Las Vegas way ahead on blueprint for brighter gaming future

It seems like Las Vegas already got the memo.

Miller said the industry is humming after three consecutive years of record gross gaming revenue and 2024 on track to top that.

“Three megatrends converge into what I’ve called the American Blueprint,” Miller told hundreds of industry executives attending his state-of-the-industry address kicking off the four-day G2E at The Venetian.

“That blueprint includes providing guests with the most exciting, highly immersive entertainment experiences anywhere in the world, ensuring that they can enjoy our products in a safe and responsible way, and turning gaming into a sustainable economic growth engine to benefit the communities in which we operate,” he said.

Miller cited Las Vegas examples to illustrate what he meant.

Younger players

He said innovation is driving visitation by younger generations, a point touched on by MGM Resorts International CEO Bill Hornbuckle in his Tuesday keynote address.

Miller called out Sphere Las Vegas as one of the most visible forms of innovation in a town filled with new things. He also noted the convergence of sports and entertainment as an attraction that has proved irresistible to a growing number of young visitors.

“In 2019, the average age of a casino visitor was, in fact, 50,” Miller said. “Today, it’s one that we need to keep driving to stay on with growth. Millennials are the largest generation living today, along with younger Gen Z’ers. They’ll make up about four out of five workers globally in just five years. crucial to our industry’s future.”

Miller said an even younger demographic has embraced online gaming, legal in only seven states, but the average player age is 34.

Another page of the blueprint Las Vegas is embracing is sports as an attraction.

“In recent years, Las Vegas has transformed itself into a global sports hub,” Miller said. “Famous franchises like the NFL’s Raiders and soon Major League Baseball’s A’s called Vegas home. Teams like the WNBA Aces and NHL Golden Knights have brought championship trophies home to the Strip. And Vegas has also become a preferred destination for the world’s greatest sporting events, from the Super Bowl to Formula One. Vegas’ transformation echoes a broader integration of sports and gaming. We see this in the widespread partnerships between gaming companies and major sports leagues. The result? Fan engagement is rising, broadcast rights and fees are growing.”

Safe play

Another element to success: keeping participants safe.

“There’s no way we can create a nationwide market involving hundreds of millions of fans unless political leaders, regulators, leagues and players are confident that the games will be fair, that it is strongly regulated, and robust protections are in place against problem gambling,” Miller said.

Confidence in safety is what will continue to drive gaming’s economic engineer and commercial gaming around the country provide jobs and a tax base that make communities better, he said. In Nevada, the state’s 6.75 percent gaming tax drives revenue to the state’s general fund, which funds education, builds parks and roads and provides a variety of government services.

“On a macro level, America’s gaming industry drives $329 billion in economic impact every year,” Miller said. “We support 1.8 million American jobs and contribute $53 billion in tax revenue. But the real human impact can be seen at the local level. In Ohio, 95 percent of sports betting tax revenues earmarked for the state’s public schools. In three Pennsylvania counties, nearly 100 fire and ambulance companies were awarded grants financed by slot machine leasing. In Florida, gambling revenue is being dedicated towards preserving some of that state’s greatest environmental treasures, including the Everglades.

“In addition to providing billions of tax revenue that improve local communities, gambling also supports millions of small businesses across America,” he said. “These main street businesses thrive by supplying our resorts and benefiting from spending by the visitors that we draw.”

Contact Richard N. Velotta at rvelotta@reviewjournal.com or 702-477-3893. Follow @RickVelotta on X.