Unlike their parents, millennials are not gamblers and tend to prefer games of skill than chance and Las Vegas has started to take note.
As millennials start to make their way up the earnings ladder, they have become a crucial demographic group for the entertainment industry, and they generally prefer to spend their money on dinner, drinks, and dancing with friends, according to a 2016 study by the Lloyd D. Levenson Institute of Gaming, Hospitality & Tourism at Stockton University in New Jersey.
Whilst 42 percent of those over 35 said gambling was “important” to them, that number halves for the millennial generation born between 1981 and 1996 – a change in behaviour that has already had a dramatic impact on the entertainment industry in so-called “sin cities” like Las Vegas and Atlantic City.
Rummy Pandit, executive director of the Levenson Institute, said in a release: “The preferences of this crucial demographic group regarding entertainment, accommodations and amenities is of major significance to the casino industry and to our region’s future economy.”
Whilst slots have been a major money-earner for casinos over the last few decades, the idea of playing a machine by yourself does not have the same appeal to young people that prefer social games they can play with friends. In general, millennials prefer to spend their money at restaurants and nightclubs than on the casino floor, and that is changing the face of the entertainment and hospitality industry.
Las Vegas is seeing record number of visitors, and they are getting younger – but they are heading to the city not to lose money at the tables on the lever machines, but to see the spectacular music shows put on by the world’s biggest bands and DJs, with the likes of Drake, Bruno Mars, and nostalgic rocker Toto all taking to the stage in the city this year.
Sin City has long been the location for the world’s biggest boxing and UFC fights, but it is now fast becoming a major league sports town with the arrival of the Vegas Golden Knights of the National Hockey League – the first Vegas-based team of the “big four” of the National Football League, the National Basketball Association, Major League Baseball and the NHL. Add to this that Esports is also booming in the town, with massive crowds visiting the first-of-its-kind dedicated arena at the Luxor, and you can see the evolution of Las Vegas from a gambling town to an entertainment city.