Hartford Business Journal

44 Hartford Business Journal • March 23, 2015 www.HartfordBusiness.com OpiniOn & Commentary editorial More casinos won't save CT's gaming industry L awmakers think they've finally figured out a way to save Connecticut's gaming indus- try: allow more casinos so residents can spend their money at gambling halls within the state rather than at venues in Massachusetts, Rhode Island and New York. That's the proposal state lawmakers are pitching to help Mohegan Sun and Fox- woods fend off growing competition from nearby states. But we aren't buying what state lawmakers are selling. Simply put, we think the addition of new casinos doesn't make a whole lot of economic sense. Here's why: 1. Mohegan Sun and Foxwoods, which have struggled financially in recent years, are going to have to spend more money, potentially take on additional debt, and hire more people to make these new gaming halls even remotely attractive enough for patrons to skip out on the elaborate casinos being planned in Massachusetts and New York. Even if convenience is a major factor in where people choose to gamble, it's hard to imagine northern Connecticut residents refusing to drive an extra 10-15 minutes to visit Springfield's $800 million resort, complete with gaming, entertainment, and high-value restaurants, to play slots and table games at what would amount to an outlet-store casino. Instead of leveraging themselves further, Foxwoods and Mohegan would be wiser to pay down their significant debts, get their balance sheets in order, and limit hiring so they can be as nimble as possible in the new competitive environments they face. 2. Three new gambling facilities along I-91, I-84, and I-95 don't address the funda- mental problem caused by new casinos opening in Massachusetts and New York, which is Mohegan Sun and Foxwoods losing more out-of-state gamblers. Any new Connecticut gaming venues will simply trap existing in-state dollars. They won't attract new money to the state, limiting their overall economic impact. 3. New Connecticut casinos would further complicate an already complicated and heavily regulated gaming industry that includes Foxwoods, Mohegan Sun, the Con- necticut Lottery, and 14 off-track-betting (OTB) locations. OTB operator Ted Taylor and Connecticut Lottery Corp. CEO Anne Noble told state lawmakers last week that any additional gambling sites would hurt their businesses. Taylor said he wants a piece of the action if new casinos are permitted, while Noble wants lawmakers to approve new lottery products, including online offerings. More casinos would mean additional deals have to be cut with all these stakehold- ers, which could lead to a significant expansion of gaming in the state, without any guaranteed payoff. The financial and social risks are high. 4. The entire casino expansion process seems rushed at this point. Lawmakers put together the proposal to add up to three new casinos in about a week's time, but there is no data available indicating what economic impact these new facilities might have. That should be a red flag. Are we really sure that new gaming venues will save jobs and preserve state rev- enues, or simply add to Connecticut casinos' recent financial struggles? The truth is, we have little to no evidence that supports either case, which adds a great deal of skepticism to the process. In their heyday, Mohegan Sun and Foxwoods were shining beacons of gaming and entertainment in rural Connecticut, attracting patrons from around the region and the globe. They may never be the dominant forces they once were, but they are still premier tourist and gaming destinations. Foxwoods and Mohegan should invest their dollars in maintaining and improving what they have, rather than expanding and diluting their product for unquantified eco- nomic gains. n otHer VoiCeS Watch March Madness at work? By Ron Friedman W hat's your company doing this year for March Madness? If your work- place is like most, the answer is a big fat nothing. Instead of leverag- ing the NCAA's annual tournament and turn- ing it into a genuine bonding experience between colleagues, most organiza- tions pretend it isn't happening. On the surface, ignoring a sporting event that takes place during regular work hours might appear like sound business practice. After all, companies need to generate profit, and it's hard to gener- ate profit when your employees are huddled around a television, right? Wrong. What this perspective overlooks is that pro- ductivity isn't simply a function of how many hours we spend at the office. It also depends on the quality of our workplace experience. And one critical feature of that experience is how closely connected we feel to our colleagues. Research has consistently demonstrated that we are more effective at our jobs when we feel attached to the people around us. How do strong colleague relationships ele- vate our performance? For one thing, they make us more motivated. When you and your colleagues are close, failing to perform your duties generates more than a dissatisfied customer or an unhappy manager — it means letting down your friends. The social pressure to achieve results can serve as a stron- ger motivator than anything a boss can say. Closer connections also foster a sense of trust and more candid dialogue. Studies com- paring the collaboration patterns of friends to mere acquaintances indicate that friends are more willing to ask for help and more comfortable speaking up when a colleague is off on the wrong track. Performance aside, workplace friend- ships benefit organizations for another rea- son: Employees with richer friendships tend to stay on with their company longer. Despite these considerable benefits, at most companies, friendships are an afterthought. To motivate employees, managers tend to rely on bonuses, promotions, and salary increases, ignoring the fact that as humans, we all have a basic psychological need for meaningful rela- tionships. Yet the research is clear: When we feel valued and respected by those around us, we're not only more motivated — we're also happier, healthier, and more productive. For too many organizations, investing in quality employee relationships means one thing: team-building exercises. Think ice breakers, trust falls and scavenger hunts. Every year, corporations spend millions on off-site retreats and weekend getaways packed with cringeworthy activities that pur- portedly foster better communication. But here's the truth: While awkward collabo- rations may spark brief experiences of closeness, they rarely translate into lasting friendships. So what does? Studies suggest three factors are essential to the development of authentic, meaning- ful friendships: familiarity (being around the same colleague often), similarity (finding com- monalities in your background), and self-dis- closure (revealing personal information about yourself every now and then, and having your co-worker do the same). Few activities include all three of these elements. This explains why close relation- ships usually take years to develop. But interestingly, office game-viewing par- ties come close. They present opportunities for colleagues to mingle with those from other departments and connect over shared interests. For many, the NCAA basketball tournament is associated with their experience at college, which leads them to share stories about their past, prompting co-workers to do the same. Unlike team-building experiences that compel employees to engage with one anoth- er, game-viewing parties position people to connect voluntarily. And that feature can make all the difference. In recent years, a number of forward- thinking workplaces have begun leveraging March Madness in intelligent ways. Ogilvy & Mather, for example, an interna- tional marketing agency based in New York, invites employees to watch tournament games on projection screens in conference rooms and the office cafeteria. To address the fact that not everyone has the time to follow college basket- ball, a Virginia financial services firm called The Motley Fool offers a free "Bracketology" class, where nonenthusiasts can get caught up on this year's favorites and collect advice before filling out their brackets. A number of organizations, including office furniture man- ufacturer Turnstone, even serve game-day snacks, such as pizza, popcorn, and chicken wings, to simulate the viewing experience of a sports bar, minus the alcohol. In addition to organizing a vibrant workplace gathering, there are also opportunities for mak- ing better use of the office tournament pool. Here's one idea: Instead of having employees pay an entry fee (which discourages nonfans from joining in), sponsor prizes so that every- one participates. Then, go beyond recognizing individual contestants and reward the team or department with the highest average score. This way, employees have reason to root for one another, fostering a sense of collaboration. Another approach worth considering: using the office pool as a motivational tool. Some years ago, NetTel Partners, a sales organization in Philadelphia, launched a competition among its salespeople in the weeks before the NCAA tournament. The more appointments a salesperson secured with potential clients, the sooner he or she could select a team in the office draft. The results were astonishing. Total cost to NetTel for furnishing prizes: $300, plus the price of a personalized basketball jersey. Total impact on the business: a 35 percent jump in appoint- ments, not to mention a boost in office morale. With the NCAA tournament now under- way, organizational leaders would be wise to embrace March Madness. n Ron Friedman is a social psychologist and author of "The Best Place to Work: The Art and Science of Creating an Extraordinary Workplace." This column originally appeared on CNNMoney. HartfordBuSineSS.Com Poll Is Hartford Yard Goats a good team name? ● Yes ● No To vote, go online to HartfordBusiness.com. Last week's poll results: Should CT eliminate its minimum-price liquor laws? 39% Yes 61% No Ron Friedman

• Cover