As we close out 2022, we can reflect on whether it was a better and more improved year from the previous two since the start of the pandemic. There is no doubt the hospitality, and specifically the gaming industry, has changed maybe for the foreseeable future. Will our industry capitalize on the digital gains that were created during the past few years? Also where can CIOs turn when leadership asks them to present key initiative plans that meet corporate stated objectives?
On one hand, the gaming industry, specifically the Las Vegas market, had one of its best years on record, especially gaming revenues and occupancy levels. The year didn’t start off that way. Last January CES kicked off to a lightly attended conference, with new restrictions on travel and lingering doubts on health and safety. Media attendees were only 1,000 down from 6,517 the previous year. There were only 2,300 exhibitors, little more than half the 4,419 in 2019. Attendees fell more than 75% from the 2020 level. But that was a year ago, and 2022 is looking to be back to 2019 levels as Las Vegas continues to surge in popularity once again. The Global Gaming Expo dearly doubled attendance from 2020 with 25,000 industry professionals and vendors descending on the newly named Venetian Expo Center. Las Vegas welcomed approximately 37 million tourists in 2022 back to record levels of 2010 however occupancy was down from 2019 levels at 79%. Average room rates skyrocketed – 168.82 were trying to find a room in Vegas under $300/night on weekends and special events is almost impossible. The ever-added resort fees, taxes and parking costs drive up revenues for the hotel management companies and make Vegas a very expensive visit.
Where does that leave technology initiatives to support growth in the gaming industry and the general hotel market over the next five years? The lingering effects from the pandemic continue to be staffing or lack of finding the people needed to staff casinos, hotels and resorts globally. IT leaders are tasked with helping HR recruit talent or seek out technology that supplements and supports the operation that allows service levels to remain constant.
READ THE FULL ARTICLE BY MICHAEL CARUSO IN THE 2023 SPRING EDITION OF GAMING & LEISURE MAGAZINE.