The Innovation Group recently released a recap of the gaming-industry’s events in 2023, along with a look at what’s to come in 2024.
In a release, the Innovation Group reported, “Industry events, whether through programming or their invaluable face time with clients and colleagues, always inspire critical thinking.”
Insights from 2023 industry events include:
- Indian Gaming 2023 in San Diego, California, indicated a resurgence of Class II gaming and an opportunity for tribal operators to drive emerging technologies in customer analytics.
- SBC Summit North America in Secaucus, New Jersey, brought insights on recession impacts, M&A incentives, and math and analytics trends.
- The Caribbean Gaming Show in the Bahamas identified an increasingly competitive landscape in the Bahamas and the Caribbean.
- The Canadian Gaming Summit in Toronto included a look at provinces possibly considering adoption of igaming after the continued success of private-sector igaming in Ontario.
After the Global Gaming Expo in Las Vegas, Innovation Group highlighted confidence in the health of the gaming industry and optimism building on two years of gradual recovery from the pandemic. Also notable was a “continued emphasis on branded slots, renewed excitement about non-gaming amenities, and a shift in interest and excitement from sports betting to igaming (along with the continued complexity of both sectors for tribal gaming).”
The Innovation Group also covered a possible Asian gaming reboot in early 2023 based on China reopening outbound travel for its citizens. In addition, it identified the Philippine casino industry as a leader in the region’s recovery.
Brian Wyman, EVP, Operations & Data Analytics, led analysis of the sports-wagering and online sectors. Wyman looked at sports-betting investments, questioning when and if sportsbook giants would be forced to focus on profitability and whether spend on player acquisition would be sustainable at current levels. He also offered analysis on the PENN Entertainment and ESPN deal and examined opportunities for operators considering gaming in the metaverse.
In a joint effort with Acorn Environmental, Executive Vice President Tom Zitt examined fee-to-trust rule changes and their implications for tribal gaming. Chris Irwin, SVP Native American Services, broke down the continued diversification of tribal economies. Mike Vanaskie, SVP, Development & Economic Analysis, provided an update on the Brazilian market and Senior Vice President, Canada Kevin Dennis offered perspective on the future of igaming in Canada.
Innovation Group President Michael Soll looked at such short-term trends as reorganization fatigue and the amplification of issues like responsible gaming.
In 2024, the Innovation Group will follow these issues:
- Asian gaming-business volumes trending at pre-pandemic levels in many jurisdictions, with the Philippines the fastest growing gaming market in the Asia Pacific, if not globally.
- The possible authorization of sports betting in Brazil.
- The spread of igaming in Latin America, notably in Peru and possibly in Chile.
- The launch of online sports in Puerto Rico.
Other notable things to watch in 2024 include Indian Country’s plans for igaming and the continued resistance to online sports in California that may offer insight into what igaming battlegrounds could look like. The opening of the Fontainebleau in Las Vegas also will be watched, as its “luxury amenities and a strong Miami-driven array of dining options” indicate “its upscale casino clearly playing a distant second fiddle. It is clear that non-gaming development is driving Las Vegas.”
The Innovation Group also will monitor the second year of the F1 Las Vegas Grand Prix and developments in the relocation of the Oakland A’s to Nevada.
