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Casinos Seek Ways to Lure Young Gamblers9 November 2004LAS VEGAS -- As reported by USA Today: "Twentysomethings have seized on the new Las Vegas as a 24-hour playground where the partying never ends. There's just one problem: They don't gamble as much as their baby-boomer parents. And when they do gamble, they're more likely than their elders to snub slot machines - the casino industry's top profit center - in favor of table games. "But the casino industry sees huge dividends in overcoming the indifference of young gamblers... to slot machines, which offer faster action than table games and are less costly to operate. "Manufacturers are rolling out new slot machines that have more in common with the latest video games than with the old one-armed bandits. As a result, casino executives are increasingly hopeful of snagging the iPod generation, and perhaps locking in for decades a customer base they can depend on. "...Young players could become a huge growth engine for a casino industry already on fire. U.S. gaming industry revenue has risen steadily in recent years, even through 9/11 and the 2001 recession. "...Luring younger customers won't be easy. Says consultant Steve Szapor of the Innovation Group: "The majority come with a bunch of money in their pocket, but it is going for the nightlife, food and entertainment." "They love the idea of hanging out in Las Vegas but haven't developed into the hard-core players of their parents' generation. "Research by Yesawich Pepperdine Brown & Russell, which publishes a profile of U.S. gamblers, suggests the most devoted gamblers nationwide are well-off empty nesters. Their mature offspring aren't emulating their gambling behavior. "Jim Hughes, vice president of The Palms resort, another twentysomething Las Vegas mecca, notes an obvious reason for the generation gap in gambling: Older people generally have more money to gamble. "'Do they gamble?' Hughes asks of the young adults. 'Sure, they do. Do they gamble as much as the boomers? No.' "...In its five-year marketing plan, the Convention and Visitors Authority has begun targeting first-time visitors, ages 25 to 34, even though they aren't as immediately profitable overall. "...Even if today's younger visitors don't gamble much, at least they bring a new aura. "They are making Las Vegas cool again. Resorts are scrambling to add nightclubs and "ultralounges," such as Tabu at the MGM Grand, Tangerine at Treasure Island and Ghostbar at The Palms. They are re-establishing Las Vegas as a celebrity hangout..." |