Motivated workers and S.Korea regulatory strength boost Inspire: Steve Wolstenholme

In the second part of an interview with GGRAsia, Steve Wolstenholme (pictured), chief casino officer at South Korea’s Inspire Entertainment Resort, outlines its investment in employees, and the country’s regulatory strengths. How do you ‘inspire’ Inspire’s staff and maintain customer service levels? You want to pay people well and have good benefits, but if you don’t have good training and opportunities, people get bored, and that can end up being reflected in customer service. We want to ensure that we have a vibrant workforce. That is particularly important with any integrated resort. There’s so much diversity [of facilities] within an IR. It gives people the opportunity to learn new skills. For example, how can staff use efficiencies offered by AI [artificial intelligence], to provide additional or enhanced customer service, that type of thing? That’s extremely important. What career opportunities can Inspire offer? We’re developing our own IT [information technology] systems to ensure that they’re appropriate for our business. In order to do that, we need to engage a team of smart young people. F&B [food and beverage] is an area where we’re looking at how we can be creative. As we become more diverse in our entertainment offering, that creates opportunities. We have one of the best arenas, certainly in South Korea. We have amazing artists [arts professionals working] there. Regardless of whether Inspire is a stepping stone for someone or it’s a long-term career, we support either [path], because we want to see people flourish. When people flourish, we create something that’s very special, and that is sincerity. If we have sincere customer service as opposed to imposed customer service, that’s going to be a major differentiator for us. How do integrated resorts differ from traditional casinos, and what role does regulation play? IRs are very different from a traditional casino operation. A casino is a box, and within that box you have a casino. It doesn’t really contribute to the community, but an IR is completely different. It contributes to the community. It aligns with the vision of a government. Regulation is important; it gives us credibility. We are a big supporter of regulation and compliance. These are things that distinguish a country like South Korea. The most important thing we need is relationships. It’s about transparency, and communication. The regulator is our friend, not a foe. How important is regulatory predictability to foreign investors in South Korea? A government makes decisions in the interests of that country’s people. Attracting FDI [foreign direct investment] in any country that I’ve worked in – and there’s been a number of them – has been a focus of the government. South Korea is not an exception. As a foreign entity, you want to understand the terms of engagement that you’re signing on for, to determine what your investment would be, and how long the ROI [return on investment] would be. How might any adjustments to S.Korea’s Tourism Promotion and Development Fund contributions relate to Inspire’s investment plans? It’s good when we understand the terms of engagement [and] we can plan appropriately. As we grow, we will pay more in contributions [to the country], we will employ more people, and we will see those people flourish. What will be the competitive challenge from Japan’s MGM Osaka when it opens in 2030? Competition isn’t a bad thing. It keeps us all on our toes. I believe competition of that magnitude will grow the market. We have certain things that we can offer, as does Osaka. We will have to look at our differentiating features that the competition can’t emulate, such as the K-culture we have. What are the main advantages and challenges of operating an IR in South Korea? We’re in a safe jurisdiction. When you walk into the casino, there’s a security guard, who checks your passport to make sure you’re eligible to come into the casino, but they don’t stand there with a gun. I think South Korea can position itself very favourably at the Las Vegas, Macau, Singapore, level, and that tier of entertainment and integrated resort facilities. That is very beneficial from a capital-raising standpoint. There are always going to be challenges. But if you talk through any difficulties, then level heads come together, and everyone can benefit.