Pari-mutuel industry's slots bet is a risky gambit
For years, the owners of the dying dog and horse racing industries have seen salvation in the cherry-spinning fortunes behind slot machines.
Their vision was to convert their vast real estate into bold entertainment venues with blue-lighted rooms lined with slot machines, some offering dog racing as a novelty, or thoroughbred derbys as a nostalgic draw.
But as Florida legislators decide whether to ratify a deal with the Seminole Tribe that cements into place the parameters of gaming in the state for the next 20 years, no one is talking about one thing: Slot machines are declining, too.
Market research studies show that the massive Millennial generation, those 21- to 34-year-olds who outnumber Baby Boomers, consider slot machines boring and table games only slightly more appealing.
The studies show they prefer theme parks and restaurants, adventure travel and games of skill. And, the researchers warn, unless the gaming industry finds a way to capture this tech-savvy generation with online gambling or games delivered to their homes and offices through smartphones, even the games they are hoping to rescue them will die. Story here.