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Slot machine replacement sales are in the doldrums in the United States, and have been for a while. Slot manufacturers believe it’s time for a sit-down with casino operators about solutions, and they’ve let it be known publicly that loosening up on hold percentages would, in their view, be a good place to start.

The broad silence that has followed suggests the casinos might beg to differ.

Says Mark Birtha, general manager of Hard Rock Rocksino in northeastern Ohio, “There’s the manufacturers’ side and the operators’ side, and there are things that are important to them that are very different.”

This gulf, if it can be called such, must be widening in the midst of these leaner times for the industry overall, for the Association of Gaming Equipment Manufacturers to bring out a report last month that combines historical revenue and slot hold trends in 16 states with a lively series of quotes from experts within and outside the industry, who describe an arc of rebellion on the part of consumers against today’s tighter machines, which they say have become more expensive and less fun to play.

The report was released to publicize the survey that arrived at those trends, which the association commissioned in 2014 from Applied Analysis, an economic research and consulting firm based in Las Vegas. What Applied Analysis had found was pretty much what you’d expect—that slot handle and slot win, respectively the aggregate in dollar terms of what players wagered in those 16 states and what they lost to the house, tended to mirror the fortunes of the wider economy:

“During periods of notable economic expansions (mid-2000s), the gaming sector reported similar trends (in handle and win).”

They track this back to the early ’90s, when the industry’s dramatic jurisdictional expansion would have factored into handle in a big way, although the report makes no mention of this.

“On the other hand,” it continues, “the point at which the economic climate shifted from expansion to contraction, the slot industry followed suit. More specifically, total slot handle and win contracted for the first time in 2008 (the first full year of the Great Recession). This appears to be the inflection point for slot operators overall.”

It doesn’t stop there. “It is important to understand how slot win has trended relative to personal incomes,” it goes on. “Throughout the majority of the 1990s, slot revenue expanded at a faster pace than overall personal incomes, suggesting a higher share of consumers’ wallets were being dedicated to gaming activities.

“These trends moderated somewhat through the 2001-to-2007 time frame as gaming revenue growth more closely approximated gains in personal income. From 2008 forward, there has been a clear and consistent trend that consumers are simply spending less of their earnings on slot activities.”

Operators and suppliers know full well that there are a lot of reasons for this, holds generally having ratcheted up to compensate for falling revenues and increasing competition being but one of them.

And AGEM acknowledges as much. But for the association’s purposes, the survey did examine trends in RTP in the selected states, focusing on the years from 2004 to 2014, when 10 of the 16 states reported increases in hold percentage and seven reported declines in win. From this, the association calculated a “blended” increase in hold of 14.5 percent over the decade against a corresponding increase in slot revenue of only 1.1 percent.

Applied Analysis’ conclusion was this:

“While statistical correlations on a state-by-state basis vary due to any number of factors, the broader, aggregate trends would suggest a rising hold percentage has not translated into incremental gaming revenue for operators during the post-recession era. In fact, they very well may be contributing to its decline.”

Of course, you’d be hard-pressed to find a granny on any slot floor in America who wouldn’t agree, and, not surprisingly, the follow-up report AGEM released in August duly made headlines nationwide.

But to be fair to both sides of the divide (and the manufacturers are, after all, the ones who brought to market the technologies that made rising holds possible), the survey is hardly conclusive.

“We make no representations as to the adequacy of these procedures for all your purposes,” Applied Analysis added as a cautionary note when it submitted its findings to AGEM back in February. Or as one casino executive put it, “The report was somewhat illuminating but by the same token somewhat one-sided.”

Actually, a closer read of it shows that gains in average annual hold slowed in the years after the recession hit. In 2013, they even declined. Percentage-wise, the largest average increases occurred from 2001 to 2007, a period that coincided with the advent of the cashless technologies that made viable the low-denomination, multi-line Australian-style games that experts agree are the greatest single contributor to today’s higher holds.

“The floors have been converted,” says Claudia Winkler, an industry veteran specializing in gaming and hospitality systems and IT. “Where you used to have a lot of choice of denom, you walk onto the floor now and they’re all penny games. Pennies have raised the overall floor hold substantially.”

This was also when leased games came to the fore. “Where there is more of a (revenue) participation element in the form of licensed games,” Birtha says, “you’re paying fees to the license-holder and fees to the manufacturer, so these games tend to come out with higher hold percentages.”

Industry consultant Frank Neborsky, who was vice president of slot operations at Mohegan Sun during the salad days of the mid-’90s, says, “When you talk about the player experience, that takes in a lot of things besides hold percentage. One thing I find interesting about the report is it didn’t mention anything about the potential factors influencing that. How did expenses change, marketing costs, promotions, the other perks that operators were giving to patrons for their loyalty? In other words, what was the true value of what that hold may or may not be affecting?”

Operators will tell you that certainly it hasn’t been the gambling alone. Time and age are steadily eroding the core base of machine players. The players rising to take their place generally don’t find slots all that compelling. They’re having to compete against the backdrop of a society that provides consumers with more alternatives for their discretionary spending than at any period in history.

“Guests are more focused on their entertainment dollar,” says Birtha. “If it was purely about winning at the game, there wouldn’t be anything but video poker out there. But clearly, that isn’t what happened.”

Nowhere is this more evident than on the Las Vegas Strip, which has evolved to a point where gaming constitutes well under 40 percent of total revenues, and slot inventories are down 15 percent from their peak, even as visitation hits all-time highs. Since 2006, handle has fallen at a rate of 3 percent per year. It’s down 22 percent from where it stood at its highest.

In an August client note, investment brokerage Union Gaming Research said, “Gaming equipment manufacturers and industry pundits suggest that Las Vegas operators have driven down slot demand by focusing on non-gaming customers, and that this trend has begun to spread to more U.S. regional markets. Our frequent conversations with regional property managers often suggest that cap-ex allocations and wish-list items are for new F&B outlets, meeting and retail spaces and more hotel rooms. Very few, if any, operators discuss the need for more gaming machines.”

Slot Machine Revenue Worldwide Inc

Neborsky says, “What we consider a slot machine now, though it’s been advanced through technology, through better visuals, the emotional connection, it is still the same. You put money in, spin the reels, you win or lose. In essence the game is the same.”

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And it has to change, he says: “If you look at the demographic that now plays slots, when they were in their 20s they weren’t necessarily inundated with technology. And you look at people in their 20s and 30s now, the things they do for recreation, if they aren’t gambling it’s because they’re on video games.

“On Candy Crush, Farmville, those games, they’re spending money, but not to win money, and they don’t play slots. The games have to evolve into a technology that isn’t necessarily a skill machine but something that is as much skill-based as randomly based.”

This is the conversation casinos want to have, according to Birtha. “It’s the million-dollar question. What do millennials look like and what do they want? How do we create slot experiences that meet the needs and wants of this younger generation? And how that value proposition translates to revenue.”

AGEM’s thinking in commissioning the report is guided by the same desire, said Tom Jingoli, senior vice president of Konami Gaming and chairman of the association. “This is meant as a talking piece and not a broad brush stroke for the gaming industry.”

Birtha, for one, welcomes the opportunity. “Both sides of the slot equation are looking for the same outcome. Value is the key for everybody. Our objectives are the same—a better product on our floors that our guests enjoy. It needs to be a conversation about what players want and how we support that. We’ll benefit from all of this equally.”

Slot machines are a kind of casino gambling machine with multiple reels that spin when a button is pushed. Slot machines also helps to detect and validate the currency that is injected to play. The machine pays off in accordance with the symbols visible when it ceases to stop. Ease of government regulations is one of the crucial driving factors for the growth of the slot machines market. Slot machines are one of the major revenue contributors to any country despite stringent government regulations across the globe. Employment opportunities coupled with communal welfare funding is anticipated to propel the demand for slot machines in the coming years. Increasing tax revenues generated from slot machines is a key driving factor for the legalization of online gambling. Government initiatives to verify and check the legality of vendors and offer fair opportunities to other market players is expected to drive the growth potential of the slot machine market. Wide availability of substitutes is predicted to restrict the growth of the slot machines market over the forecast period. Revenue generated from slot machines are likely to stimulate the utilization process of social development and welfare in order to attract the local audience. This in turn is expected to drive the development of the slot machine market over the forecast period. Increasing online sale of slot machines is likely to be one of the driving factors for the development of the market over the forecast period. Rise in popularity of reconfigurable electronic gaming machines is projected to impact the growth of the slot machine market over the forecast period. SlotsMillion, an online gambling provider has introduced the technology and is expected that other players are likely to adopt more new kind of technologies in due course of time.

The slot machine market can be classified by technology into computerization, reels, video slot, random number creators, payout percentage, fraud, linked machines, and jackpot errors, among others. Computerization held the significant market share of the slot machines market in 2016 and is likely to retain its dominance over the forecast period. The processer in the slot machines allow for different probabilities of occurrence of any outcome which authenticates the randomness of any event. This is expected to drive the computerization slot machines segment over the forecast period.

By geography, the slot machine market is segregated into North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America. Europe held the dominant market share in 2016 and is likely to retain its dominance over the forecast period. Replacement of customary gambling machineries with radical skill-based machineries is likely to impact the growth of the slot machine market over the forecast period. Massive amounts of international revenue generated through gaming and gambling is expected to drive the slot machine market over the forecast period. North America is expected to hold a significant share of the slot machine market owing to the rise in popularity of slot machines in this region. Ease of government regulations to fuel the growth of revenue generated through gambling is likely to drive the growth prospects of the market in this region. The U.S. is expected to be the major revenue contributor of the slot machines market in North America by the end of the forecast period.

/portia-slot-machine-controls.html. The idea of a machine running “hot” or being due a big pay out is purely down to the gambler’s fallacy.

The slot machines market is highly competitive in terms of price, product differentiation, and game type. Vendors are developing new and innovative business models in order to dominate the market share globally. Increase in the adoption of online gambling through constant innovation is likely to drive the slot machine market over the forecast period. Key players in the slot machine market are IGT, Scientific Games, Galaxy Entertainment Group, Aristocrat Leisure, NOVOMATIC Group, Ainsworth Game Technology, ASTRO Gaming, Gaming Partners International, Konami Gaming, Universal Entertainment, and Everi Holdings, among others.

The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.

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• North America (U.S. and Canada)
• Latin America (Mexico, Brazil, Peru, Chile, and others)
• Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, and Luxembourg)
• Eastern Europe (Poland and Russia)
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• Middle East and Africa (GCC, Southern Africa, and North Africa)

The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.

A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.

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Highlights of the report:

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• Market segmentation up to the second or third level
• Historical, current, and projected size of the market from the standpoint of both value and volume
• Reporting and evaluation of recent industry developments
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Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

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• Customer Experience Maps
• Insights and Tools based on data-driven research
• Actionable Results to meet all the business priorities
• Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

• North America
• Asia Pacific
• Europe
• Latin America
• The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

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1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

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9. What are some of the value-grab opportunities in various segments?

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Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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Slot Machine Market