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Talk:Predictive Analytics and Casino Gaming
Natalie Osborn, our WUSS2013 keynote speaker (on game-changing analytics) from SAS Institute, spoke about the $37billion gaming industry, including entertainment. They use predictive analytics to stay competitive. First, feel welcome at the conference; Second, have fun in Las Vegas. It is about entertainment, not earning money. Enjoy dining and theater. We focus on the patrons, there are limited dollars. If a patron isn’t getting recognized in the way they think they want to be, they can easily walk across the street to a competitor.
Here are three areas that use predictive analytics:
- Process of running the casinos;
You need to bring transaction data all together. We calculate ‘theoretical win’ and use response models based on preferences. Caesars Entertainment, who is behind Planet Hollywood, transformed their loyalty program using analytics and became the market leader in entertainment casinos.
Imagine sending 400 variations of your mailer to the patron database. That is how granular it has become. Join the loyalty program and give the casino the chance to entertain you more. One of the common myths about gaming is that they try to influence your emotions when you are on the gaming floor. Let’s talk about the machines; placement is important. This can be optimized. For analytics they use ‘what-if’ testing. [Would that be experimental design?] Optimization also applies to the right personnel aiding patrons. They also forecast load at the theaters and restaurants.
Every patron has a ‘mental wallet’ in their head, and if they have a losing streak, they could walk out. Going to the restaurant helps them reset their ‘mental wallet’. “What’s in your mental wallet?” And if an employee walks up while you are having a losing streak and offers you a free dinner, please take it. Consider the pricing of hotel rooms. “Patrons play where they stay.” Don’t discount that you may be able to go to a show while you are here. NJ has just authorized three companies to do online gaming. Others will wait and see what happens to them. As the first to lead, they gain label recognition.
To summarize, remember the areas of game-changing analytics: 1. Patrons; 2. Process of running the casinos; 3. Pricing. And join the Loyalty Program; take up the free drink or meal; check you the ticket prices. Never forget what is in your ‘mental wallet’.
Moving beyond a 'stub' => to an important sC Article
From Wikipedia, we call a beginning article a 'stub'; and anticipate others will add content of value: (1) Natalie Osborn; (2) Other SAS Institute personnel; (3) SAS and JMP users in the field of predictive analytics; and (4) other critical reader-observers ... can all help create this important sasCommunity article. "Be bold and feel free" to add content, which can then be edited/improved. This is an important area, now and in the future. — Charlie Shipp (talk) 06:57, 18 November 2013 (CST)
What about an article for (Predictive) Analytics?
Before we get to applying Predictive Analytics to Casino Gaming should there be an article about Predictive Analytics or even Analytics? Having this article before those ones is a bit like putting the cart before the horse. - Cameron (talk) 05:34, 19 November 2013 (CST)
- In ideal world, yes. However, two things: I look to someone else to do the top article, maybe someone at SAS or someone in the field. (2) Meanwhile, the talk about 'casino gaming' was the keynote at the regional just ended. If no one wants to take the lead on the article (and category) for the new SAS Institute area of Predictive Analytics (which is big and growing) then I could probably do it at Chrismas/NewYears time. But wouldn't it be better for the knowledgeable to make the contribution to this major area? Will it be as big as Social Media (which also needs attention)? -- Charlie Shipp (talk) 18:20, 19 November 2013 (CST)
I added the categories Work in Progress and Analytics and Modeling to the article because it hasn't developed for 6 months. Also, I think the notes above should probably be integrated into the article, rather than being left sitting around on the talk page. Talk pages should be used for discussing content, not creating a draft version of the article - that is what the article page is really for, and why this is a wiki. - Cameron (talk) 03:56, 11 June 2014 (CDT)