Big Data, Big Dollars
The continued growth and evolution of the gaming industry has sparked a growing level of investment in cutting-edge technology, with data analytics and artificial intelligence (AI) being key examples.
As gaming continues to expand, stakeholders must bolster their arsenals to consume and analyze vast amounts of data, which helps to maximize efficiency, make better decisions and tailor products to players’ preferences.
From a technology perspective, this environment has created something of an arms race. Companies across the gaming industry, from land-based giants to digital newcomers and suppliers, are clamoring for pole position, with technology a key cog in those growth plans.
Zooming out, AI and analytics have dominated broader U.S. financial markets, with a select number of companies driving record results that some fear could set the stage for another economic bubble-burst. Yet despite this concern, economists have also said the AI hype train is one that requires an ever-growing amount of capital expenditures to fuel. Though it may feel like everything-AI-all-the-time, some argue that this momentum must continue to keep all boats afloat.
“While capex spending at the large public hyperscalers has surged in the last few years, it remains far below levels indicated by previous technology investment cycles,” Goldman Sachs researchers wrote in a December report. “AI capex has recently equated to 0.8 percent of GDP, compared with peak levels reaching 1.5 percent of GDP or greater during other technology booms of the past 150 years. AI hyperscaler capex would need to reach $700 billion in 2026 to be in line with the peak of spending during the late 1990s telecom investment cycle.”
Researchers added that AI-related capex rose 75 percent year-over-year in Q3 of 2025, and while forecasts are skewing lower through the end of 2026, those forecasts “have proven to be too low for two years running.” Spending growth was projected at 20 percent for both 2024 and 2025, but ended above 50 percent both years.
For the most part, the gaming industry and its largest players are not enjoying the same successes that came in the first three to four years post-Covid. The three major U.S. indices—the S&P 500, Dow Jones Industrial Average and Nasdaq Composite—have hit all-time highs over the last 12 months, and are still within range of those records.
Conversely, many big-name stocks are well off their 52-week or all-time highs, and the average debt-to-EBITDA multiple in gaming is 5.3X, nearly double the non-financial adjusted market average of 3X, per data through January from New York University.
Will AI and data technology be the salve that soothes this lag for gaming stakeholders? Some big names certainly think so.
Aristocratic Analytics
One of the biggest names in the global industry is Australian slot giant Aristocrat Leisure, which has long enjoyed the top spot in the U.S. by market share but is on something of an extended slide. The company’s shares have fallen more than 25 percent in the last six months, and its top competitors, Light & Wonder and IGT, are coming on strong. As such, Aristocrat has become increasingly aggressive in its acquisitions.
In early February, the company announced the acquisition of Gaming Analytics, a “provider of AI-powered tools for real-time analytics, slot optimization and marketing automation,” for an undisclosed sum.
The acquisition will “enhance Aristocrat’s capabilities for platform operations,” the company said, “particularly by providing operators with real-time data collection, analytics and personalized player engagement.” Gaming Analytics CEO Kiran Brahmandam will become Aristocrat’s managing director of gaming analytics.
About a week after the announcement, company officials detailed the inspiration behind the deal at Aristocrat’s annual general meeting and indicated to investors that more could be coming.
“The company increasingly sees its AI-based technology development and data analytics as a clear opportunity and will continue to invest in technology aligned to this,” Aristocrat Chairman Neil Chatfield wrote in the address. “With close to 70 percent of our revenues generated in regulated sectors, these elements position Aristocrat to deliver consistent performance, while maintaining the standards expected of a global market leader.”
CEO Trevor Croker, for his part, said the company is “excited about a number of small acquisitions that will add capabilities aligned to our technology platform and build our AI knowledge.” He said Aristocrat “will be investing further in new opportunities” that may arise.
“Our investment in AI across the group is focused on harnessing opportunities that benefit our content creation and prototyping, thereby improving our speed to market,” Croker wrote in his address. “AI improves our quality control and testing time, accelerating productivity around the delivery of content into and across market segments. Further, AI technology investment in advanced data analytics and broader operational efficiency are expected to improve performance, delivery and quality.”
In November, Gaming Analytics won the nod for Best Casino Software Analytics Provider in the Eilers-Fantini G2E Vendor Survey for 2025, which represented the fourth consecutive category win for the company.
“Operators want intelligence that improves decisions and removes friction,” Brahmandam said in a statement at the time. “This recognition reflects the trust they place in our platform and the results it delivers.”
A Data Reunion for the Ages
Prior to the Aristocrat deal, two data powerhouses announced a union—or reunion—that will have a big impact on the gaming technology landscape.
Last July, Quick Custom Intelligence (QCI) announced the acquisition of VizExplorer, which was itself originally founded by QCI founders Dr. Ralph Thomas and Andrew Cardno. In this way, the deal was something of a homecoming, one that created a new tech powerhouse for the industry.
“This is a full-circle moment for us,” Thomas said in a statement at the time. “We’re bringing back the technology we pioneered and giving it new life within QCI. The pride Andrew and I feel today is matched only by our determination to push the envelope further. VizExplorer’s return means our customers will gain deeper analytics, faster operational tools and an even more robust product roadmap going forward.”
The deal combined QCI’s existing product suite with a number of additions from VizExplorer. This included “depth in areas like service dispatch, advanced reporting and specialized analytics (e.g., the Quartal visual method), creating a one-stop shop for resort intelligence,” the company said.
Previously, VizExplorer expanded greatly from the late 2000s to late 2010s, eventually spanning more than 600 casino properties across six continents. QCI has grown to over 300 properties globally, though with the VizExplorer acquisition the company has charted an aggressive growth strategy.
At the time of the acquisition, QCI said it was “actively pursuing opportunities” in “at least 10 new markets” around the world. In February, QCI announced an expansion into the Australian market, which was lauded as “an important step” in expanding its global footprint. The company’s AGI platform now manages a total of $42 billion in annual gross gaming revenue.
“We see ourselves as the nerve center for the modern casino-resort,” Cardno said in a statement. “By expanding our platform’s breadth, we ensure that wherever our clients’ business grows—be it a new hotel tower, an online casino offering or a sportsbook—their data flows into one intelligent system. They can analyze a high roller’s on-property play and their online bets in one view, or coordinate hotel marketing with casino rewards seamlessly. That unified insight is key in a multi-channel world.”
CasinoTrac’s Continued Expansion
As Aristocrat and QCI continue to expand, so too does CasinoTrac, the longtime data specialists whose suite includes analytics tools, cashless and printing systems and more. Its platform is deployed across 300 casinos in 13 countries, and the company is entering a new phase.
In January, CasinoTrac announced that founder and CEO Chad Hoehne had transitioned to the role of president and chief technology officer, with former CFO Randy Gilbert taking the helm as CEO.
The move allows Hoehne to “dedicate his full attention to product development, innovation, artificial intelligence initiatives and long-term technology strategy,” the company said, adding that he “will lead the development of forward-looking technologies.” This includes “AI-driven enhancements designed to strengthen casino system intelligence, improve operational efficiency and deliver increasing value to customers.” Meanwhile, Gilbert will bring “seasoned executive leadership, operational discipline and a strategic growth mindset” to the business.
“At CasinoTrac, the future isn’t something we’re waiting for—it’s something we’re building,” Gilbert says. “Inside our development lab, our team has engineered a latest-generation API integrated agentic AI system using up-to-the-moment AI tools in house and it is already woven directly into the CasinoTrac CMS. This isn’t borrowed technology or cloud-built plug-in queries. It’s a purpose-built intelligence layer designed specifically for the fast-moving world of casino operations.”
Gilbert explains that the CasinoTrac system is fully integrated on-premises, and “understands the business in a way generic AI tools simply can’t,” in the sense that it “is trained on real casino management, day-to-day operations, accounting practices and local policies.” Staff can also interact with the system via text or voice.
Since the start of 2025, Casino Trac has announced new expansions in Nevada, New Mexico, Montana, Washington state and Oklahoma, and has also formed partnerships with InfiGifts and the UNLV Harrah College of Hospitality.
“As full integration draws closer, customers will begin to experience a platform that performs operational tasks and answers questions faster, smarter and more intuitively than ever before,” says Gilbert. “It’s the start of a new chapter for CasinoTrac—one where AI doesn’t just support the operation but elevates it, setting the stage for a powerful new era of innovation in casino technology.”
