Number of Millennials Visiting Las Vegas Increases In 2016
One of the main issues that are keeping casino executives scratching their heads in the last few years is how to attract the younger audience to what has become a market characterized by an ageing player base.
The “millennial crowd” is considered the next possible gold rush for traditional casinos in places like Las Vegas who are leading the way in introducing disruptive technology to the casino floor. It is no secret that the majority of revenues in most casinos is from slot machines and these are not appealing to the younger audience who is used to more skill- based games like Candy Crush and GTA. The need to develop and introduce new ways of playing for real money in casinos has led to startups like Gamblit Gaming and GameCo who have been covered extensively by our team in the last few years. Both Caesars and MGM Resorts International are already implementing these new games to test them among their players.
This new approach of offering the younger audience a completely new skill–based type of game in a casino is essential as gambling destinations like Las Vegas are showing increasing numbers of millennials passing through the casino floor. According to the latest report commissioned by the Las Vegas Convention and Visitors Authority, a third of Las Vegas visitors last year were millennials aged between 18-35. This is up from a quarter in 2015.
Another encouraging figure was that 27 percent of the city’s 42.9 million visitors in 2016 were first timers. Overall the number of visitors who gambled during their trip was 7 out of 10 which has remained stable. A worrying factor is the amount of time the average gambler spent on the casino floor which is only around 1.9 hours. In 2016. This is an hour less than that of 2015 and more than two hours less than two decades ago. This is due to visitors spending more time enjoying non-gaming amenities such as nightclubs, concerts, shows and aspects events. This just means that the casinos have a much smaller time window to engage potential players and it is vital that the games on offer appeal to a wide target audience.
The demographics of visitors to Vegas is made up of 81 percent from the U.S which was down 3 percent from 2015. However foreign visitors increased 3 percent from 2015 amounting to 19 percent.