaFold 3’s ability to accurately predict the 3D structure of proteins based on their amino acid sequences has sent shockwaves through the biological sciences. By solving a grand challenge that has puzzled researchers for decades, this breakthrough has catalyzed unprecedented gains in fields like drug discovery, materials science, and renewable energy — all by unlocking faster pathways to innovation.

Harnessing the power of generative AI represents a pivotal moment in the history of innovation. By empowering us to ideate, experiment, and bring new ideas to life faster than ever before, these technologies have the potential to propel us into an era of unprecedented advancement and transformation.

The Next Frontier: Physicsrule-based Intelligence

On top of science development, the advent of generative AI has also undoubtedly revolutionized creative industries, exemplified by the viral success of tools like Sora, which can generate movie scripts from simple prompts. These systems still face significant limitations. At their core, these models are fundamentally based on statistical patterns extracted from massive datasets — a

technique that, while powerful, fails to fully capture the underlying physical realities that govern our world.

The movies and visual content produced by current generative AI tend to rely on learned stylistic techniques and narrative structures, rather than a deeper understanding of the physical laws and

constraints that shape authentic human experiences. This “statistics-based intelligence” can generate compelling, but often unrealistic, outputs that lack the grounding in physics-based causality that audiences increasingly demand.

The next frontier in generative AI for industries like film, gaming, and robotics will be the development of “Physics Intelligence” — systems that can not only ideate and compose, but also simulate, and render content that adheres to the fundamental principles of the physical universe. By incorporating a deeper comprehension of dynamics, materials, and the physical parameters that govern our reality, these advanced AI models will be able to produce hyper-realistic, scientifically grounded content and experiences.

This shift towards physics-intelligence represents a significant business opportunity, as industries hungry for innovative, lifelike digital content and autonomous systems will eagerly adopt these transformative technologies. Overcoming the limitations of current generative AI approaches will be crucial for unlocking the full potential of these tools to accelerate innovation across a wide range of sectors.

Preserving the Human Touch

As the capabilities of Generative AI continue to advance, it’s crucial that the development of these technologies aligns with the long-term wellbeing and agency of the human race. Rather than seeking to replace human creators and decision-makers, the true promise of generative AI lies in its ability to augment and empower our innate creativity, and problem-solving abilities. The future should not be one where AI systems autonomously generate all of our games, movies, and innovations, but rather where these technologies serve as powerful design assistants and collaborators that enhance the human touch.

Designers, producers, and other creative professionals should be equipped with generative AI tools that allow them to ideate, prototype and refine their visions more efficiently, not to replace the human element. By developing AI systems that can seamlessly integrate with human control on workflows and decision-making processes, we can ensure that the products of our collective innovation remain grounded in the unique perspectives, emotions, and values that only humans can provide.

ABOUT RAYMOND CHAN

Raymond is a software engineer by profession with a track record in corporate innovation and entrepreneurship. He co-founded two prosperous startups, TGG Interactive and Global Gaming Group in Asia, where he served as director and CEO to lead the customer intelligence and electronic gaming businesses from 2007 to 2018. Earlier in his career, Raymond was a founding member of the business intelligence team at E*TRADE from Morgan Stanley and played a pivotal role in designing the TiVo customer intelligence system in Silicon Valley.

This delicate balance between human and machine intelligence is where the true transformative potential of generative AI lies. As we continue to push the boundaries of what these technologies can achieve, the focus must remain on cultivating AI as a tool for empowerment, rather than one of replacement. Only then can we harness the full power of generative AI to accelerate innovation in a way that preserves the essence of the human experience and safeguards our collective creative agency. This is the future we must strive to build.