Australian research company IBISWorld predicted that the establishment of three new casinos on the territory of the country would result in gaming revenue reaching more than A$6 billion by the end of the decade.
Market experts pointed out that the new venues would probably attract a great number of foreign high rollers and this would lead to the considerable increase in revenue.
According to IBISWorld, the opening of the new casinos is indicative of the Australian gambling industry’s strength. Researchers explained that it has been bolstered by residents for quite some time. Furthermore, the number of foreign players has constantly been increasing.
Spencer Little, a senior analyst at IBISWorld, reminded that no casino has been opened in the country since 1996, when the Reef Hotel Casino was launched. Yet, this is about to change as the three new gambling venues are to be established by the end of the decade.
As previously reported, billionaire James Packer and his company Crown Resorts is involved in the construction of a A$2-billion luxurious hotel and casino complex, intended for VIP players from around the Asia-Pacific Region. The property is to be located at Barangaroo, Sydney. Construction is expected to start later this year and Crown Sydney is to receive its license sometime in 2019.
Furthermore, real estate developer Aquis, managed by businessman Tony Fung, is to build the so-called Great Barrier Reef Resort in Cairns. The A$8.2-billion property is planned to spread over 340.6 hectares and to feature 7,500 rooms, a large casino floor, and other luxurious amenities. It is expected to open doors in the 2018/19 fiscal year.
Yet another Asian investor is interested in launching a gambling venue in Australia. The Chinese consortium ASF is to build a casino resort and cruise ship terminal on the Gold Coast Broadwater. The A$7.5-billion project is expected to take between 12 and 18 months to be completed. It will probably open doors sometime in 2018 or 2019.
Mr. Little pointed out that both Asian groups have expressed their intention to attract high rollers from the southeastern part of Asia. The analyst also explained that the launch of the new venues corresponds to the global demand for resort-like properties that offer to visitors not only gambling but a wide range of other entertainment options.
The three new casinos are expected to face competition from Macau and other gambling hubs in the Asia-Pacific Region, but Mr. Little believes that the country’s gambling industry will most definitely benefit from their launch.
