New research has shown that Australia will generate over $6 billion a year in gambling revenues by the end of this decade. Fuelled by a growing Asian market and a VIP market moving to new locations IBISWorld the market research company say that Australia has the potential to generate $6.2 billion a year by 2021.
“IBISWorld believes the opening of these new casinos is reflective of strength in an industry being bolstered by high levels of domestic spending as well as increasing levels of foreign gambling dollars,” it said.
Australia has not had a new casino since 1996, when the Reef Hotel Casino opened in Cairns, IBISWorld senior industry analyst Spencer Little said.
However with James Packer building his $1.3 billion Barangaroo on Sydney Harbour resort and the $8.2 billion Aquis Great Barrier Reef Resort on the Gold Coast the estimates of revenues reaching $6 billion a year may not be that far from reality.
“Both groups have signalled their intention to build luxurious, resort-style casinos to attract wealthy VIP gamblers from south-east Asia,” Mr Little said.
The resorts will both be up and running by 2019 and the estimates for making the $6 billion will all depend on the success of both resorts.