LAS VEGAS (KTNV) — When you have a business, the stakes are high. Many people might depend on your success to make a living.
During a Vegas Chamber luncheon on Thursday, travel and sports industry experts shared how their organizations survived during the pandemic over the last 15 months and discussed the progress that Las Vegas is making in rebuilding its core tourism industry.
The pandemic has taught a lot of lessons for business leaders, not only on how to survive but also how to thrive under current conditions. And while companies can be competitive, leaders say it’s important to share with each other how to continue serving the community.
In front of a full room, business leaders emphasized how knowing their strengths and working together with other entities can make a difference.
While many businesses are still recovering, others have found a way to lead. For example, the Ultimate Fighting Championship not only was one of the main sports organizations to have successful in-person events but also other sports leagues, like the NBA, asked for its advice on how to do it.
“You got to go out and be aggressive but you got to be thoughtful," said Lawrence Epstein, UFC COO.
For others, like MGM Resorts International, communication and working together are key to juggle their different properties and business areas as well as knowing how they could do things differently. But in the end, staying true to themselves was also fundamental.
“Focus on what you're really good at and what you want to be good at, and what you want to be known for, rather than dabbling in a little bit of everything," said Stephanie Glanzer, an executive at MGM Resorts International. "Build your brand based on something that you know you can be really successful in."
However, all the business leaders that showed up know that the work is not over yet. There is still improvement to expand the region's economy.
“One is to get meeting and convention attendance back to what it was prior to the pandemic, and the other is to open up international travel," said Steve Hill, president and CEO of the Las Vegas Convention and Visitors Authority.
"International visitors are an important part of our visitation segment here, both for our leisure standpoint and meetings and conventions, and that's going to take some time,“ he added.
Collaborating with other entities like the government, group organizations and even other companies have also helped several small businesses and large corporations. They all mention that are looking forward to the rest of this year when our numbers could only go higher.
For more information about the Vegas Chamber of Commerce, visit vegaschamber.com.