Annual rise of 6.5 percent predicted by 2012 with Asia far in the lead followed by the United States.
Wednesday 25th June 2008
Revenues from global gambling are set to pass $155 billion by 2012 and grow at an annual compounded rate of 6.5 percent after hitting nearly $114 billion last year.
According to a report from PricewaterhouseCoopers, the increase is due to new casinos along with upgrades to existing venues around the world. The annual report from identified the Asia Pacific region as the world's fastest growing gambling region with new resorts in the Chinese enclave of Macau as well as Singapore and Thailand helping generate annual increases of 15.2 percent. Revenues from the Asia Pacific region are set to hit $37.2 billion in 2012 compared with $18.3 billion in 2007.
Well behind, the financial consultancy firm revealed that total gambling revenues in the United States would grow at four percent annually from $60.3 billion in 2007 to $73.3 billion by 2012. It predicted that the mortgage crisis along with higher oil and travel prices would lead to declining revenues for 2008 and 2009 at casinos in Nevada and Atlantic City
'It translates into fewer US travelers,' said Mary Lynn Palenik from PricewaterhouseCoopers.
She stated that international travelers would not be able to make up the difference due to lagging domestic travel.
The report predicted that a turnaround for Nevada would begin in 2010 with revenues expected to reach $14.8 billion in 2012 from $12.8 billion in 2007, an increase of 2.9 percent per year. Atlantic City was seen generating $4.74 billion in 2012, down from $4.94 billion in 2007. Regional and non-tribal casinos in the US outside of Nevada and Atlantic City were predicted to gain 5.3 percent a year to $20.6 billion while global sportsbetting was seen rising seven percent per year to $7.6 billion by 2012.
Revenues from global gambling are set to pass $155 billion by 2012 and grow at an annual compounded rate of 6.5 percent after hitting nearly $114 billion last year.