2024 GM & Casino Executive Exchange Results and Insights

As we cross the half way point of 2024, it is time to pause and reflect on how we are performing. At the beginning of 2024, Catalyst sent out a survey to General Managers and Casino Executives across the country to compare and understand the challenges and opportunities facing the gaming industry that we share or differentiate us. The insights from the survey were presented and discussed by a panel of industry experts at the 11^th annual Tribal Casino Executive Exchange at the Hyatt Aviara Resort in Carlsbad California.

Here are some take aways from the survey and discussion:

Inflation is impacting casinos in two ways. As the price of everyday items increases, it reduces customers gaming budgets. Inflation also increases the cost of doing business having a double impact on bottom line revenue with reduced guest spend and increase cost to operate. How are you addressing the increased pressure on margins and doing more with less to drive more top line revenue to the bottom line? Several opportunities were discussed to mitigate these challenges including new player acquisition, uncarded play, increasing incremental visits, and increasing rated play.

New player acquisition is nothing new, but as new technologies become available, the method casinos find and attract new players is evolving. Though AI software and tracking of mobile devices, marketing experts are able to identify new potential players, track their movements, serve ads that increase the potential of capturing them as a new player. This technology also allows casinos to drive incremental visits from the competition. Once an unknown customer enters your property, their movements can be tracked and when they enter a competitor, an offer can be triggered to steal that trip.

Capturing uncarded play is another challenge evolving technology is helping to overcome. Through the use of mobile apps, casinos in California are leading the way in implementing digital wallets and driving the customer journey toward loyalty. The foundation has been set, and you have attracted new and existing customers through various methods, now how do you keep them gaming?

Increasing rated play was discussed by our panel of experts. The key to increasing rated play discussed by the panel of experts was getting the right offers to the right player at the right time. Personalization and segmentation of databases through the use of various AI analytic tools can increase response rates and keep them gaming longer.

AI has become a buzzword that is everywhere. Beyond science fiction, AI is a very powerful tool that can be used to enhance our capabilities, increase efficiencies, and reduce costs. It can help with content creation, and customer relation management, reduce labor costs through chatbots, and streamline processes through automation. One of the most powerful tools is AI’s ability to analyze large amounts of data in real-time and provide personalized insights to drive revenue to the bottom line.

Catalyst Marketing Agency

As casinos navigate the continually evolving landscape of marketing, Catalyst can help your marketing department stay up to speed with marketing trends as they evolve. For more information on how to overcome the challenges you are facing as a property, we are here to help contact Catalyst Marketing agency.