Australian research company IBISWorld has predicted that the launch of three new casinos in the country will result in gaming revenue reaching more than A$6 billion ($4.5 billion) by the end of the decade, driven by high-rollers.
According to IBISWorld, the Australian gambling industry remains strong due to positive local and foreign player numbers.
The three new casinos are James Packer’s A$2-billion Crown Sydney, which will receive its license in 2019; Tony Fung’s A$8.2-billion property Great Barrier Reef Resort in Cairns, a 340 hectare site expected to open in the 2018/19 fiscal year; and ASF’s A$7.5-billion project casino resort and cruise ship terminal on the Gold Coast Broadwater also set to open in 2018 or 2019.
Spencer Little, a senior analyst at IBISWorld, said the launch of the new venues corresponds to global demand for resort-like properties that offer visitors not only gambling but a range of entertainment options.
Despite the potential of Australia’s gaming industry, projects have faced delays due to lengthy regulatory approval.
But Bill Brown, an advisor to Asia Gaming Brief, wrote in an article for AGB that the delays faced do not represent an impenetrable barrier for those who want to invest in the Australian gambling industry.
“The suitability test is usually underpinned by general objectives of the regulatory structure, such as ensuring that the management and gambling operations are free from criminal influence or exploitation and are conducted honestly, and that the operation’s potential to cause harm is controlled or minimized.”