When you arrive on the Las Vegas Sands show floor for Global Gaming Expo next month, expect the newest bright and shiny slot machines, with this year’s focus on novel social games catered to millennials. Among the shiny new toys and head-turning booths, you’ll see a smattering of mostly understated suppliers dedicated to back-of-house technology. Ironically, it’s the least sexy tools that have the potential to make or break the success of your business.
While hotel revenue management is a relatively new field to casinos, properties that understand the value of their hotel rooms and yield them properly are increasing profitability. Beyond that, casinos can implement a more holistic Revenue Strategy, helping you get to know your guests and tailor your rates for specific segments. Effectively communicating your comp strategy across all departments will bring in more profits than many of the newest bells and whistles.4 #Casino Profit-Making Strategies at #G2E2017 @G2EShows Click To Tweet
If you’re shopping for new technology to help you drive revenue, here are four things you should look for at G2E:
- Increased communication
Breaking down the barriers between departments, 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.
Technology helps create a digital paper trail, which often speeds up communication.
Related panel: “The Easy Button: Technologies to Optimize Operations”
10:30-11:30 Wednesday, October 4
- Better value your guests
Valuing guests based on their total spend — including gaming, hotel, restaurant, spa, etc. — will give you a 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.
Once you can value your guests, you can price them effectively.
Related panel: “Now What? Driving Actionable Solutions through Big Data”
11:30-12:30 Thursday, October 5
- Manage same-day pickup
Casinos today are seeing more same-day pickup, so technology that helps you avoid selling out too far in advance is especially effective.
Even Las Vegas, which has traditionally been immune to a shrinking booking window, is experiencing shorter lead times. This means casinos must be acting on real-time data and have the ability to see forecast variations and make pricing changes at any time.
Related panel: “Hey, Look Over Here! The Power of Innovating through Technology”
11:15 a.m. – 12:15 p.m. Monday, October 2
- Bring your loyalty program online
Casinos are driven by their loyal guests, and therefore the industry has been very innovative in the loyalty and marketing fields. Yet much of the process is still handled in a call center and, for the most part, casinos have been unable to replicate that experience online.
Consumers want to book online, and casinos should provide them with a website experience where they sign up or sign in for your loyalty program and book a room from there.
Related panel: “Acquire, Retain, Engage: New Techniques in Customer Loyalty”
10:15-11:15 Thursday, October 5
Request a meeting with Duetto at G2E Booth #4000 or ask us for a free exhibit hall pass.