Sin City. Land of hopefuls trying to win millions.
The place where Jewish gangster Bugsy Siege changed Las Vegas and opened the Flamingo in 1946 and kicked off the gambling strip.
The place that, according to CBS News, “has been on a cold streak, with revenues dropping nearly five percent in August–the third straight month of declines.”
LV has always been a hot spot. Gambling, musicals, live concerts, plays, boxing events, UFC events, and lets not forget all the infamous parties. With all these options, how is it that LV is losing money?
The age group just isnt into the same old same old games. In fact, they’re effecting all casinos, not just Vegas. Casinos across the nation are suffering from a generation gap, especially at the slot machines, as young people seek more exotic electronic games like the ones they can play on smartphones from anywhere.
Alex Bumazhny, a financial analyst at Fitch Ratings who studies gambling had found that, “Millennials still enjoy going to casinos but they spend less on the casino floor (the bread-and-butter for casino operators). Instead, more of their money is going to less profitable amenities such food & beverage and entertainment.”
Millennials enjoy activities that they can do with a multitude of people compared to the sit alone style of the slot machines. Social media and showing friends how much fun you’re having without them is a huge deal. So, why not show that you’re having a good time with a bunch of strangers around you.
Technology has played a huge part in the way gambling is attracting millennials. On-line gambling such as fantasy football, baseball and basketball have changed the way the young ones look at gambling and interaction with others. Fantasy games are a way that you can play against your friends and gain bragging rights.
Slot machines don’t have the same bragging effects.
Also, with all the games that are available on phones, computers, and other hand held devices, there’s a certain level of skill that is needed with many of those games. It’s not like a slot machine that is just the luck of the draw for winning.
The new generation wants some sort of skill involved in their game play.
Otherwise, it wouldn’t be as fun.
They want the interaction.
When in a casino, the 35 and younger demographic are much more likely to take part in non-gaming activities and may not necessarily gamble and prefer blackjack over slots if they do gamble.
Senate Bill 9 is proposing that Nevada start allowing hybrid games in the casinos. The hybrid games combine skill and luck to keep the customer entertained, rather than just purely luck (slots) or skill (poker).
The idea is to draw in a new generation of customers who relate to electronic skill-based game play and would be drawn to features such as bonus rounds that reward the skill of a player, integration of the games with their social media accounts, interactive networked game play, and the use of electronic commerce transactions.
In 2013, New Jersey took a step forward by allowing fantasy sports betting.
Its just a matter of time before all casinos nationwide will have fantasy betting available. Fantasy football is growing more and more each year. People hold parties just for the draft days.
Its also rare to find someone that is in only one fantasy football league or one fantasy baseball league.
Vegas is attracting the younger generations with its clubs and shows but it needs to do more to get them into the gambling floors.
Companies are creating new arcade games to gamble on to attract the 35 and younger crowd.
The company are also created a new way to play poker to draw in the crowd.
They also created some games that resemble video games and the cool thing about them is….they pay out.
These moves are hopefully going to attract the new generations and get them