The Las Vegas Hotel And Casino Industry Tourism Essay

The Las Vegas Hotel And Casino Industry Tourism Essay Commercial Casino Industry has been occurring in United States over 75 years since Nevada legalizing it. When Chef Wolfgang initiated to out fine dining restaurant in commercial casino, this is the beginning of food and beverage revolution in industry in 1992. In 1995, American Gaming Association was created. MGM Mirage acquired Mandalay Resort Group, Harrahs Entertainment Inc. and Caesar Entertainment in 2005 and the commercial casino industry started booming and other states started legalize opening casinos since then. The international gaming industry is expanding. Many U.S. casino companies expanded or planned to expand to other countries such as Macao, Korea, Taiwan and Singapore. The international casino industry tends to have rapidly growth as gross gaming revenue in Macao has been more than gross gaming revenue in Las Vegas strip since 2006. Know your enemy and know yourself, and in a hundred battles you will never be defeated. (Sun Tzus The Art of War Writings). This Chinese wisdom of warfare probably helps companies deploy a better strategy in many business situations. The MGM Mirage Inc. is the largest company in the Hotel and Casio industry by revenue in the U.S., but MGM financial statement showed that company bottom-line in debt. The company was facing bankruptcy code in the early 2010. In this project, the report had been organized and presented MGM Mirage Inc. or MGM Resorts International in 4W framework: (1) Who are we? (Company profile, Hotel and Casino industry profile), (2) Where are we? (Sophisticated tools in Management, Technology, Marketing, Financial and Accounting were used to analyze the company position with competitor in the industry.), (3)What are problems? (SWOT analysis) and (4) What are solutions? Who are we? : Know yourself MGM History The Beginning of Las Vegas Race: 2005: MGM Merged Mandalay Bay Group. MGM Profile in 2009 Organization Structure Company Strategy The MGM Mirage Inc. strategy is to generate sustainable, profitable growth by creating and maintaining competitive advantages and through the execution of our business plan, which is focused on: Owning, developing, operating and strategically investing in a strong portfolio of resorts; Operating our resorts in a manner that emphasizes the delivery of excellent customer service with the goal of maximizing revenue and profit; and Leveraging our strong brands and taking advantage of significant management experience and expertise. (Source: MGM Mirage 2010 Form 10-K) Current Operation As of 2009, the MGM Mirage reported that the company has completed control of 14 casino resorts and hold 50% of investment in 5 casino resorts. In addition, the MGM Mirage also owned 3 golf courses in Las Vegas, Mississippi and California.(Source: MGM Mirage 2010 Form 10-K) Casio Resort ( Completely owned) Nevada MGM Grand Las Vegas Mandalay Bay The Mirage Excalibur Monte Carlo Railroad Pass, Henderson Gold Strike, Jean Luxor Bellagio New York New York Circus Circus Las Vegas Other MGM Grand Detroit Beau Rivage , Biloxi, Mississippi Gold Strike Tunica ,Mississippi Casio Resort ( hold 50% in stock) Nevada City Center (Joint Venture with Dubai World) Circus Circus Reno Siler Legacy Other Borgata, Atlantic City, NJ Gran Victoia , Elgin, IL MGM Grand Macau, China Industry Analysis Industry Analysis process is an essential assessment tools for every company to deeply understand industry current trends and opportunities. In fact, company will gain a better position and achieve a competitive advantage when it truly understanding marketplace. In the complex marketplace, the U.S. government is categorized industry with 4-digits Standard Industrial Classification (SIC) system. In addition to SIC, the North American Industry Classification System (NAICS) is a new standard for the industry. The NAICS with 6-digits code contains more details than the SIC system. The purpose of SIC and NAICS are economy analysis. The MGM Mirage Inc. has been classified with SIC into three major categories: Hotels and Motels (SIC 7011), Coin-Operated Amusement Devices (SIC 7993) and Amusement and Recreation Services, Not Elsewhere Classified (SIC 7999). In addition, the MGM Mirage inc. also has been classified with NAICS into two categories: All Other Amusement and Recreation Industries and Hotels (except Casino Hotels) (713990) and Motels (721110). To thoroughly understand MGM Mirage Inc. marketplace, the hotel industry and casino industry had been analyzed. Hotels and Motels Industry (SIC 7011) The U.S. government defined a company in Hotels and Motels Industry as Commercial establishments, known to the public as hotels, motor hotels, motels, or tourist courts, primarily engaged in providing lodging, or lodging and meals, for the general public. Hotels which are operated by membership organizations and open to the general public are included in this industry. Hotels operated by organizations for their members only are classified in Industry 7041. Apartment hotels are classified in Real Estate, Industry 6513; rooming and boarding houses are classified in Industry 7021; and sporting and recreational camps are classified in Industry 7032. Recession impacts hotel industry In May 2010, Standard Poors industry report stated the hotel industry is still in an unstable condition. The industry will require a longer period to recover from the 2008 recession. Currently, the industry is operating in a difficult situation. The hotel industry is facing drastic competition that forces hotel businesses to lower room rates, which in turn results in lower profit. Figure 1: Hotel Industry Fact Sheet 2001 Forecast 2011 The data from Smith Travel Research (STR) Inc. indicated that on average the hotel industry has lost its Revenue Per Available Room (RevPAR) since 2008. The 2008 recession has also brought the hotel occupancy rate down from 60% to 55%. In addition, average daily roommate also dropped significantly 8.8% in 2009. Moreover, room demand dropped 6% in 2009. In contrast, the supply of rooms rose 3.2% in 2009 (refer to figure1). While the U.S. government is making their way out from 2008 recession, SPs forecasted that the hotel industry will not return to the same pre-recession level for the next eight to ten years. Figure 2: Percent Change in Room Supply and Demand in the U.S. from 1989 April 2009 Real GDP helps the hotel industry in predicting room demand In the hotel industry, a high accuracy in room demand elasticity estimation provides CEO with essential information for a long term planning and deploying strategies. In 2009, the research by Dr. Hanson from Global Hospitality Group Hospitality Lawyers shows approximately a 1-to-1 relationship that holds between the U.S. Real GDP and room demand until the 2001 economic crisis. The real Gross Domestic Product (GDP) is the total output of goods and services produced in a country and adjusted for priced change. The demand is more elastic when the greater the proportion of income spent on the good. After the 2001 recession, the demand retract and continue to grow in a slower pace when compare with the real GDP. The GDP is increasing 4 times faster than the room demand does. The 5 factors that researcher believes that might have an influence GDP and room demand relationship are: Long-term deterioration in consumer confidence, Higher consumer saving rate, consumers trying to recover lost investment, new pattern of behavior and proposed levels of tax increase affecting disposable income. Moreover, in the 2008 recession, the researcher also believes that the recession might create an additional snap back for room demand. Figure 3: The relationship between GDP and Room Demand U.S. Business and group travel The hotel industry profitability can be influenced by a demand from business travel. According to a member survey, the Association of Corporate Travel Executives (ACTE) reports hotel expense represents, on average, 40% of all business travel expense. In addition, American Express stated that airfare will increase from 2% to 10% in 2011, and hotel rates will increase 1% to 10% (Paurowski, 2010). The survey also indicated that 35% of its member strongly considered optimizing hotel expense in 2011 and 50% of its member expressed concern regard increasing in expenses. Passenger Name Record (PNR) in Computer Reservation System (CRS) showed that cooperate travelers have shifted booking methods from Travel Management Companies (TMCs) to Online Travel Agency (OTA). In fact, 30% of its members stated that online hotel rates offered are lower than negotiated rates. The complementary items that are preferred by the majority corporate travelers are: complementary cocktails, free WiFi-internet ac cess and comfort. In conclusion, the demand for business and group travel will likely be for cheaper rooms at lower rates with free complementary. (Michael Boult, 2010). Domestic and international travelers Shifts in airline schedules and passenger booking have a direct impact on hotel occupancy. According to the data from Air Transport Association (ATA) 2010 annual report, the static in figure 3 shows that domestic capacity had a declining trend since 2000, and the data also showed that passenger enplaned has dropped significantly from 743 million passengers in 2008 to 703 million in 2009 reflecting a 5.3% decrease of airline industry capacity. In fact, profit margin in the airline industry has been on the negative side. Airliners cut back routes and canceled destinations. For international travelers, The U.S. Department of Commerce (DOC) and Office of Travel and Tourism Industries (OTTI) expect the industry growth in 2010 and gradual increase to approximately 6-9% through 2015. Five countries, excluding Canada and Mexico, that rank highest in number of visitors to the U.S. in 2010 by volume are: China (40%), Brazil (35%), Korea (35%), Hong Kong (27%), New Zealand (24%) and Australia (19%). A weakening in U.S. currency helps the hotel industry by stimulating the demand from international travelers. Figure 3: Domestic Demand Trend, Profitability among Airline, Passenger Yield Trend Medical tourism -a little hope for the hotel industry In the economic downturn, hotel industry needs a stimulant plan to boot-up its occupancy rate. In 2009, Reuters Health section provided some interesting facts about medical tourism in the U.S. The report indicated that U.S. health providers have lost 650,000 patients to hospital oversea such as Thailand, India, and Singapore. In addition, the health providers are predicted to lose as much as $67.7 billion in revenue in 2010. Oscar Goodman, Mayor of Las Vegas, foresee the opportunity for the hotel industry in Las Vegas. Mayor encourages a local business to support the idea of medial tourism. The medical tourism will be an alternative business in the area, the national public radio reported. Casio Industry Casinos are the largest revenue generator in the gambling industry. The industry provided approximately 350,000 jobs in the U.S. market. The American Gaming Association and the National Indian Gaming Association (NIGA) are the main organizations in the U.S. casino industry. The AGA encourages its members and their employee to be aligned with updated law and regulations. Moreover, AGA is a realizable source for a gaming industry providing gaming history, educational program, and statistic data on the Casino industry. In addition, the NIGA under the Indian Gaming Regulatory Act has provided Native Americans opportunities to legally run casinos. U.S. casino trends The casino industry has been hard-hit by the recession. According to the United States department of labor, the Mass Layoff statistics (MLS) program showed that the hotel-casino industry eliminated 13,000 jobs in 2008 (Labor, 2010). The revenue trend in the casino industry has been on a downturn for the last two consecutive years. The SP expected a slow recovery from the casino industry. Las Vegas, Nevada As of 2009, the American Gaming Association reported that Las Vegas with $5.55 billion in revenue was a dominant U.S. market. According to Las Vegas Convention and Visitors Authority (LVCVA), the statistic in figure 5 showed a 2.4% increase in the number of visitors from 2009. The Las Vegas Strip gaming revenue was increased by 4.3%, but the downtown area gaming revenue was decreased by -7.3% from 2009. In 2009, the 14% unemployment rate in the state Nevada plummeted the economic trail. On a carryover impact from the economic crisis in 2008, the number of attendees at conventions, and a number of scheduled conventions and number of meetings held remained on the decline with decreases of -1.1% and -6.7% respectively. According to the Las Vegas Visitor Profile, Market Segment reported by LVCVA (2009) that 76% of Casino guests were most likely to be traveling in a party of two and average stay in Las Vegas is 4 nights. Casino guests on LVCVA survey stated that 87% of visitors called the hotel-casino directly to book their accommodation. In 2010, SPs industry report estimated casino revenue on the Strip to be 35%-45% of total revenues, and the revenue from hotel rooms was 20-30% of the total revenue. A total enplaned and deplaned air passenger continued to decline. The number of air travelers accounts for 42% of all visitors. (LVCVA visitor profile: ir visitor version). The SPs report indicated strong growth from Las Vegas. Figure 4: U.S. Casino Industry Gaming Revenue Figure 5: Las Vegas Convention and Visitor Authority (LVCVA) : Executive Summary Atlantic City, New Jersey The Atlantic City is a second large of the U.S. casino marketplace. The static in figure 4 shows that casinos in the area have been losing revenue -5.7%, -7.6% and 13.2% in three consecutive years. According to SP, casinos in Atlantic City are facing heavily competition from New York and Pennsylvania. Macau, China: New Era of Asia Gold rush Macau is a special administrative region of China. The CIA The World Factbook reported that, in 2006, Macaus gaming revenue surpassed that of the Las Vegas strip, and gaming-related taxes accounted for more than 70% of total government revenue. The Macau market attracted many casino operators from Las Vegas to come and establish a new home-based outside the U.S. In 2010, the profit in Macau market increased 9.7% in revenue from its loss in 2009. The gaming industry in Macau was expected to rise, but, SP reported a concern about the room surplus of 40% in 2011 and 2012. In the long-term, SP still believes that the Macau gaming industry will generate a significant profit for China. Singapore: A hidden dragon Singapore is the one of the most strategic locations in South-East Asia. According to Economy Watch and World Bank, Singapore is considered to be a very attractive country for new business. Sources in the Wall Street Journal on October 7, 2010 reported that the Marina Bay Sands project is a 8-billion dollar casino in Singapore, known to be the cleanest city in the world. The casino includes three 50-story structure with approximately 2,500 rooms; a casino, retail stores, dining and 800,000 square feet entertainment complex. The SP 2010 industry report predicted that the top five markets for Singapore casinos are: Indonesia, China, Australia, India and Malaysia. In addition, the Marina Bay Sands should have no effect on Macau market because the hotel presents a more family-orientated appeal. Legal and Regulation Internet/Online gambling Online gambling is illegal in the U.S. as of November, 2010. Internet Gambling Regulation, Consumer Protection, and Enforcement Act (H.R. 2266)  was introduced to congress in May 2009 by Frank, Barney  (Rep). The bill is aimed to Unlawful Internet Gambling Enforcement Act of 2006, which prohibits internet gambling operators from receiving money related to any online gambling that violates State or Federal law (Frank, 2010). Online gambling is also on a serious debate among AGA members regarding a safety and government regulation. The concerns regarding an online gambling are a security technology such as firewall to protect million online users. Summary Key Fact from Industry Analysis Room demand dropped because economic recession. Occupancy rate dropped because dropped in demand and increasing room surplus. Real GDP could be used as atool for the hotel industry to future demand. Business Travel booking trends changed from Travel agency to online travel agency. China is a number one inbound visitor by volume from oversea. Medical tourism could be an alternative route for simulating demand. Gaming on Las Vegas Strip continues generating profit. Atlantic City market for casino is not pleasant after loss in profit of 3 consecutive years. Macau is growing and generated more revenue than Las Vegas Strip. Singapore could be a new growing casino market in South-East Asia. Legalize an online gambling is an ongoing process. Casino Market: Oligopoly Market Competition In 2009, the casinos industry had revenue in total of $US 21.8 billion. To determine an economic competitive type of market in the industry, the company uses a four-firm concentration ratio as the indicator. The ratio is the percentage of total industry sales made by the four largest firms (Fig. 4). The four-firm ratio for the casinos industry is approximately 70%, which had created an oligopoly form of market competition. In oligopoly, one firm decision can have a direct influence on demand, price, and profit of competitor in the industry. Figure 5: Companies in the casino industry by revenue Furthermore, external assessment of the industry is a critical process for management in decision making. The Porters Five-Forces Model, competitive analysis tool, has been utilized for in-depth industry analysis. The model analysis is provided five perspectives in assessing the industry: Rivalry among competing firms, Potential entry of new competitor, Potential development of substitute products, Bargaining power of suppliers, and Bargaining power of consumers. Porters Five-Forces Model Analysis Rivalry among existing competitors: MGM : Rivalry among existing competitors : HIGH Same-size competitors High exit barrier Indifferent in product and service among competitors Table x: Threat of existing competitors The competitive atmosphere in hotel industry is high.   There are a lot of competitors in industry.   Furthermore, it seems that competitors compete in same dimension because in commercial casino industry, customers are not much diverse. Therefore, players in this industry found it hard to target different customers with different needs   Ã‚  Ã‚  Ã‚  Ã‚   There are a lot of competitors with equal power and size.   Ã‚  Ã‚  Ã‚  Ã‚   Exit barrier in commercial casino industry is high because a company invests huge amount of money, especially, building cost. Even a company wants to exit from the industry, sometimes it force to stay in because exit costs are high.   Ã‚  Ã‚  Ã‚  Ã‚   Product and service in commercial casino industry are identical. Moreover, there is no switching cost for buyers. Thus, competitor might cut price to attract buyers.   Ã‚  Ã‚  Ã‚  Ã‚   Fixed costs are high. In order to compete in hotel industry, a casino manager adopts revenue management. The process allows buyers to stay in same type of room in different price. Even a hotels products and service are not rapidly become outdated but competitive atmosphere in commercial casino industry is hot, therefore, companies cannot make high profit from this industry. Threat of new entrants: The threat of new entrants for hotel and motels industry is low. The industry has significant barriers to entry which include: MGM : Threat of new entrants : LOW Supply-side economies of scale Demand-side benefits of scale Customers switching costs Capital requirements Restrictive government policy Position advantages independent of size Unequal access to distribution channels Table x: Threat of new entrants Supply-side economies of scale:   In commercial casino industry these economies hardly appear. Even a company built more rooms or more recreations in its casino, these economies will not appear. Moreover, the company has to carry more cost, more maintenance cost and more employees cost. Demand-side benefits of scale (network effects): These benefits occur when the numbers of buyer patronize the company. However, these benefits might not occur in commercial casino industry. In commercial casino industry, a company will find advantages in location, facilities and characteristics of personal working in direct contract with customers. Therefore, having a lot of customers patronize a company will not provide huge demand-side benefits of scale. Customers switching costs: In commercial casino industry, when customers purchase service from a casino, it is one time use. Therefore, there is no switching cost. Capital requirements: In order to enter commercial casino industry, a company needs to finance huge budget and the industry return is not attractive. Thus this industry has high barrier. Position advantages independent of size: These advantages are not depends on a companys size, incumbents can have competitive advantages that not available to competitors. These advantages in commercial casino industry can stem from locations, brand identities and service. Unequal access to distribution channels: It is not hard to establish or find distribution channels in commercial casino industry. A company could use agents or let customer books rooms via its websites. Restrictive government policy: There might be some restriction related to commercial industry such in some area government do not allow a company to build a building that higher than 2 floors or in some countries, a company has to has citizens hold more than half of a companys shares to operate in that country. In U.S., commercial casino industry is the most regulated and monitored industry. The threat of substitutes: MGM : Threat of substitutes : HIGH Competitor Table x: Threat of substitutes There are some substitutes for commercial casino such as hostels, apartments or houses. Customers can stay in hostel, apartment or houses and go to gaming or using recreation facilities at casinos. If buyers concern convenience, they might prefer casino. Because they will have maids clean their room and casinos always locate in a convenience location. If buyers concerns price, they might stay in hostel. However, if buyers concern privacy, they might prefer house.   Ã‚  Ã‚  Ã‚  Ã‚   There is no cost of switching to substitute. Buyers can change to substitutes anytime if they would like. Hostels, apartments and house can be substitutes for casinos. They perform similar products and service to casinos, if you concern only hospitality part. However, there are some differences which made substitutes have huge different from hotels. Buyers have to determine trade-off between hotels and substitutes. In this industry, the threat of substitutes is not high because substitutes have too many differences in facilities and service from casinos. Thus, industrys profitability is not suffered from substitutes. The power of suppliers: If suppliers have power over a company, suppliers might set its price higher, limit quality of service and shift its cost to other parties. In commercial casino industry, a company uses wide range of different suppliers such as supplier for construction, supplier for food and beverages and supplier for hotel equipment. There is almost no monopoly in hotel suppliers. Moreover, only a few supplies that have switching cost such as securities equipment and suppliers did not differentiate their products. The company has to differentiate itself by choosing good location, providing well-maintenance facilities and providing supreme service. Furthermore, the company can easily find substitute suppliers. Therefore, the power of suppliers in commercial casino industry is low. The power of buyers: MGM : The Power of Buyer : Table x: The power of buyer   Ã‚  Ã‚  Ã‚  Ã‚   There are various customers in commercial casino industry. However, there are some buyers that have ability to negotiate such as group tour.   Ã‚  Ã‚  Ã‚  Ã‚   Products and service in commercial casino industry are not much different. If customers find that a hotel that they always stay in is full, they have to stay in other hotel. They have to purchase products and service in some hotel anyway.   Ã‚  Ã‚  Ã‚  Ã‚   Buyers have no switch cost. If buyers want to change from a hotel to a hotel, they can just check-in to another hotel without any switching cost.   Ã‚  Ã‚  Ã‚  Ã‚   Buyers cannot produce industrys product if buyers found that a hotel is too profitable. Buyers can switch to other hotels but they cannot produce it by their selves.   Ã‚  Ã‚  Ã‚  Ã‚   In commercial casino industry, buyers do not stick with brands. Buyers might concerns about quality of product and service. If they find another casino that cheaper but quality and facility are same, they will switch to another casino. In sum, in commercial casino industry, buyers are relatively price sensitive. From analysis given above, buyers in commercial casino industry have high power and seem to be price sensitive. They can press companies to lower their price and can ask for more quality and service. Financial and Accounting Analysis The financial information was published annually to external and internal users. MGM Mirage Inc. financial statements had been analyzed using financial ratio analysis and information in management discussion. The median number of industry ratio in 2009 is used in this report. By the nature of hotel business, MGM contains a high fix-cost in normal business operation and profits are driven by tourism and business travel demand. MGM requires a large capital to run its hotels and casinos. In 2010, MGM is in process of development a City Center, a capital intensive driven project. The delayed of City Center project has enormous impact on MGM financial statement. Liquidity and Financial Position Liquidity Ratios Industry 2009 2008 2007 2006 2005 Current Ratio 1.1 1.28 0.51 0.68 0.92 0.66 Quick Ratio 0.8 1.02 0.2 0.48 0.5 0.48 Credit Risk: Facing Bankruptcy As of December 31, 2009, MGM is in a weak financial position because of its indebtedness. MGM with credit rating of CCC+ operated the business with 39% on the long-term debt. The management team declared unpleasant statement about the $1.1 billion senior credit facility debt which might be defaulted on maturity date in 2010. The management suggests that MGM must extent the payback period by negotiating with their creditors. Also, management has predicted that future revenue from operation and tax refunds would help reducing MGM debt. The current and quick ratio indicated that MGM has had insufficient fund to operate its casino since 2005. With the ratio less than 1 and below the industry average in both current ratio and quick ratio, MGM has been operated on the line of bankruptcy if the company defaults on its debt. Revenue base and mix MGM primary source of revenue came from Las Vegas Strip. As December 31, 2009, the majority of MGM revenue came from three sources: casino (44%), hotel room (23%), and food beverage (23%). Casino revenue dropped 12% from 2008 and it had been on decline trends since 2007. In 2009 MGM financial statement, revenue from casino had been divided into three sub-categories: Table games (36% of total casino revenue), Slots (60% of total casino revenue), and Other revenue. The table game revenue decreased 11%, even though there is 33% increases in demand for baccarat. Sustainability of revenues and earning As of December 2009, MGM **Reasonable Analysis *focus on MDA *Risk and Factor * Note Analyzing financial statement Accounting item to review Cash Flow Profitability ratios MGM profitability ratios are negative in 2010 and 2009 for some ratios. ROA in both 2009 and 2010 are negative. We can break ROA to net profit margin multiply total assets turnover to deepen our analyzing.   Assets turnover ratio shows MGMs ability to use assets generate revenues. MGMs assets turnover ratio decreases from 2007 to 2009. Even this ratio does not decrease much during 3 year period, it made ROA go down. The main factor that has impact on ROA is net profit margin. The MGM has very low net profit margin since 2008. MGMs bad signal shows since 2008. After its net profit margin ratio plunge to -11.86% in 2008 and -21.61% in 2009 which a major factor lowing ROA. From analyzing ROA, we can see that MGM has a problem with maintaining its profit margin. MGMs revenues in 2008 are not much different from 2007, however, MGM cannot control operating expenses, operating expenses in 2007 exceeds revenues. In 2009 MGM revenues decreases by 17%, further, MGMs ability to control its op erating expense decreased. MGMs operating expenses in 2009 is 114.65% from revenues. The major increase in operating expenses in 2008 and 2009 is property transactions. MGMs ability to fulfill its short term obligation is getting better in 2009. Both quick and current ratios go up. The reason both quick and current ratios increase because in 2009 MGM carries more cash. However, MGM debt management ratios worsen. Long term debt to equity ratio increases from 2007 to 2009 results increase in total debt to equity ratio. These ratio shows MGM has larger portion of debt compare to equity. Even MGM carries more long term debt recently; MGM has interest coverage ratio high enough to pay back its interest. But this ratio trend increase in recent year. Hotel operating statistics Asset values Balance sheet ratios Book Value Off-balance-sheet commitments or liabilities Valuation measures Leverage ratios Debt Management 2009 2008 2007 2006 2005 LT Debt to Equity 3.35 3.12 1.84 3.38 3.82 Industry Ratio Total Debt to Equity 3.63 3.39 1.84 3.38 3.82 Industry Ratio Interest Coverage 1.66 2.06 1.95 1.93 Industry Ratio Activity ratios Asset Management 2009 2008 2007 2006

Appearances do not mean everything :: Literary Analysis, Pride and Prejudice

In Pride and Prejudice, Jane Austen satirizes the roles and ideas of women. Taking place in the Victorian age, men saw women as stoic beings that would always agree with them, and they saw women through their eyes. Men were only interested in how a woman looked, then realized after their marriage that there was more than looks to a woman. Mr. and Mrs. Bennet did not have a perfect marriage. Since their marriage was not such an optimal marriage, their daughters lacked many qualities women should have. Mr. Bennet’s belief in appearances being the only important thing in a marriage differs from Elizabeth’s opinion on marriage because she understands the burden of being a woman who must get married. Mr. Bennet acts like every person did in the Victorian age: He acted through his eyes, only looking at appearances, instead of his heart. â€Å"Captivated by youth and beauty, and that appearance of good humour which youth and beauty generally give, had married a woman†¦Ã¢â‚¬  (202). He did not fully know Mrs. Bennet until after they were married. â€Å"†¦whose weak understanding and illiberal mind had very early in their marriage put an end to all real affection for her† (202). Because of his mistake of not fully getting to know Mrs. Bennet before their marriage they do not connect anymore because of her lack of knowledge compared to Mr. Bennet. â€Å"Respect, esteem, and confidence had vanished forever, and all his views of domestic happiness were overthrown† (202). Proving his point of lack of affection towards Mrs. Bennet, he also losses respect for her and it results in the lack happiness in their marriage. Mr. Bennet’s love of reading a nd the country he spends the majority of his time dedicated to them. Since he is so fond of his hobbies, Mrs. Bennet regards him as â€Å"very little otherwise indebted than as her ignorance and folly had contributed to his amusement,† which is not the greatest gift a man can give a woman (202). She knows that she is not too smart and very cultured as Mr. Bennet thinks himself to be and comments on his lack of attention to her. Elizabeth, unknowing of her father’s behavior as a husband, saw her parent’s marriage â€Å"with pain† (202). Her repression of her father’s behavior cloaks her feelings because of â€Å"his affectionate treatment to herself† (202). Appearances do not mean everything :: Literary Analysis, Pride and Prejudice In Pride and Prejudice, Jane Austen satirizes the roles and ideas of women. Taking place in the Victorian age, men saw women as stoic beings that would always agree with them, and they saw women through their eyes. Men were only interested in how a woman looked, then realized after their marriage that there was more than looks to a woman. Mr. and Mrs. Bennet did not have a perfect marriage. Since their marriage was not such an optimal marriage, their daughters lacked many qualities women should have. Mr. Bennet’s belief in appearances being the only important thing in a marriage differs from Elizabeth’s opinion on marriage because she understands the burden of being a woman who must get married. Mr. Bennet acts like every person did in the Victorian age: He acted through his eyes, only looking at appearances, instead of his heart. â€Å"Captivated by youth and beauty, and that appearance of good humour which youth and beauty generally give, had married a woman†¦Ã¢â‚¬  (202). He did not fully know Mrs. Bennet until after they were married. â€Å"†¦whose weak understanding and illiberal mind had very early in their marriage put an end to all real affection for her† (202). Because of his mistake of not fully getting to know Mrs. Bennet before their marriage they do not connect anymore because of her lack of knowledge compared to Mr. Bennet. â€Å"Respect, esteem, and confidence had vanished forever, and all his views of domestic happiness were overthrown† (202). Proving his point of lack of affection towards Mrs. Bennet, he also losses respect for her and it results in the lack happiness in their marriage. Mr. Bennet’s love of reading a nd the country he spends the majority of his time dedicated to them. Since he is so fond of his hobbies, Mrs. Bennet regards him as â€Å"very little otherwise indebted than as her ignorance and folly had contributed to his amusement,† which is not the greatest gift a man can give a woman (202). She knows that she is not too smart and very cultured as Mr. Bennet thinks himself to be and comments on his lack of attention to her. Elizabeth, unknowing of her father’s behavior as a husband, saw her parent’s marriage â€Å"with pain† (202). Her repression of her father’s behavior cloaks her feelings because of â€Å"his affectionate treatment to herself† (202).

Henrietta Lacks

The characters from the book, â€Å"The Immortal Life of Henrietta Lacks† become attached to objects that are meaningful to them. It is noticed that a certain object had a significant meaning by analyzing the scene and the character. Dr. Geys assistant, Mary described Henrietta Lacks red nail polish on her toes. She described Henrietta being an actual woman, something Mary never thought of. Henrietta’s relatives described Henrietta with her red nail polish. The red nail polish was a meaningful object to Henrietta because it completed her. Dr.Gey was attached to Hela cells once he made the incredible observation. He didn't experiment for money, he genuinely did it for science. He sent the Hela cells for other scientists to experience the cells for themselves. He changed science for his genuine passion for it. Perhaps the most interesting character, Deborah Lacks, was attached to a few things. While Deborah was with Rebecca, she showed her the contents in her purse. She c arried everything she had about her mother with her. There were videotapes, documentaries, articles, and a few birthday cards that Deborah bought for her mother, Henrietta.Deborah was attached to these items because that was all she knew about her mother. In a way, that was how she felt connected to Henrietta. A few days later when Rebecca was with Deborah, Rebecca noticed a folder on her pillow. They were Henrietta's medical folders. Deborah wouldn't let Rebecca touch her mothers medical folder. Unlike all the other items Deborah let Rebecca see, Henrietta's medical folder was different. And it clearly had a different, more significant meaning than the other items. Henrietta Lacks Henrietta Lacks Cells taken from a young African American woman in 1951 helped scientists cure polio. Cells from the same woman contributed to scientific advantages in cancer, gene mapping, and even the atom bomb. The mother of five did not life to know her cells had such importance. She never knew, in fact, that they were being harvested. Today’s medical advances are based on practices that people now consider unethical, whereas back when Henrietta live, they did not even think twice about ethics. Henrietta Lacks did not know the cells taken from her could possibly be used to develop a multimillion-dollar medical industry.In an even crueler twist of fate, her descendants lived in poverty without access to affordable health care. The book The Immortal Life of Henrietta Lacks by Rebecca Skloot, tells the story of a women, Henrietta Lacks, and her family. Ms. Lacks was treated for cervical cancer at John’s Hopkins Hospital in 1951. Her malignant cervical cells were harves ted and distributed to become the first â€Å"immortal† cell line widely used for scientific research, including their use in the development of the polio vaccine. The story tells what happened after Ms.Lacks’ death to her family, a poor African American family living in Maryland. A family who, today, would be considered poor. The story brings up key ethical issues of biomedical research, which were evolving during that era (Skloot, Rebecca). Henrietta Lacks died of an aggressive cervical cancer that invaded virtually her entire body in 1951. A common practice at the time, samples of cancer cells were taken for study. Some cells were taken by a researcher who was attempting to develop immortal cell lines for scientific purposes.In the 1950’s, the practice of taking routine tissue samples without consent from patients was not uncommon, and anonymising the source wasn’t a main concern. HeLa cells and the concerns that surrounded them touched on several issu es in medicine. One was the issue of using tissue samples without consulting patients, many of whom would freely donate if asked. Changes in how such samples are taken and handled, and in the processes used to collect consent, have improved the use of informed consent in research.Patients submitting biopsies for diagnostic purposes, for example, might be asked if they are willing to donate cells to research (Smith, S. E. ). if a doctor wanted to diagnose, treat, experiment or keep body parts, that’s what he did. Patients never questioned doctors they were trusted implicitly. Consent was conferred by the simple step of showing up in a doctor’s office. Today, we know we need to understand and ask questions, and then our consent is necessary legally. Further, we understand the importance of withholding consent until we feel fully informed about the benefits and consequences of what that consent will mean.There were not conformed consent laws until recently. Informed conse nt is more than simply getting a patient to sign a written consent form. It is a process on communication between a patient and physician that results in the patients’ authorization or agreement to undergo a specific medical intervention (Informed Consent). Since everyone has different preferences, there will always be differences in the treatment of care among people. This becomes a problem when physicians have a bias against certain races and ethics.As a physician, all treatment options should be discussed and equally available to patients, regardless of their race or ethnicity which results in informed consent on the patients’ behalf. There was a lack of respect, or an inability to communicate, in both directions, between blacks and doctors back in the 1850’s. Skin color, and the problems that can result from low income, lack of education, and illiteracy; the inability to read, and/or understand the English language also contributed to the mistreatment of bla cks.Patients overcome those challenges by finding a respectful doctor, or a supporter to help the,. Back when Henrietta lived, that was not easy to fins. Differences in healthcare outcomes can result from the history of different races too. Henrietta was treated with radiation, which left her body burned and blackened. She and her family asked themselves many times whether the treatment was really helping her – but they never considered asking the doctor to do something different, make a different recommendation, or even just to stop. Skloot, Rebecca) today, empowered patients know that they can insert themselves into all decision-making about their own medical care. They can and should discuss any and all protocols to make decisions as part of their own healthcare team. And, empowered patients know that if they want to, they can say, â€Å"No. † In conclusion, informed consent was not needed when Henrietta lived; therefore scientists took her cells without her knowing . A doctor did what HE wanted to do. But today, we now know that consent is legality.Any treatments should be discussed with the patient regardless of their race or their illness. Henrietta was mistreated, her body was burned, but her and her family did not want to question the doctor in fear or being looked down on. But today patients know that they have the right to know exactly what is being done to them, and can ask any questions they feel necessary. If it were not for the doctors and scientists that had taken Henrietta’s cells, we today, would not have the advancements in healthcare that we do. Henrietta Lacks The Immortal Life of Henrietta Lacks Introduction The Immortal Life of Henrietta Lacks is written by Rebecca Skloot, who is an award winning science writer. The story is of a young black women, Henrietta Lacks, who was diagnosed with cancer in 1951, at the John Hopkins Hospital. Cells were taken from her body during her examinations, without her knowledge. They were used to develop the first immortal cell line. Her cells became very important for the development of vaccines. Her family, however, has not received any benefit and still cannot even afford health insurance.They do not even know that the cells belong to Henrietta. This has raised many ethical questions on the research that has been done using Henrietta's cells. Discussion Henrietta's life had not been an easy one. Long before she got ill with cancer; her father abandoned her in childhood. She was married at a very early age. At the age of 14; she was a mother. She then moved to the Turner Station with her husband, who was not so faithful to her. At Turner Station, she and her family faced a life of segregation and poverty. Despite all the difficulties that she faced in her life, she still remained an enthusiastic person.She had a spirit that was not able to break. She was described by her friends as a person having a cheerful disposition. She was an also a person who was quick to laugh. She would also go out dancing with her cousin Sadie. The most important and strong side of Henrietta was her motherhood. Her cousin, Sadie also suspected that she delayed seeking medical attention, because she was afraid that it might affect her fertility and prevent her from having more children. She was extremely heart broken when she realized that the surgery has made her infertile.She was angry and sad at the fact that the doctors did not tell her beforehand that what the surgery would do to her. When her condition worsened, the doctors told her husband not to bring her children to visit her. This made her even m ore heart broken and devastated. She and her family, especially her children, led a very difficult life. Even after her death, her family and her children were not told about the cells of Henrietta being used in research. They were not given nay benefit, whatsoever, of the research on her cells and the huge mounts of money generated from it. The Lacks family is so poor even now that they cannot afford even life insurance. Henrietta's daughter, Deborah, did not know anything at all about the importance and the use of her mother's cells. She was devastated to learn about the cells of her mother. She was filled with many questions that nobody was able to answer. She was curious to know that if her mother's cells were so important and have helped medical science so much. Why were her children not even able to afford health insurance for themselves?Henrietta was a very sociable person. She would have allowed the John Hopkins institute to carry out research on her cells. She was a person who was very close to her family. She would have wanted the John Hopkins Institute to take care of her family and children if they used her cells. She would never have wanted her family to be treated the way they were treated back then and even now. Conclusion Henrietta was a very strong woman. Her contribution to medical science has been exceptional. However, her family should also have been given benefits. Henrietta Lacks Racist Experiments Racism is immortal just like Henrietta’s cells it will always be around. People would do anything to be the first to discover something. At the end of the day it’s all about the money. The Mississippi appendectomies and the Tuskegee experiments were similar in the way that the government forced treatment upon minorities without consent. Henrietta’s case was different than Mississippi and Tuskegee because the doctor in Johns Hopkins didn’t experiment on her actual body but on her cells without consent.Henrietta’s case the Tuskegee experiments and the Mississippi Appendectomies are all different cases in different locations but serve the same purpose which is to take advantage of poor and uneducated minorities to further medical research. The Tuskegee Experiments and the Mississippi Appendectomies were both horrible cases and dealt with lots of racism and ignorance towards people who didn’t know any better. The purpose of The Tuskegee experiments was to see how syphilis affected blacks as opposed to whites.The treatment was to basically come in get injected with syphilis if you didn’t already have and the doctors would watch how you die. The people in these experiments were poor and uneducated black males who were coned into giving their life away. The doctors in this experiment lured the test subjects in the saying they were getting treated for â€Å"Bad Blood†. These racist and disturbing experiments lasted for 40 years between 1932-1972.The purpose of the Mississippi Appendectomies was to sterilize America of bad genes meaning anyone women who was mentally challenge, a criminal, Black, Alcoholic, etc†¦ would get sterilized so they couldn’t reproduce anymore. Doctors figured that in order to stop mentally challenged blacks alcoholics etc†¦ from walking this earth is to sterilize them and make sure their genes don’t flow in the gene pool. The treatment for these ap pendectomies was horrible it was just blacks that were treated it also Indians and poor whites.The test subjects were all sterilized against their will and without their knowing. These appendectomies were racist and cruel. More than half of the women in Mississippi were sterilized. These treatments lasted for about 33 years between 1930s and 1963. Henrietta Lacks case was different than Mississippi and Tuskegee in some ways. In Henrietta’s case the doctors took her cells from her cervix but like in the Mississippi and Tuskegee cases they took them without Henrietta’s permission and launched a multimillion-dollar medical industry after she died.The purpose of taking Henrietta’s cells was to just run a couple tests until they died but they ended up living and growing. Instead of telling Henrietta and her family what they have been doing the doctors kept the discovery to themselves. When the discovery of the immortal cells because known every doctor got their hands on them and started running experiments on them, sending the cells to space, running test on the cells to find a cure to aids and cervical cancer etc†¦Racism wasn’t far from this case the doctor in Henrietta’s case figured that telling her what they were doing would only confuse her and her family even more so they just figure to not tell her or her family at all. This case started in 1951 and the research on the cells still goes on till the present. Racism hovers of this country and is always in the backs of everyone’s minds. Henrietta’s case the Tuskegee experiments and the Mississippi Appendectomies are all different cases in different locations but serve the same purpose which is to take advantage of poor and uneducated minorities to further medical research.In Tuskegee doctors took advantage of uneducated black males to find an answer to a question. The Mississippi appendectomies sterilized innocent uneducated and poor females because the gover nment was trying to wipe out â€Å"bad â€Å"genes† and in the Henrietta lacks case doctors took her cells without consent, found out they were immortal and launched and multimillion-dollar medical industry. In the end it is indeed all about the money.

Roman Civil Wars Battle of Actium

The Battle of Actium was fought September 2, 31 B.C. during the Roman civil war between Octavian and Mark Antony. Marcus Vipsanius Agrippa was the Roman general who led Octavians 400 ships and 19,000 men. Mark Antony commanded 290 ships and 22,000 men. Background Following the assassination of Julius Caesar in 44 B.C., the Second Triumvirate was formed between Octavian, Mark Antony, and Marcus Aemilius Lepidus to rule Rome. Moving quickly, the Triumvirates forces crushed those of the conspirators Brutus and Cassius at Philippi in 42 B.C. This done, it was agreed that Octavian, Caesars legal heir, would rule the western provinces, while Antony would oversee the east. Lepidus, always the junior partner, was given North Africa. Over the next few years, tensions waxed and waned between Octavian and Antony. In an effort to heal the rift, Octavians sister Octavia married Antony in 40 B.C. Jealous of Antonys power, Octavian worked tirelessly to assert his position as Caesar’s legal heir and launched a massive propaganda campaign against his rival. In 37 B.C., Antony married Caesars former lover, Cleopatra VII of Egypt, without divorcing Octavia. Doting on his new wife, he provided large land grants for her children and worked to expand his power base in the east. The situation continued to deteriorate through 32 B.C., which is when Antony publically divorced  Octavia. In response, Octavian announced he had come into possession of Antonys will, which affirmed Cleopatras eldest son, Caesarion, as Caesars true heir. The will also granted large legacies to Cleopatras children, and stated that Antonys body should be buried in the royal mausoleum in Alexandria next to Cleopatra. The will turned Roman opinion against Antony, as they believed he was trying to install Cleopatra as the ruler of Rome. Using this as a pretext for war, Octavian began assembling forces to attack Antony. Moving to Patrae, Greece, Antony, and Cleopatra paused to await additional troops from his eastern client kings. Octavian Attacks An average general, Octavian entrusted his forces to his friend Marcus Vipsanius Agrippa. A skilled veteran, Agrippa began aggressively raiding the Greek coast while Octavian moved east with the army. Led by Lucius Gellius Poplicola and Gaius Sosius, Antonys fleet concentrated in the Gulf of Ambracia near Actium in what is today northwestern Greece. While the enemy was in port, Agrippa took his fleet south and attacked Messenia, disrupting Antonys supply lines. Arriving at Actium, Octavian established a position on the high ground north of the gulf. Attacks against Antonys camp to the south were easily repulsed. A stalemate ensued for several months as the two forces watched each other. Antonys support began to wane after Agrippa defeated Sosius in a naval battle and established a blockade off Actium. Cut off from supplies, some of Antonys officers began to defect. With his position weakening and Cleopatra agitating for a return to Egypt, Antony began planning for battle. The ancient historian Dio Cassius indicates that Antony was less inclined to fight and was, in fact, seeking a way to escape with his lover. Regardless, Antonys fleet emerged from the harbor on September 2, 31 B.C. Battle on the Water Antonys fleet was largely composed of massive galleys known as quinqueremes. Featuring thick hulls and bronze armor, his ships were formidable but slow and hard to maneuver. Seeing Antony deploying, Octavian instructed Agrippa to lead the fleet in opposition. Unlike Antony, Agrippas fleet consisted of smaller, more maneuverable warships made by the Liburnian people, living in what is now Croatia. These smaller galleys lacked the power to ram and sink a quinquereme  but were fast enough to escape an enemy ramming attack. Moving toward each other, the battle soon began with three or four Liburnian vessels attacking each quinquereme. As the battle raged, Agrippa began extending his left flank with the goal of turning Antonys right. Lucius Policola, leading Antonys right wing, shifted outward to meet this threat. In doing so, his formation became detached from Antonys center and opened a gap. Seeing an opportunity, Lucius Arruntius, commanding Agrippas center, plunged in with his ships and escalated the battle. As neither side could ram, the usual means of naval attack, the fight effectively devolved into a land battle at sea. Fighting for several hours, with each side attacking and retreating, neither was able to gain a decisive advantage. Cleopatra Flees Watching from the far rear, Cleopatra became concerned about the course of the battle. Determining that she had seen enough, she ordered her squadron of 60 ships to put to sea. The actions of the Egyptians threw Antonys lines into disorder. Stunned at his lovers departure, Antony quickly forgot the battle and sailed after his queen with 40 ships. The departure of 100 ships doomed the Antonian fleet. While some fought on, others attempted to escape the battle. By late afternoon those that had remained surrendered to Agrippa. At sea, Antony caught up with Cleopatra and boarded her ship. Though Antony was angry, the two reconciled and, in spite of being briefly  pursued by a few of Octavians ships, made good their escape to Egypt. Aftermath As with most battles from this period, precise casualties are not known. Sources indicate that Octavian lost around 2,500 men, while Antony suffered 5,000 killed and over 200 ships sunk or captured. The impact of Antonys defeat was far-reaching. At Actium, Publius Canidius, commanding the ground forces, began retreating, and the army soon surrendered. Elsewhere, Antonys allies began deserting him in the face of Octavians growing power. With Octavians troops closing in on Alexandria, Antony committed suicide. Learning of her lovers death, Cleopatra killed herself as well. With the elimination of his rival, Octavian became the sole ruler of Rome and was able to begin the transition from republic to empire.