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+++++++++Ask one question/comment on below post (not too long)+++++++++
Saxon Elfend
Saxon Elfend
The trend of non-gaming amenities surpassing gaming activities is no longer a trend, but a reality in certain jurisdictions. In Las Vegas, we have learned the city constantly reinvents itself by evolving to current trends and consumer demands. According to newyorklife, 1999 was the first year Las Vegas’ non-gaming amenities surpassed gaming activities. Where visitors once traveled to gamble and enjoy ancillary entertainment, now go primarily for entertainment. This is clear today, where there are new entertainment options constantly flooding Las Vegas through high profile sporting events and teams, nightclubs, and event spaces.
This is due to consumer preferences evolving overtime where many millennials and gen z’ers prefer to spend their money on entertainment rather than gaming. From a personal perspective, I go to Las Vegas with a large group (10+) friends every year (in our mid 20’s), where myself and maybe two others actually go to play as well as enjoy the entertainment options Vegas offers. This reality applies to vibrant gaming jurisdictions like Las Vegas and Florida, where gaming is not the main priority for younger generations who are going clubbing and partying as an escape, opposed to testing their luck.
In gaming jurisdictions like California, where I live and work, gaming is still the main source of revenue from tribal and cardroom casinos. There are over 76 tribal casinos in our state, and many are resort and destination-styled casinos. Due to financial and operational factors, they are able to bring in a lot of consumers by offering event spaces and resort-like experiences. Despite that, their main source of revenue is generated from gaming. They can attract customers from all over the state with prominent artists, have beautiful pools and golf courses, but it’s a component, rather than the main source of revenue to the operation. In many cases like Pechanga resort and casino, they have gaming floors that reach 200,000 square feet, which competes with the Las Vegas casino California player market.
The cardroom industry in our state, is by far the most gaming centric operation due to the lack of entertainment options we can offer. Although some cardrooms have a more dynamic and upscale experience, the majority of players go to a cardroom to solely play table games and poker. Due to the success of many cardroom operations, there isn’t a strong push to renovate and offer a more diverse experience, but overtime we will have to adapt as an industry. Despite our drawbacks, we are very successful as a sector in the gaming industry.
I believe that in jurisdictions where gaming revenue is still the main source of revenue, overtime, they will have to offer more options to compete with other forms of physical entertainment. In my industry, we are evolving at a much slower pace, but transitioning to offering more of a multi-use experience, like a traditional casino, so we can attract new customers. Not every jurisdiction will offer such experiences anywhere near Las Vegas, but the trend of non-gaming amenities should illustrate to casino operators where future investment should go.
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I agree with your analysis where the fundamental nature of casinos as gaming venues will always be the core. I think the future of traditional casinos and gaming should also increase their gaming offerings in order to retain and potentially convert that younger demographic into gambling. I like to use my friends as a sample, because we fit the mole, and when we go to Las Vegas my friends don’t typically gamble, where they like to go clubbing. If casinos invested into some type of multiplayer/skill-based gaming, I completely agree that it would retain and attract new players. Although casinos will be the core of these massive multi-use operations, I believe the traction in non-gaming amenities will continue to rise.
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