It's in a famous book called On the Origin of Species. Charles Darwin wrote it 162 years ago and it's where he detailed his theory of evolution by natural selection.
People often summarise Darwin's theory as "survival of the fittest" but National Geographic explains it better.
It's the process by which populations of living organisms adapt and change. And because individuals in a population differ from each other, some of them have features that adapt to environments better than others, giving them an advantage.
It's as if Darwin wrote it for the hospitality and gaming industry.
Because right now it's facing a huge challenge: the risk of becoming unsustainable. It's a real threat. And in some ways, it's an existential one.
Here are some of the problems underpinning it.
There's the need to proactively address problem gambling and money laundering. Addressing these poorly – or not at all – sparks strong community feelings that cause regulators to make stricter rules. And the intended effects of these tougher rules often could have been achieved by managing matters properly to begin with.
Clubs, hotels and casinos also run the risk of becoming irrelevant to future generations. Their needs and tastes are different. And, right now, our industry's out of step with them.
And then there's technology. Legacy tech solutions weigh down many big venues. And the need for cashless operations and tighter risk management are putting them further behind what's inevitably become essential for our industry.
There's more. And that's before you include the effects of theCOVID-19 pandemic and the recent Bergin Inquiry.
But, it's not all gloom. There's a way out. And funnily enough, you'll find it with two key words from Darwin's theory: adapt and change.
I've been a venue operator and a supplier of technology to the industry for almost 30 years. I've experienced and witnessed the industry's evolution since the '90s, throughout NSW, VIC and QLD. I also experienced it during my time working in the UK's hospitality and gaming industry.
I've seen the consequences of being slow to adapt and change.
And I've seen the advantages of leading the way.
Gaming and hospitality can do plenty to adapt and change. It's what my company's been working on for some time. And I'll be sharing some of our developments and insights in the coming weeks. So make sure you follow and keep reading.