UNLV 608 Discussion Module #3
Discussion: Module #3
In module 3 we cover accounting in other non-slot gaming, including table games, keno, poker, and race & sports.
Of all non-slot gaming, which do you foresee changing the most in the future that will have the biggest effect on a casino and why? (my initial post , not too long)
Your initial post must be done by Tuesday(late). Each student is then required to ask a question to another student by Thursday and that student must respond by Saturday. Remember that each student must be asked a question, so you can only ask a question to someone that has not been asked one yet. If you want to ask additional questions to students that have already been asked please do as you will learn a lot from engaging each other and not just participating for points.(
(comment/ask 2 following classmate questions)
The non-slots casino vertical I see changing the most in the future will be live table games. I believe this for several reasons.
First, COVID-19 has changed attitudes in the workforce. For better or worse, the current workforce is prioritizing their personal lives at a higher rate than in the past. I believe the pandemic accelerated that, and companies enabling gig work like Uber, Door Dash, Amazon delivery, and your local grocery delivery service have enabled many to work on their terms. This is important because as we know, our industry rewards work ethic with overnight shifts and missed holidays to name a few. Team Members today have a hard time seeing the potential of a career in our industry, and with more options than ever, it is not difficult to see why. This means we will have a smaller pool of dealers to choose from, as well as a decreased passion to be a part of our industry.
Second, the cost of living has skyrocketed. Complicating the matter further, the sharp spike in inflation in the last four years has driven the cost of essentials like groceries, fuel, and utility prices through the roof. The dream of home ownership has fallen out of reach for most, with interest rates on mortgages at historic highs. While wages have adjusted some, hospitality wages have continued to generally lag simply not keeping pace enough to provide many with a living wage. This further eliminates the gaming industry as a primary choice compared to the many options they have (like those mentioned above to name a few).
Third, most gaming corporations are simultaneously looking for margin improvements. Whether publicly traded, tribal, or some other privately funded gaming enterprise, all investors are looking for the greatest return on their money. As individuals, I would suspect we are no different. As an officer for MGM Resorts, I can tell you that it is among the highest strategic priorities within our company to dramatically improve our margins as we are regularly compared to our peer groups.
All these reasons will affect the future of table games, through some combination of footprint reduction, price increases, replacing live table games experience with electronic table games ETGs, and a different experience for table games customers in the future.
When combined with the changing demographics in the workforce itself, we can imagine just how different this experience may be in the not-so-distant future, which makes me wonder if the experience can continue to be the sort of rush that it is today.
As it has always been (and will continue to be), the casino landscape is rapidly evolving. This is being driven by technological advancements and shifting preferences by consumers both domestically and internationally. Among the non-slot gaming categories, I believe it is the race & sports betting sector that is best positioned for the most significant transformation (compared to TG, Poker, and Keno).
Since the the strike down of PASPA (Professional and Amateur Sports Protection Act of 1992), doors have been opening in domestic markets to legalize sports betting. This legal pivot has set the stage for widespread adoption and integration of sports betting into casinos nationwide that broaden the customer base and drive revenue growth.
In addition to what has been mentioned, the integration of innovative technology into sports wagering is modifying how bets are placed and managed from both the customer and enterprise perspective. The rise of mobile betting apps allows consumers to place bets from anywhere within a state where sports betting is sanctioned (not just within the walls of a particular casino). This convenience could significantly increase the customer base and the revenue generated from this gaming vertical.
Furthermore, the adoption of sophisticated data analytics and artificial intelligence in sports betting is refining odds setting, risk management, and customer personalization. These technologies enable casinos to offer more competitive odds, better understand customer preferences, and tailor their offerings accordingly. All of these items combine to improve customer satisfaction and loyalty.
-Lee
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