In today’s world of full-time work and overtime, social media requiring our undivided attention and endless to-do lists, it’s important to make some time in our busy lives for a little escapism. And one of the more popular pastimes that has been around for centuries, is gambling. This ever-evolving and growing industry attracts worldwide attention with consumers willing to travel thousands of miles to take part in casino and resorts experiences. We take a look at what makes this industry so popular, its importance to the economy and what the future holds.
How popular is the industry?
According to worldcasinodirectory.com, the gross gaming win (player losses) is expected to reach $450 billion (£350bn) worldwide in 2019, taking into account race and sports betting, casino tables, gaming machines, bingo and lotteries. This industry is showing no signs of slowing, adapting to online gaming and offering visitors to casino resorts experiences that are hard to find elsewhere.
From Monte Carlo to Macau, the luxury casino market isn’t just restricted to the city of Las Vegas, in fact Japan makes the third top casino country in the world in terms of revenue (behind the U.S and China, which includes special administrative units Macau, HK, etc). Australia are big betters and Scandinavians take up the biggest chunk of online gaming, which is becoming more exclusive with sites like Betway98 taking advantage of this. Since 2006, Betway98 have remained at the forefront of the online gambling industry utilising the very latest technologies.
Why so popular?
With roots in 17th century Venice, the casino was always a way for people to fearlessly flutter their cash with gambling being frowned upon over the centuries, but the casino resorts of today offer an entirely different and more positive experience. With the concept of a casino visit a far more glamorous one than older days, the idea of dressing up and embodying a James Bond character, the prospect of coming home with more than you went out with and the sheer glitziness of what is on offer is a rather tantalising option.
Gaming machines, sports betting or casino tables – there are varying ways to spend your time in the casinos of today, and step outside of this and you will find a huge range or other entertainment options in these resorts, all with a hefty dose of luxury thrown in. Fancy staying in a five-star hotel, with Michelin-starred dining, shopping boutiques, rooftop bars and pools, nightclubs and world-renowned stars of the music industry at your fingertips? Well, an awful lot of the resorts around the world are offering its visitors just this.
Gone are the days of an obsession gone too far, now you don’t even need to leave your resort for all the amenities you can soak up. Casino hotels are setting new boundaries for the traveller and high rollers are looking for new and exciting experiences, all round entertainment and a thoroughly good trip away. If you’ve holidayed on a large cruise ship you will have, undoubtedly, noticed a casino floor, littered with blackjack and craps tables, slot machines and an integrated bar, it’s becoming a way of life in many countries and cultures.
Why is the industry important?
With figures like the above, the industry is seen as an important one and a tool for economic growth. The biggest benefits are, of course, the increased employment that having these large resorts offer, growth in local retail sales, a larger tax revenue to state and local governments and a boost in tourism. In Macau alone, the gambling industry generates over 40% of the GDP, in the U.S around 1.7 million people are employed in the industry across 40 states.
Over the years, casinos have adapted to their audiences and, as with most areas of life, adaptation is the only way to survive and succeed in the world. Palms Casino Resort in Las Vegas has recently undergone a $690 million renovation, a large spend, but seemingly a necessary one, to keep up with the others on and around the Strip in this ever-evolving world, where consumers want more, and hotels must keep up. Japan is looking to open itself up to integrated resorts with the hope that they will boost tourism to the country as well as pushing up the GDP, while online gaming will surely be on the rise, year on year.
I’m sure the industry is going nowhere anytime soon, and who knows what the resorts will cook up in order to entice more visitors? I, for one, am intrigued to see.
Image credit at the very top of the article: travelview/Bigstock.com
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