casino revenues tipped to hit $6.2 billion by 2020
- 14th April 2015
wealth in Asia and a boom in high-roller spending
is expected to drive revenue in Australian casinos
to $6.2 billion by the end of the decade.
researcher IBISWorld says the opening of three new
casinos in the next five years, all aiming to attract
foreign high rollers, will be the main driver of gambling
believes the opening of these new casinos is reflective
of strength in an industry being bolstered by high
levels of domestic spending as well as increasing
levels of foreign gambling dollars, it said.
has not had a new casino since 1996, when the Reef
Hotel Casino opened in Cairns, IBISWorld senior industry
analyst Spencer Little said.
will soon change, with billionaire James Packers
Crown Resorts building a $1.3 billion luxury hotel
and VIP-only casino at Barangaroo on Sydney Harbour.
is also two Chinese-backed developments planned for
Queensland the $8.2 billion Aquis Great Barrier
Reef Resort at Yorkeys Knob, north of Cairns,
and a $7.5 billion mega-resort on the Gold Coast.
groups have signalled their intention to build luxurious,
resort-style casinos to attract wealthy VIP gamblers
from southeast Asia, Mr Little said.
two new Queensland casinos are expected to be operational
by the 2018-19 financial year, while Crown will get
a Sydney casino licence in late 2019.
Little said new casinos were being developed in response
to global trend for resort style casinos that offered
more than gambling.
success of these new casinos will be partly determined
by competition from others in the Asia-Pacific region,
such as Macau. Regional competition would also intensify
if Japan lifted its ban on casino gambling.
this competition, Mr Little said Australias
three new casinos and existing operations were all
expected to benefit from additional tourists visiting