Lovell Walker of MGM Resorts explains to CalvinAyre’s Rebecca Liggero why casino operators need to reinvent itself to capture the growing millennial market.
How do you solve a problem called millennials?
They are two-billion strong, tech-savvy, Starbucks-loving but price conscious, 18-to-34-year-olds that are expected to become a force to reckon with in the near future due to their spending power. In the United States alone, there are at least 80 million millennials with $200 billion in annual buying power and most casino operators want to take a piece of that revenue pie.
Despite using their tried and tested advertising formula to lure baby boomers in their gaming establishments several decades ago, casino operators are left scratching their heads on why they are struggling to connect with the millennials.
Lovell Walker of MGM Resort said casino operators competing for millennial mindshare should wake up and think of new tricks to capture this generation’s attention. When it comes to business and managing that, Walker said that casino operators also need to be specific on who they are after and know how to tell their business to that group.
“I think we have to change the environment. It cannot be what it is today. It cannot be the traditional floors of rows of slot machines and outdated table games. That just not going to cut appeal to the millennials,” Walker told CalvinAyre.com. “You almost want to bring their environment to them and build your gaming around that… so changing the dynamic of gaming and how it is today.”
According to Walker, casino operators should make the games more appealing to this group of potential players, who love being on their phones and loves interacting and spending their time mostly in social spaces.
In the case of MGM Resort, Walker said they are playing catch-up with other casino establishments in Las Vegas in capturing millennial money by adapting to the needs of these new group of clientele.
“It’s a little bit of both. I think we could use your traditional games and still interact. And I also think you can bring in your new games. So you can bring your skill games, you can bring in your community style games, you can bring in games were people compete with each other and they take a piece of the pot,” he said. “There’s an unlimited amount of resources which is all, what the gaming regulators are allowing us to do.”