It is a little surprising, but a fact that even casinos are facing the issue of generation gap. The casinos have pointed out that the young people take more pleasure in electronic games. They are more interested in the games that they can play on their smartphones. According to the Rockefeller Institute that studies tax revenue, state revenue that arises from taxing casinos, racing and lotteries has remained to be smooth since the recession period. While considering the casino tax revenue of different states, Maryland has shown the highest growth with 17.1%. In fact, the revenue has increased considerably by 0.1% in the fiscal year 2015 in other 16 states.
Demand of the Millennials
In the words of Daniel Sahl, Associate Director of the Centre for Gaming Innovation at the University at LA, the form of gambling that exists today seems to be more captivating for parents and grandparents. The millennial hardly find any interest in gambling. The young generation mainly considers leisure activities as a social experience that can be shared with friends and family. Thus, it has impelled the casino industry to tailor out some new ways to satiate the gaming demands of the young generation. While mimicking the games millennial play on internet like fantasy sports, it has become significant to think of new ideas to keep the revenue up.
The American Gaming Association (AGA)
A survey carried out by the AGA revealed that only 39% of the adults under 35 had visited the casino in the last year, while the younger generation preferred crowd friendlier games like blackjack. Millennials, usually, stick to table games as they offer socialising opportunities to them. However, the industry is not very glad with the results as table games do not add much as revenues from slot machines do. In the entire polling, only 51% of casino goers accepted that they love video poker and slot machines.
Inside the Gambling Industry
- According to Larry Gregory, Executive Director of the Mississippi Gaming & Hospitality Association, the young generation is not attracted towards slots as compared to the older ones.
- The young blood prefers spending money on entertainment, food and drinks when they visit a casino instead of gambling, says Alex Bumazhny, a financial analyst at Fitch Ratings. They want a better choice at decision points and they prefer social gaming, technology and internet gaming to anything else. Millennials love fantasy sports that mimic traditional games that DraftKings and FanDuel offer.
- Seeing the present situation, the casinos have focused themselves on making investments in restaurants, spas, shows, clubs and other non-gaming amenities, according to the AGA spokesperson, Justin Zink.
The entire casino industry has responded actively to this changing demand of younger generation. Gregg Giuffria, CEO of G2 Game Design states that his company is all set to introduce new changes in the gambling pattern and offer something unique to the millennials. The industry has taken this as an opportunity to revolutionise the gambling world. More changes are yet to be witnessed in the coming years!