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Millennials Shun the Slots and Hit the Casino Nightclubs Instead

5/29/15 3:16 PM EDT
The biggest threat to the casino business could be millennials, according to one expert. ‘Millennials seem like they are a little bit less interested in gambling in the casinos,’ said Alex Bumazhny, Director at Fitch Ratings. ‘They’ll still go to casinos quite a bit but they spend their money on food, beverages, nightclubs and entertainment and less so on the slot machines.’ Bumazhny said Millennials will play table games like poker, but those games are less profitable for casinos. The big problem for the casinos is that Millennials prefer casino-themed social games and daily fantasy sports. Bumazhny said the casino industry is acknowledging this challenge. He pointed out that Caesars Entertainment (CZR) has purchased social gaming businesses and International Game Technology (IGT), which makes slot machines, and bought the social gaming company Double Down Interactive a few years ago. IGT and Caesars Entertainment generated $80 million and $167 million in the first-quarter at their respective social gaming divisions.
Stocks in this video: CZRIGT
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