Events
IAGA SUMMIT New York 2017
Lloyd Levenson, Chief Executive Officer and Chairman of Casino and iGaming Law Practice Group, Cooper Levenson
Lloyd D. Levenson is an accomplished trial attorney and recognized expert in complex casino regulatory matters, Levenson is also a well-published author and frequent speaker on a broad range of industry legal issues. He has served as President of IAGA and is now a Counselor to that group. He has twice served as chairman of the Casino Law Section of the New Jersey State Bar Association and also has served as chairman of the Gaming Law Committee of the American Bar Association. In 2010, Stockton University established the Lloyd D. Levenson Institute for Gaming, Hospitality and Tourism (LIGHT) in its School of Business. The Institute combines research, training and management components to fill the need for a comprehensive institute to serve a critical aspect of New Jersey’s economy.
The legalisation of Internet gaming in conjunction with land-based casinos in Nevada (poker only), New Jersey, and Delaware has resulted (so far on a relatively small scale) in bringing a younger demographic to the land-based casino. However, initial cross-marketing efforts did not address the crucial fact that the casino floor, with its predominance of traditional slot machines, did not appeal to this younger demographic.
Everyone has a ‘Skill’ and other insights into the ‘future casino’
Discussing the hot topic of the IAGA Summit, “Redefining the Casino Floor – the Impact and Potential of Skill-based Games,” Lloyd Levenson and Lynne Levin Kaufman of Cooper Levenson look at what the future holds for the casino floor
You won’t hear any casino gaming expert say that when millennials age they will start playing traditional slot machines. But for many years, the concept that the same millennials who eschewed slot machine play when they were young would become slot machine players once they aged was the mantra of many. Slot machines were updated with this in mind, and casinos continued to buy and place new slot machine product.
However, over time, certain statistics became hard to ignore. Slot handle and slot revenue in commercial United States jurisdictions peaked in 2007, and has been steadily declining. Te only rising statistic is the average age of a slot machine player. Te idea that the onset of gray hair and wrinkles would turn a millennial into a slot player became a myth.
Cognisant that many jurisdictions worldwide have legalised Internet gaming, and recognising that younger generations grew up playing video and social games on computers, smart phones, and other devices, a segment of the US gaming industry focused on legalising Internet gaming – tied to land-based casinos. Although naysayers believed Internet gaming would cannibalise land-based gaming revenue, these proponents believed regulated Internet gambling would attract a new younger player. Some were
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already gambling on illegal websites, and many had never gambled at a land-based casino. Tus, the Internet gaming revenue generated by these players would be new, additional casino revenue. Tese proponents acknowledged that certain land-based casino players would participate inIinternet gaming, but believed their Internet gaming activity would supplement, not supplant, their land-based visits and revenue.
Furthermore, while a land-based casino’s primary goal was to increase total revenue by adding Internet gaming revenue, an equaling compelling goal was to introduce a new generation of players to the land- based casino. Once these “new” players established Internet gaming accounts, casinos would cross- market. Internet players would be entered into land-based promotions, and be offered cash and non- cash complimentaries. A prize for winning an online tournament could be a seat in a land-based tournament. Terefore, casino revenue (and non- gaming revenue) would increase as a result of new Internet gaming revenue and increased land-based gaming revenue. With this increased revenue, casino companies could enhance and update their land- based products to draw in more players and further increase revenue.
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