Are you wondering whether the dragon can really breathe fire when it opens its mouth? You would believe it if you read about Macau’s economic growth rate. What so fantastic about the growth? Any economy can surge for a couple of quarters, or maybe even a couple of years. Asia’s tiniest state is not satisfied with that. Macau has recorded the highest average GDP growth rate in the world for the past decade! What more, it dislodged Japan as the richest in Asia, recording a higher GDP per capita in 2010.
Macau’s key to success has been its casino industry. While it is the world’s largest gambling hub, the casino industry is so much more than that. It’s about tourism and entertainment at their best. It’s about having the finest restaurants, exotic resorts and grand shows to give the visitor much more than he could ever have asked for.
Is India up for that challenge? Well, given a chance, the Indian casino industry will definitely boom. Look at India’s gambling history. It dates all the way back to mythology. Would the great Mahabharata have been fought if the Pandavas did not lose a game of gambling? Jokes apart, India seems to be developing quite an appetite for entertainment. India has a large population of people with high disposable incomes. In fact, disposable income in India has surged by around 10% annually over the past decade and a significant portion of this is being spent on domestic travel.
Remember the Tourism Ministry’s “incredible India” campaign? India welcomes more than four million foreign tourists every year. What is more incredible than this number is that their spending is estimated at around $9 billion! With such a large number of tourists visiting India, the casino industry could well take off at a phenomenal pace. The Indian casino industry has the potential to overtake Macau. The tiger seems to be crouching right now. I guess, all it needs is for the government to wave a green flag.