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Frank Fahrenkopf, on why flexibility is key to recovering from the recession

2 min read


This post was written by SmartBrief’s Doris Nhan.

At the 10th annual Global Gaming Expo, Frank Fahrenkopf, president and CEO of the American Gaming Association, spoke to AGA SmartBrief editor Liz DeHoff about issues facing the gaming industry next year, lessons learned as the country recovers from the economic recession, and what qualities to look for when seeking new leaders. Some of his key points:

  • Everyone is wondering whether consumers will start spending again — and the gaming industry is no different. Lack of jobs meant a lack of discretionary funds, directly affecting whether consumers would game. Other issues to watch: whether liquidity will return to the financial market, and how the new Congress will affect the industry.
  • Flexibility and an ability to adjust your business model were essential for surviving the recession. Las Vegas may have been packed, but that didn’t mean they were spending, Fahrenkopf said. Being nimble and ready to adapt to what the customer needs should always be the first priority.
  • Leadership potential isn’t always on a resume. Start by hiring employees who have solid people skills. Employees are the face of a company, and they’re the ones who handle the customers. Over a period of time, you’ll begin to see whether or not leadership skills emerge. People with leadership experience on their resume may not always be best suited to handle a particular job.