Gambling, unlike with the previous generations, is not seen as important by millennials, according to a study
The nation’s largest population group enjoys spending their money on dinners, drinks, dancing and nightclubs. This study of their preferences is done by the Lloyd D. Levenson Institute of Gaming, Hospitality & Tourism at Stockton University in New Jersey.
Millennials would be more attracted in playing slot machines if an element of skill was involved, the study said.
The more than 83 million millennials (those born between 1980-2000) represent more than a quarter of the nation’s population. They also outnumber the 75 million baby boomers, according to the U.S. Census Bureau.
“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,” Rummy Pandit, executive director of the institute, said in a release. “The study looks at millennials’ current preferences and behavior and also seeks to understand how that may change with technological advanced and increases in their disposable income.”
350 millennials and more than 150-non millennials from 22 states took part in the survey, with a majority of respondents from New Jersey, New York and Pennsylvania.
Gambling was not as important to those under 35, with 21% saying it was important versus 42% if those over 35, assistant professor Jane Bokunewicz said in a release.
Mos prefer to play video slots with family and friends, as opposed to older gamers who play alone. Gamers of both age groups would like video slots to include an element of skill.
“I think the slot machine manufacturers are on the right track in developing these types of games,” Bokunewicz said.
Two focus groups were examined to gain an understanding of what millennials chose for single-day entertainment experience and overnight or multiple-night travel.
Gambling was not mentioned by participants unless they were specifically asked to do so, the study said. The study
See the study here or look at the findings below.
Among the findings:
- Gambling was more important to non-millennials (42% to 21%).
- Millennials view drinking activities as more important than non-millennials.
- Millennials reported spending only 8.5% of their total budget on gambling compared to 23.5% of non-millennials.
- If money were not a concern, 50% of millennials would increase spending on bars and nightclubs compared to 17% of non-millennials.
- 44% of millennials play slot machines compared ti 72% of non-millennials.
- 40% of respondents who do not currently play slots would play if there was an element of skill; 38% if they could play in a group.
- 57% of millennials play table games compared to 548% of non-millennials.
The study cites a variety of opportunities to grow business with millennials while retaining its customers in older demographic groups.
“Casinos, city planners and supporting businesses should focus on providing mid-scale accommodations and casual dining options to attract new visitors to the city,” the survey concluded.
The research received funding from various establishments. These include the Borgata, Tropicana Casino and Resort, Resorts Casino Hotel, Harrah’s Resort and the Casino Reinvestment Development Authority.