The term Integrated Resort (IR) is used to describe a complex resort property that provides a diversified leisure offering including, amongst others, hotel, casino, convention & exhibition facilities, entertainment, retail, fine dining. The IR concept dates back to the 90s when the MGM Grand and the Venetian Las Vegas opened in the USA. In Las Vegas, IRs have prospered as non-gaming revenue now exceeds their gaming revenue (constituting approx. 60% of total revenue, a 20% increase since 2005).
The IR industry encompasses several sectors including luxury hotels, spectacular casino’s, health spas, the best in fine dining and world-class entertainment as well as meeting, convention, exhibition spaces and even theme parks. It is a dynamic industry which offers career paths from vocational entry levels all the way to globally recognised professional qualifications often delivered in forward-thinking universities such as the University of Macau who offer a course in International IR Management.
At the heart of modern integrated resorts, especially in Asia, is the casino, and it should come as no surprise that all IR developments bring significant economic benefits to the local communities where they are situated and enhancing an entire destination’s tourism product and appeal. As IR’s continue to enjoy spectacular year on year growth and with new ones experiencing billions of dollars of investment with the benefits spilling over to bring $billions into the regions where they are located. A prime example of this is when the Venetian Macao Resort opened in Macau it quadrupled the area's revenue raising it from HK$55 billion to HK$217 billion.
Two IRs in Singapore have committed around S$9 billion in non-gaming investments to build new world-class tourism and attractions, many of which will be the first of their kind in Singapore. Vietnam is looking forward to the opening of the $4Bn HOIANA IR, as we previously reported on, which will feature six junkets to rival Suncity’s own. The HOIANA development will offer a full range of amenities to attract tourists, families, couples, golfers, gamers and businesspeople. The massive $4bn venture will have a world-class casino, an ultra-luxury Rosewood Hotel & Resort, a 445-room hotel and 200 buy-to-let condominiums as well as a championship golf course-country club.
Australia is looking to follow suit, with several new mega-casinos being rolled out over the next five years as they look to capitalise on the IR industry by securing a 10% cut of the Asian gaming and entertainment industry.
New Integrated Resorts are designed to look more like leisure and entertainment districts rather than a single casino. They tend to be built around a central piazza allowing people to easily move between multiple gaming and dining venues, making it extremely easy to leave one activity and move to another.
Dragon co-founder Paul Moynan says, “It’s clear that IRs are fantastic economic stabilisers for the region and indeed the country as a whole. They bring in long-term economic drivers, so expect to see rapid expansion across Asia in the next 3 to 5 years and this growth will mean more employment in the IR industry and a surge in tourism. Dragon Coin is easily able to cross-pollinate between each sector in an Integrated Resort, supporting not only it’s growth and existing ecosystems but also rapidly transforming how traditional businesses use blockchain technology.”
This close proximity of venues opens up a compelling potential use case for the introduction of Dragon Blockchain Innovation which will alleviate the need for VIP guests, who visit several IR's every year, to convert and hold multiple currencies. Using Dragon Coin, the World’s number one entertainment coin and the feature-packed Dragon Social Wallet could remove this pain point by allowing fast, frictionless payments no matter where in the World it is being used.
Disclaimer: Dragon assumes no responsibility or liability for any errors or omissions in the content of this article. Figures were obtained from a variety of sources and were believed to be correct at the time of writing. Readers are advised to conduct their own research and due diligence.