Despite the lull in the world economy, the global casino revenues climbed 5.2% to US$117 billion in 2011, marking a 2.2% rise over the figures reported in the previous year and the strongest development in the past decade. Three factors are expected to drive the global casino industry, enabling it to register robust profits in the forthcoming years:
- Growth of personal and disposable incomes in the developing nations
- The ever expanding middle class section of the population
- Expansion of the casino sector in the promising markets
- Gradual global economic recovery
- Growing acceptance of casinos
Despite being around for merely a couple of years and with barely two casinos, the revenues of Singapore’s gaming industry are set to surpass the revenues of the Las Vegas Strip. Hard to believe, but true!
When the Singapore government, known for its stringent legal and moral conduct, issued licenses to a couple of casinos in 2010, it took the world by surprise. The initial idea was to enhance the experience of tourists and provide them with a wide range of entertainment options and services. The strategy was to boost the tourism of the island.
When it surpassed Las Vegas as the world’s biggest gambling industry in 2006, that too by a huge margin (more than 5 times the revenue of Las Vegas), it left everyone amazed. And since then Macau’s gaming industry hasn’t looked back.
With a land area of 29 sq kms, Macau’s natural environment lacks major resources like forests or woodlands, arable land and pastures. This makes Macau’s its economy largely dependent on the service industry, of which a large share of the inflows is generated by the tourism and gaming industries.