Casinos are going to need to adapt and innovate to attract a new generation of players
The gaming industry is trying to reinvent itself. Millennials are not attracted to the current offering of casino games and amenities. The Baby Boomers and Generation X players are dwindling due to attrition and reduction of funds to play with. When you retire, you have more free time for leisure but less income available. So, when a top executive looks at his casino floor he should be wondering where his future customer is.
Las Vegas executives have a bit of a cushion when they walk their floors. Conventions and the enormous amount of hotel rooms make Sin City the destination of choice for entertainment that is not totally predicated on gaming. The restaurants and showrooms (and weather) generate revenue. The amount of money dedicated to property reinvestment will maintain interest for guests to make return visits.
The East Coast has a different set of challenges. The upside is a much larger population base. The downside is the saturation levels with so many casinos in the same geographic region. The players gamble at the hotel or casino that is most accessible. Sports Betting has brought a new and younger demographic. But once regulators approve it, the competitive advantage will be one based on mobile availability.
The standard answer that most gaming executives and leaders give about the future is to provide an awesome customer service experience. I see the future for casino gaming on the East Coast in technology and innovation. Teams that are committed to trying new things will be leaders while ones that continue to go status quo will struggle to hold their share of the market. My next post will look at the SportTechie 2019 State of the Industry in New York City. The theme of the 2018 conference was Esports. This year the conference will focus on Sports Betting.