Native Casinos Should Monitor Technological Advancements Closely Within the Next Three to Five Years (According to TribalNet)
In the rapidly evolving world of gaming and hospitality, technology is set to play a pivotal role in shaping the future of casinos. According to Larry Fretz, the Vice President of Industry Research and Senior Managing Partner of Gaming and Hospitality at Info-Tech Research Group, this transformation is already underway.
Fretz, a renowned casino-industry consultant, emphasizes the need for tribal leaders to stay updated with technological advancements. One such innovation is digital twinning, a concept Fretz discussed in detail. The digital twin of a customer would encompass all available information about a customer, including profile, demographic, behavioral, and play data, and augment it with other third-party data and modeling.
This technology, while already used in industries like manufacturing and healthcare, hasn't been adopted yet in gaming and hospitality. However, it offers promising possibilities. For instance, digital twinning can be used for floor-mix simulation, where a dashboard and floor plan of what games are performing can be analyzed.
Artificial Intelligence (AI) isn't a trend but something that's already here, and casinos are already getting a return on investment from it, Fretz asserts. AI will interact with systems and data, decide on a course of action, then implement it. It's expected that autonomous operations, like autonomous AI, will apply to properties within the next three to five years.
Autonomous operations and Agentic AI will help casinos automate low-value repetitive activities, drive down costs, and enable properties to redeploy employees. This shift is particularly important as nine out of 10 chief information officers, regardless of size, say it's about doing more with less, according to Fretz.
Another concept being considered is self-sovereign identity, where customers own their information. This is being tested in Europe and could be a differentiator for casinos and hospitality operators. Mobile identification is another concept being considered, where properties accept mobile IDs, but not all jurisdictions currently allow it, such as Ohio.
However, with the rise of technology comes the need for increased security measures. To prepare for deep fakes, properties need to build in verifications in their processes, such as calling known phone numbers to verify the identity of callers. AI avatars are being considered for call centers in the casino industry, but they may also pose a risk of deep fakes, which could lead to fraudulent transactions.
The future of casinos will involve layering in sports betting and online gaming, according to Fretz. As this happens, it's crucial for properties to stay vigilant and adapt to the changing landscape. With digital twinning, AI, and mobile identification on the horizon, the gaming and hospitality industry is poised for an exciting and transformative future.
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