Many of the casino industry’s best and brightest were at the Las Vegas Sands for the 2017 Global Gaming Expo. For those interested in tightening their operations and driving innovative strategies to increase profitability, the educational sessions were a highlight.
Two educational tracks in particular – “Revenue Diversification” and “Optimizing Operations” – were pointed squarely at overcoming common casino pain points. Operators are realizing that when gaming and non-gaming departments work together, only then can casinos begin optimizing revenue across the entire integrated resort.
Therefore, it’s time for casino operators to take a hard look at whether or not their employees – at the corporate and property level – are set up in the best possible situations to succeed. Opening up communication across departments and breaking down operations and strategies that have typically been siloed will allow everyone to act on the same page with the resort’s overall strategy, which will ultimately pave the way for a seamless customer experience.#G2E2017 must go on. Learn how casino operators can ensure employees are set up for success… Click To Tweet
Look Closely at Culture
Today, there are more new revenue centers on properties than ever before. Data and technology are enabling more personalization and revenue optimization that we’ve ever seen. So what’s holding you back?
Often times it’s your culture. Breaking down the barriers between branches, particularly hotel and casino sales and marketing departments, is the first step for many. Once the departments are working in coordination, they can share data and begin to do things like more effectively value guests.
Doing so will help everyone across your property understand the value of their hotel rooms. In conjunction, you can better get to know your guests and tailor your rates for specific segments. A more holistic Revenue Strategy that effectively communicates your comp strategy across all departments will bring in more profits.
Technology can aid in this process by creating a digital paper trail, which often speeds up communication. (See related panel at G2E: “The Easy Button: Technologies to Optimize Operations” 10:30-11:30 Wednesday)
Once departments are sharing data and working together to value guests based on their total spend — including gaming, hotel, restaurant, spa, etc. — you will have a much better understanding of whom to comp, whom to discount and whom to charge the rack rate. The process can be extended to groups, and now you can better determine the profitability of taking a group that may or may not gamble versus a full house of comped gamers.
Get With the Times
Today, casinogoers are looking for different experiences and may not even be gambling at all. Instead, they’re coming to resorts for the food, the pool experience, nightlife, the spa, etc.
Casinos that don’t bring their various departments together to collaborate on marketing and revenue strategies could be in for a rude awakening. With gaming spreading across the country, smart operators are looking for ways to monetize other parts of the business: food and beverage, meeting space, spa, and other amenities.
Incorporate all of your departments into one innovative casino revenue strategy that functions in unison, using shared data sets to make the smartest and most profitable decisions.
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