Sustaining and growing the city’s appeal means more than adding new attractions—it means investing in change Carlos Castro, president and CFO of Resorts World, told the gathered audience at Newsweek’s New Destinations World Summit this week. He noted that price-conscious customers were shopping for their Vegas vacation during that time and political friction with Canada put off Canadian travelers from choosing the city as their destination. As CFO, he understands the economics on both sides of the equation.
I think Las Vegas—[we] got a little ahead of ourselves in terms of not really providing that value… We need to make money. We need to be profitable. These buildings don't pay for themselves; they're very expensive,” he said.
Business picked up this summer. "Las Vegas is in a constant state of invention and reinvention. It's a city that has defined the customer travel experience and inspired new levels of hospitality around the world.
That is a large part of the reason Newsweek chose the city as the host of our New Destinations conference," Amit Shah, Newsweek executive vice president said. Castro doesn’t just want Resorts World to evolve. He was emphatic that the City of Las Vegas needs to do the same.
The president and CFO went further saying, “I think Las Vegas needs to reevaluate the service proposition. We need to make sure that we're serving our guests, that we're providing great service. [Also,] the properties on the Strip need to be making sure that they're reinvesting in their asset… I think collectively as Las Vegas, we need to step up and say we're going to make this the safest city in the world. We're going to provide the best service in the world, and we're going to have the best assets in the world, and I think innovation will come.
I think people will come and make an investment.”
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