There was a good interview with Alex Yemenidjian, CEO of Tropicana in Las Vegas. In the interview he discusses target markets and renovations among other things. The most interesting thing to me is their desire to focus marketing on baby boomers, who seem to make a large portion of the Las Vegas market.
If a property wants to cater to Gen X and Gen Y, that is the new entertainment. Clearly we want to cater to that market, but not ignore the Baby Boomer, which is 70 percent of the Las Vegas market. Whatever a show is to a Baby Boomer, a nightclub and beach club are to Gen X and Gen Y.
Their take on consumers and marketing is interesting and Yemenidjian seems very honest about how people view Tropicana in this interview. It seems so much marketing in the past few years has been focused on top tier customers. I imagine the expectation is that by marketing to the top tier you’ll get those that want to be in that income bracket.
On the surface, this tactic seems to be working, but we’ll see as financial result are released after the end of the year.
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