Forecasting casino revenue by incorporating Google trends

Kim, Woo-Hyuk; Malek, Kristin

doi:10.1002/jtr.2193

Cited by 11 publications

(20 citation statements)

References 45 publications

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“…Li et al (2017), in turn, create a composite web search index for web data that improve forecast accuracy compared to traditional time-series models and a model with a web search index created by principal component analysis. The findings of Park et al (2016), Rivera (2016), Ö nder (2017b), Dergiades et al (2018), Kim andMalek (2018), andLiu et al (2018), who all analyze various aspects of Google Trends data, further corroborate the usefulness of Google Trends data in a tourism and hospitality forecasting context. However, Yang et al (2015) compare the predictive ability of Google Trends and Baidu for visitor numbers to Hainan, China, and find that the Baidu index is a better predictor for this destination due to Baidu being the most popular search engine in China.…”

supporting

confidence: 55%

Exploring the predictive ability of LIKES of posts on the Facebook pages of four major city DMOs in Austria

2018

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Using data for the period 2010M06–2017M02, this study investigates the possibility of predicting total tourist arrivals to four Austrian cities (Graz, Innsbruck, Salzburg, and Vienna) from LIKES of posts on the Facebook pages of the destination management organizations of these cities. Google Trends data are also incorporated in investigating whether forecast models with LIKES and/or with Google Trends deliver more accurate forecasts. To capture the dynamics in the data, the autoregressive distributed lag (ADL) model class is employed. Taking into account the daily frequency of the original LIKES data, the mixed data sampling (MIDAS) model class is employed as well. While time-series benchmarks from the naive, error–trend–seasonal, and autoregressive moving average model classes perform best for Graz and Innsbruck across forecast horizons and forecast accuracy measures, ADL models incorporating only LIKES or both LIKES and Google Trends generally outperform their competitors for Salzburg. For Vienna, the MIDAS model including both LIKES and Google Trends produces the smallest forecast accuracy measure values for most forecast horizons.

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confidence: 55%

Exploring the predictive ability of LIKES of posts on the Facebook pages of four major city DMOs in Austria

2018

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“…In South Korea, the gambling industry began modestly with horse racing and lottery ticket sales that were easily accessible to consumers (Kim and Malek ). Since the first foreigner‐only casino opened in 1967, other casinos have been permitted in tourist destinations such as Seoul, Jeju Island, and Busan.…”

Section: Literature Reviewmentioning

confidence: 99%

“…exchange rates, oil prices, stock prices, interest rates, money supply, and exports). In investigating whether Google trends data has predictive power for improving casino revenues, Kim and Malek () found that such data indeed significantly improve forecasting for casino revenues. In other research, the location of casinos has been identified as an important source of competitiveness.…”

Section: Literature Reviewmentioning

confidence: 99%

“…By extension, South Korea's casino developments have become highly profitable for the national economy. As a result, South Korea's particularly strong and growing gaming infrastructure has seen increasing interest from researchers seeking to better understand its economic drivers (Kim et al ; Kim and Malek ).…”

Section: Introductionmentioning

confidence: 99%

“…Despite the increasing number of studies on the performance of the lodging industry, few researchers have examined the casino industrry, and fewer still have addressed the relationships between drivers of casino performance and casinos’ financial success (Richard and Adrian ; Gu ; Tsai and Gu ; Garrett and Pakko ; Tanford and Lucas ; Assaf et al ; Kim and Kim ; Malek and Kim ; Kim and Malek ). In fact, all research reviewed has focused on either the one casino open to South Koreans or on the foreigner‐only casinos.…”

Section: Introductionmentioning

confidence: 99%

See 2 more Smart Citations

Performance drivers in the casino industry of South Korea

Kim

2018

Asian-Pac Economic Lit

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The purpose of this study is to understand the relationship between the performance drivers and financial performance of the South Korean casino industry. Data were collected from all 17 casinos in South Korea throughout 2015 and evaluated with path analysis using AMOS. Results revealed significant relationships among visitor type (domestic vs. foreign), total number of visitors, and casino revenue. Moreover, the total number of visitors affected the table games and revenues of casinos. Among implications for the casino industry, casino managers can use the findings to prioritise performance drivers to increase revenues.

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Toward an extended framework of exhaust data for predictive analytics: An empirical approach

O'Leary

2024

Intell Sys Acc Fin Mgmt

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SummaryWe investigate applying and extending an exhaust data framework, using an empirical analysis to explore and compare different predictive analytic capabilities of both internal and external exhaust data for estimating sales. We use internal exhaust data that explores the relationship between app usage and web traffic data and estimation of sales and find the ability to predict sales at least 4 days ahead. We also develop predictive models of sales, using external data of Google searches, extending the previous research to include additional macroeconomic Google variables and Wikipedia pageviews, finding that we can predict at least 4 months ahead, suggesting a portfolio of exhaust data be used. We introduce the roles of internal and external exhaust data, direct and indirect exhaust data and transformed exhaust data, into an exhaust data framework. We examine what appear to be different levels of information fineness and predictability from those exhaust data sources. We also note the importance of the types of devices (e.g., mobile) and the types of commerce (e.g., mobile commerce) in creating and finding different types of exhaust. Finally, we apply an existing exhaust data framework to develop macroeconomic data exhaust variables, as the means of capturing inflation and unemployment information, using Google searches.

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Forecasting casino revenue by incorporating Google trends

Cited by 11 publications

References 45 publications

Exploring the predictive ability of LIKES of posts on the Facebook pages of four major city DMOs in Austria

Exploring the predictive ability of LIKES of posts on the Facebook pages of four major city DMOs in Austria

Performance drivers in the casino industry of South Korea

Toward an extended framework of exhaust data for predictive analytics: An empirical approach

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