If you’re unfamiliar with the great casino war going on in CT, it’s not between Foxwoods and Mohegan Sun. In fact they’ve joined forces to fight MGM in a Connecticut vs. Massachusetts border war that keeps escalating.
The gist of it is this: MGM’s Springfield, Mass. casino is set to open in September 2018. The Mashantucket Pequot (Foxwoods) and Mohegan (Mohegan Sun, obviously) tribes have proposed the construction of a third casino in the Hartford area – at Bradley International Airport. And MGM is fighting them tooth and nail, even running ads to convince Connecticut residents that it’s a bad idea for the state.
While a third casino may stave off the revenue loss that would happen otherwise, it won’t necessarily do anything to generate more revenue, which is something CT casinos will need to address as the Springfield casino comes into play.
One way to do this is by targeting High Net Worth individuals, which is no easy task. We’ve been targeting Ultra High Net Worth individuals for clients long enough to know how elusive they are. We know where to find them, how to talk to them, how much to inform them, and when to send them a one-to-one message that drives the desire to step behind the velvet rope and see what is off limits to everyone else.
We also know that not all High Net Worth individuals are going to be “casino whales,” so finding the right revenue generators for Foxwoods and Mohegan is going to be particularly difficult. But it’s definitely worth considering, and may be their only option.
The Nutmeg State is home to over 1,300 Ultra High Net Worth individuals, and many more High Net Worth individuals. And there are other ultra-wealthy players in the surrounding states of Rhode Island, New York, and of course – Massachusetts. The key for Mohegan and Foxwoods is to make their offering to this audience more appealing than what their competitors – new and old – are offering. To up the game on exclusive experiences, and change the way they market themselves, both to this audience and the general public.
Many of the CT casino ad campaigns over the years have appealed to the lowest common denominator. With ad campaigns bragging about the number of slot machines and silly old jingles that have become punch lines over the years, the Connecticut Casinos have placed themselves squarely in the commodity category – a far cry from the experiences that HNW and UHNW individuals crave. Even these campaigns aimed at the masses should be elevated, so that once the high rollers get a targeted piece, it is supported by what is seen by the rest of the world.
It’s a tall order, but with stakes this high, it might be the only chance Mohegan and Foxwoods have to come out on top. If they step back and look at generating larger amounts of revenue from a small group of people, the loss of the smaller players comes out in the wash, and – as long as everyone can play together nicely in the sandbox – each house wins.