More and more casinos are opening their doors to third-parties – namely, restaurants, coffee shops, and entertainment venues – in hopes of securing the brand and loyalty-building results that have so often resulted with third-party gaming industry mergers in the past decade. As the industry warms up to the concept, it begs the question: Are gaming establishments anticipating the need for advanced restaurant software to consolidate this new business data with their existing intelligence-gathering software?
The Gaming Industry Shifts its Focus to Meaningful Third-Party Partnerships
It’s likely these casinos are taking a que from the playbooks of prominent Vegas casinos, which almost seemingly unanimously opted for third-party venue inclusion within the same time frame. The move prompted resort owners to house renowned dining establishments under their roofs, combining the likes of The Cosmopolitan with as many as nine fine dining establishments in one building. It was perhaps Wolfgang Puck who started the fine dining gaming industry revolution, when his restaurant Spago was placed in a Vegas casino in 1992. Since, there’s been an upswing in third-party partnerships within the gaming industry. But it’s unclear how this shift will impact big data and what casinos will do to synchronize existing systems with restaurant software to ensure accuracy with customer analytics.
Casinos Must Not Overlook the Advantages of Leveraging Restaurant Software for Business Intelligence Purposes When Considering the Benefits of a Third-Party Merger
The benefits of third-party mergers are evident and plentiful. Now more than ever, customers seek a fulfilling, well-rounded experience that groups distinct, memorable encounters under one roof. In addition to craving wholesome, quality meals from familiar, localized dining establishments they’ve grown to know and love, casino-goers are also craving quality over quantity. They’re no longer satisfied with the cheap buffet across from the slot machines.
By relinquishing a bit of managerial control in exchange for the inclusion of a highly branded restaurant, casino owners can strike up a mutually beneficial partnership that builds brand trust and loyalty for both the restaurant and the casino. Plus, owners can funnel more effort into focusing on their greatest strength: running a gaming establishment. With this being said, it’s crucial for casinos to consider how their existing point of sale software, as well as the debuting restaurant software system, will allow their business to analyze operational data if the partnership is to be of any lasting benefit.
Stepping Up Big Data Analysis Is a Must When Casinos Partner with Restaurants
Within any industry, business analytics is a crucial tool for improving operations and predicting which processes will most efficiently increase profits and promote customer satisfaction. This rings true within the gaming industry as well, but until recently, analytics hasn’t played a major role in driving gaming profits. Many casino owners admit having relied on their instincts alone to make important operational decisions, such as where to place slot machines and tables. Some casinos are still behind the curve when it comes to leveraging big data, but they’ll have to step it up if they’re to make the addition of a restaurant and restaurant software work to their advantage. If left unmeasured, the data within restaurant software (namely, point of sale software) might not be leveraged to its fullest potential. Casinos could miss out on lucrative, business-boosting metrics, such as when to offer coupons for free or discounted dining experiences, and even where to place their gaming machines in relation to an adjacent restaurant to maximize casino profits.
For best business intelligence results across all channels, a casino must first ensure they’re running some form of statistical analysis system software that can measure data like: how much an individual spends during each casino visit, the amount being spent at each table or slot machine, and how often a single guest visits the casino to gamble, among other factors. When this data is available to interpret via integrated transaction software, it can then be successfully synchronized with restaurant pos software data and compiled into one easy-to-access data repository.
Laying a Solid Business Intelligence Foundation for a Lasting Partnership
By utilizing point of sale reporting software to pull vital customer and transaction data from the casino’s software and the third-party restaurant software pos system, casinos can effectively assess how the addition of a third-party establishment is effecting their gaming floor operations. Is the addition of a restaurant hurting or helping business? These and other questions can be answered, helping casino and restaurant owners work together to improve one another’s processes and ensure continued partnership success.