However, it is a highly speculative business. There is probably as much failure in this industry as in any industry I ve ever looked at. In the short term, it is very fast moving and a lot of it depends on fads, promotions and advertising. You cannot succeed long term without expanding, but you also have to have a very consistent, long-term operating focus. A lot of interesting concepts come and go because they are not executed well.
Execution is probably more difficult than arriving at a viable concept.
In fact, there are viable concepts that come up, and people steal the concept or knock them off and are sometimes more successful than the originator, because they can operate them. Let s start with Harrah s. And for the most part, their properties are very consistent and highly profitable. They have two problem properties, one in New Orleans and The Rio in Las Vegas. Those two properties alone are probably the reason why the stock trades at a discount to its peer group.