New Delhi: Asia will surpass the United States as the world's largest casino gaming market in 2013 on account of the region's robust economic growth and growing people interest for gambling, says a report by PwC.
The global gaming outlook report said Asia is expected to generate revenue of $ 79.3 billion in 2015, up from $ 34.3 billion in 2010 with a compound annual growth rate of 18.3 per cent.
"...This growth will see Asia Pacific overtake the US in 2013 as the world's largest regional casino gaming market," the PwC report noted.
The growth in Asia Pacific would mainly be driven by the continuing economic growth in the region and the subsequent rise in disposable income and the emergence of a prosperous middle-class.
In addition, people's deep attachment to casino gaming and other forms of gambling and the growing opportunities for consumers to take part in casino gaming as new centres are established and new facilities open up in existing markets would also trigger the growth.
Casino gaming revenues in Asia Pacific surged by a remarkable 49.7 per cent in 2010, boosted mainly by the growth in Macau market and the rapid emergence of casino gaming in Singapore.
"Going forward, Macau and Singapore will continue to fuel growth in Asia Pacific during the next few years, while other countries in the region may look to encourage growth in casino gaming to gain tourism and tax dollars," the report said.
The report further said that emergence of major resort casinos in Macau - operated by US-based companies - will divert some of the US's overseas-derived business to that region. As a result, Nevada, the major international casino gaming centre of the US, could be disproportionately affected.
Globally, casino gaming revenue will grow at 9.2 per cent compound annual rate during the next five years, rising from $ 117.6 billion in 2010 to $ 182.8 billion in 2015.
Revenues in Europe, the Mid-East and Africa will climbs to $ 18.3 billion in 2015 up from $ 16.3 billion in 2010, an average growth rate of 2.4 per cent annually. The weak economic conditions and the impact of adverse regulatory developments in some countries will curtail growth.
"The turbulent global financial markets have curtailed consumer spending in some of the major markets for casino gaming.
"But we've seen huge growth in Asia as the affluent middle classes seek new forms of entertainment, and gaming's intense balance of risk and reward has a special appeal for many people," PwC Global Entertainment and Media Leader Marcel Fenez said.
Comments
0 comment