International Game Technology Chairman Philip Satre said in an interview that the company will continue to invest online as they place increased importance on online slots.

Satre said in an interview that young people simply don’t gamble as much as their parents and the company must start developing slot machine games that appeal to multiple generations.

“They (young people) won’t sit at a machine for two hours or three hours,” Satre said.

“It is to me one of the biggest single challenges for the gaming industry, having products that are relevant to this new generation.”

International Game Technology has spent a great deal of money to expand their interests into online gambling purchasing Double Down Interactive, developers of casino games for Facebook, for $500 million and outlaying $115 million for European Online Gambling business Entraction Holdings.

Satre believes the move to more online content gives the company an incredible opportunity to build on their previous success.

“This is an incredible opportunity for us to take our content that we’ve developed for our bricks and mortar casinos and move it into another space,” Satre said.

“The goal is to excite younger players through online play and get them to spend more on slots when they do come to casinos.”

MGM Resorts International Chairman James Murren said his company has been looking for ways to extend the life of their existing slot machines as online slots become increasingly popular.

“We’re not going to discard a machine after five years,” Murran said.

“It’s a symptom of a broader issue, which is the manufacturing industry is rapidly changing.

“The traditional model of selling boxes to operators is obsolete.”

International Game Technology continue to make quick advances in slot machine technology with further release of 3D games expected in the next six months.

Source: Bloomberg