It’s becoming a challenge for casino operators to find new ways to grow. The casino markets are saturated with competitors, and gone are the days where casinos can just expand via new properties. If status quo growth opportunities aren’t attractive anymore, it may be time to look at new strategies. Casinos that are able to successfully implement and leverage AI and machine learning as part of its business process will have a competitive advantage for finding and exploiting these new areas of growth.
Player Behavior Prediction
Remix Institute can build and deploy AI models that predict what a customer will do next:
- Will a player respond to an email or direct mail campaign?
- Will a player redeem an offer for free nights, and if so, how much will they spend when they arrive so the casino can know if they’re break-even?
- What games will they play and how much time will they spend at each?
- What will the player’s spend be on their next trip? If you own multiple properties, what percentage will be spent at each property?
- What incentives/offers does the customer respond to in order to increase their spend on their next trip or stay at the property longer?
Remix Institute’s AI technology can answer questions like these. It’s a highly competitive market, and players have many options on where to play and where to stay. Being able to maximize their spend while at your property will ensure you retain their highest share of wallet.
Predicted Player Lifetime Value
One of the most important metrics in any business is a customer’s lifetime value. Usually, it’s easy to calculate how much a player has spent with you and what were the total costs and ad dollars spent for that customer’s patronage. This is known as the historical customer lifetime value.
But what if you want to predict the player’s lifetime value in the future? This is called the predicted player lifetime value. RemixInstitute’s AI technology is able to read in several data points about your player, look at past play history, and predict what the player’s lifetime value will be in the future.
Having this critical data point about your customer will allow you to tailor offers for the player. Knowing how much they will be worth in the future will tell the casino how much they’re allowed to spend on each individual player.
Player Churn Prediction
Nothing is worse than losing a player to a competing casino, especially if you’ve set up a rewards program that’s unique in the market. Remix Institute’s AI technology can predict that a player will churn before it happens, and it’s able to predict when that player will churn. Not only that, Remix Institute’s AI technology can tell you what factors cause each individual player to churn. This augments the casino into taking proactive action and retaining each player’s business.
Slot and Table Games Optimization
Casinos need to maximize one thing in order to achieve the highest gaming revenue: player decisions per hour. Players have many options on where to play and where to stay. To get their highest share of wallet, casinos must optimize their decisions (or hands) per hour. To do this, optimal slot machine arrangement in the casino floor is critical. Opening and closing table games during peak and non-peak periods to maximize hands per hour is also an efficient strategy. Remix Institute’s AI technology can help solve these problems.
Casinos are more than just slots and tables. Many have other amenities such as restaurants, bars, and retail shops. Being able to accurately predict how many patrons will be visiting these amenities and at what times allows for F&B managers and store managers to effectively allocate labor. Remix Institute’s AI technology uses best-in-class automated forecasting methods to accurately predict this data in an easy and timely manner.