The casino gaming industry has always been the main source of entertainment for its customers and a focus for government regulation spotlight. Emerging markets open new opportunities for new and existing players boosting the casino industry all over the world. According to international analysts, casinos will continue attracting clients around the globe despite popularity of online entertainment.
About prospects of the casino industry in various regions on the global stage
Goldstein Research analysts forecast that the global gaming market will expand on average by 9.2% within 2016-2024.
The casino market is likely to reach $264.1 billion by the end of the period as the gambling industry is growing rapidly in emerging regions, such as China, Singapore, and South Africa.
The integrated casino resort industry is very popular in the U.S., Macau, Australia, China, Singapore, and South Korea.
Among new regions that have recently entered the gambling industry, Singapore impresses with its emergence as a casino and entertainment center. Singapore’s market surged from zero in 2009 to revenues of over $6 billion in 2014 and over $8 billion in 2016.
As new casinos are opened in new regions, the competitive landscape continues changing, and the market shares are distributed correspondingly. Moreover, fast technological progress, commercial initiatives, and market penetration of online casino have made this sector of gambling services extremely dynamic and potentially transformative.
North America today is the leading region in respect of gambling revenue with the market share of 47%. Asia, where large casino resorts Macau and Singapore are situated, holds the second place with the share of 31%.
Forecasts of GBGC analysts in the last Global Gambling Report, however, indicate that the gap can be closed by 2022. In that year, the market shares of North America and Asia are projected to be 41% and 37%, respectively.
In the Asian region, according to GBGC, gambling jurisdictions, such as the Philippines, Cambodia, and Vietnam, have more potential than North American countries over the next four years.
For example, the gross gaming revenue of the Philippines is forecasted to reach $4.1 billion this year that is 8.5% more than in 2018. Rodrigo Roa Duterte, the president of the Philippines, has ordered the Philippine Amusement and Gaming Corporation to make the Philippines “the best place for gaming and amusement” in Southeast Asia by 2020.
Moreover, Japan is establishing a legal basis for regulation of the casino gaming within casino resorts. According to Morgan Stanley forecasts, Japanese casino market will cost $15 billion a year by 2025.
If the analysts’ forecasts come true and Japan has an active casino market by 2022, Asia is very likely to overcome North America and become the leading region in the casino industry.