Gambling Revenue

by Jerry "Jet" Whittaker

January 24, 2006

What is gambling and why is it becoming popular?

Gambling is betting or even a quick way of earning money. And hence the reason of it becoming popular is quick money. However according to the revenue from legal gambling worldwide is that it will top $100 billion by the end of the decade and Nevada's casino industry will continue to trump competition from American Indian tribes and regional gambling halls. According to the latest Pricewater-houseCoopers projects, the report of Pricewater-houseCoopers Global Entertainment and Media Outlook 2006-2009 predicts that Nevada casinos will increase gaming revenue to $15.8 billion by 2009 from the $10.6 billion Nevada casinos earned in 2004.

Latest revenue:

All over the world, the accounting firm predicts, casino gambling will flourish over the next five years, with revenue topping $64.1 billion in 2009, compared with $47.3 billion in 2004 hence becoming popular nationwide.

Since Las Vegas is considered to be mother city of gambling the research and analysis for PricewaterhouseCoopers national gaming practice told that not just in Las Vegas, but many areas will see tremendous growth in their gaming markets.

According to the study, which took into account information from traditional casinos, both riverboat casinos and dockside gambling halls, American Indian casinos and racetrack casinos had said that worldwide, revenue from legalized gambling will top $100.3 billion in 2009, up from $68.5 billion in 2004 where the gambling revenue earned by American Indian casinos will jump to $26 billion in 2009, up from $18.5 billion in 2004..

They have also predicted that the Asia/Pacific region will be the world's second-largest casino market, with revenue reaching $18.5 billion by 2009, up from $8.8 billion in 2004 where the booming Chinese gaming enclave of Macau will account for 86 percent of the region's growth over the next five years and by decade's end, it will constitute about 72 percent of the region's overall revenue.

Las Vegas will continue to fuel Nevada's gaming market and hence following the opening of the $2.7 billion Wynn Las Vegas on April 28, development is expected to continue along the Strip where several new resorts, including the Palazzo near The Venetian, Encore next to Wynn Las Vegas and MGM Mirage's Project City Center, are expected to open before the end of the decade. According to the study, Nevada will benefit the economy and become stronger.

Now moving to Atlantic City, it will benefit from a stronger economy, but increased competition from racinos in the Eastern states will dampen growth.

At present there are only seven states with racinos, but there are expectations that number of racinos will increase over the next five years and that will have a similar affect on Atlantic City that the Indian casinos in California have had on gambling revenue in Reno since Atlantic City is similar to Reno because the capital investment is on a much slower pace."

This is all about the gambling revenue.

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