Caesars Entertainment is rolling out a new tactic it a bid to corner a market that has mostly eluded live casinos – the gambling millennial.
It’s called The Fan Cave, and it’s pretty much exactly like the “man caves” strewn across thousands of US homes. The cave provides many of the same freedoms social opportunities as the home version, only it’s set up in the sports book of Las Vegas’ Linq Hotel.
“This is not a traditional sports book where you sit in a big row,” Chris Stuart, who is the VP of gaming and interactive entertainment for the Linq, told the Las Vegas Review Journal. “You own this space, so it’s much more social. You can hang out with your friends, pour your own beer, order your own food.”
The caves come equipped with a 98-inch TV and two other screens about half that size – 200 inches of glorious screen space to watch the game, and/or play video games, as well.
Customers also have full control over every screen via a remote control tablet, something traditional sports books can’t offer.
For now, there are 12 Fan Caves available to be rented out privately, but it’s just the start.
A Millennial Lab
Caesars executives make no bones about the fact that the company wants more millennials coming through its casino doors.
And it’s no wonder – according to the US Census Bureau, there are 83 million millennials (born between 1980 – 2000) in the US, outstripping the number of baby boomers by eight million.
The problem is, the younger demographic doesn’t like to gamble as nearly much, according to a 2016 study by Institute of Gaming, Hospitality & Tourism at Stockton University in New Jersey.
- Millennials spend 8.5% of their budget on gambling; non-millennials spend 23.5%.
- 72% of non-millennials play slot machines compared to 44% of millennials.
The study also made two other findings which casinos are keying in on – millennials want a social experience, and when they do gamble, they want it be on a game of skill.
Some say that they’ll simply come around with age, but Caesars isn’t willing to wait to find out.
So, in an attempt to give millennials what they want now, the Linq is in the process of converting 44,000 square feet of its current sports book into something completely new – a place to experiment with casinos’ most coveted demographic.
“This is like our lab,” Stuart revealed to the Las Vegas Review Journal. “So what we are doing is spending the money here, and when we find the things that really connect with customers, we will leverage it up to other properties.”
Looking for a Winner
It’s not the first time that casinos have tried to lure in the millennial gambler.
Some have tried offering more innovative, skill-based slot machines, but so far, they’ve failed to generate any excitement.
Perhaps booking hipper musical acts will bring them in.
Other say the rise of sports betting in the US will win them over, which makes sense if they do indeed prefer games of skill to things like slot machines.