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Hospitality Industry in the Boom


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Blogged By: 
Gabriela Morales, MBA - Business Development Specialist

Hospitality IndustryThroughout the years, the hospitality industry has grown through a series of transformations.  While many industries struggled with unemployment in 2011, new growth in the hospitality industry sparked a boom in the number of jobs created and economic opportunities. According to the Bureau of Labor Statistics the leisure / hospitality sector was second only to health care in the number of jobs created in 2011.[1]

One key reason for this growth has been the rise of the gaming industry across the United States. Today, many states have either legalized or begun the debate to legalize casinos in their state. What was once an industry isolated in Las Vegas, NV has now expanded in some form to 38 states. As a clear sign of this growth, in 2012, the Chicagoland area is now the third largest market by revenue according to the American Gaming Association.[2]

This rise also creates a number of economic opportunities for firms in the technology, manufacturing, and services industries. According to the American Gaming Association, “direct economic output by the gaming equipment manufacturing and technology sector rose to $13.0 billion in 2012 — an all-time high and 5.7 percent increase compared to 2011 figures. Approximately 31,200 workers were directly employed in the sector during 2012, earning $2.3 billion in salaries and wages.”[3]

Food and beverage firms as well as hotel management firms are also in line for expanding opportunities as these segments account for approximately one third of gaming revenue.

In 2011, the Governor of the Commonwealth of Massachusetts signed into law “An Act Establishing Expanded Gaming in the Commonwealth.” This law was crafted to realize new opportunities for businesses to create jobs for its citizens.

Industries such as hospitality, services, tourism, and several others in the Commonwealth of Massachusetts will see immediate advantages as the expansion of gaming has been forecasted to generate $300 to $500 million dollars in revenue annually and generate at least 5,000 jobs.[4]

The Governor and the mission of the Massachusetts Gaming Commission are fully committed to acquiring broad and diverse suppliers to fulfill the ongoing needs for contractors in this new and booming gaming space.

We, at the Minority Business Development Agency, strive to gain prime access to procurement opportunities coming from the hospitality industry to help with the growth and expansion of minority business enterprises across the nation.

To inquire further about contracting with the Massachusetts Gaming Commission, please contact our Boston MBDA Business Center point of contact, Warren Bacon at: wbacon@bostonmbdacenter.com

*Note that all procurement opportunities will be posted on the State site: http://www.comm-pass.com/

 

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Number of jobs created as a result of services provided by MBDA business centers during the last 5 fiscal years.
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