Asian casino industry due to outshine its US counterpart
The Global Gaming Outlook Report demonstrates that the Asian gambling industry is due to outshine its US counterpart. The strong economic growth in Asia drives the region’s casino industry, while gambling continues to gain popularity in Asia.
Leading gambling hubs
Singapore and Macau have become leading gambling hubs. Other countries in the region benefit from the rising popularity of those gambling destinations. For that reason, those neighboring countries have seen their gambling revenues rise in the last period. Gambling destinations in the US like Atlantic City and Nevada are struggling amid the economic slump.
Rising popularity of gambling
“The region’s economy will continue to benefit from the rising popularity of local gambling hubs. Other countries in Asia Pacific could seek options to drive the casino industry in order to boost tourism and to generate tax revenues,” read a statement from PwC.
Asian gambling industry
In 2010, the Asian gambling industry recorded a gross gambling revenue of $34.3 billion. Estimations show that this will rise to $79.3 billion in 2015, which results in a yearly growth of 18.3%. Macau will generate gross gambling revenue worth $69.17 in 2015, which means a 21.5% growth in comparison to 2010.
US casino industry is losing ground
Las Vegas is expected to record gross gambling revenue of $6 billion this year, while its Asian counterpart Macau will generate $35 billion. Forecasts demonstrate that the US casino business will rise by a yearly rate of 5% to $73.3 billion in 2015.
Online casino market more complicated
Analyzing the online casino market is complicated due to dichotomy between legal and illegal online gambling. In addition, online gambling regulation differs from country to country and usually leaves room for interpretation. The regulated online gambling market in the UK is the world’s largest. More and more countries in the European Union (EU) are regulating online gambling, primarily poker and sports wagering. This appears to be a complicated process as national regulation needs approval from Brussels.