Casinos in Australia Industry Market Research Report Now Updated by IBISWorld
Melbourne, Australia (PRWEB) February 14, 2015 -- The Casinos industry has grown over the past five years, despite rising competition from international and online casinos. Revenue is expected to increase at a compound annual 2.9% over the five years through 2014-15. According to IBISWorld industry analyst Spencer Little, “an increase in per capita gambling expenditure over the past five years has assisted industry performance, with domestic consumers demanding more gaming services.” Growth in discretionary income has also assisted the industry, as patrons have spent more money on non-essential activities such as casino gambling services. Revenue is expected to grow by a more subdued 0.4% in 2014-15, to reach $5.6 billion.
The industry's largest players generate most of the industry's revenue. These firms have increased their market shares and dominance over the industry through significant capital investment projects. Domestic casinos face intense competition from international and online casinos, particularly for premium and VIP gamblers. These patrons are highly sought after as they place high-stakes wagers that can generate large amounts of revenue. Industry revenue is projected to grow over the five years through 2019-20. Continuing increases in per capita gambling expenditure, tourism levels and household discretionary income are expected to assist revenue growth over the next five years. In addition, “the construction of three new casinos has recently been proposed and preliminary approval has been granted,” says Little. Two new casinos in Queensland, one in Cairns and one on the Gold Coast, are set to be operational by 2018-19. In addition, Crown Resorts has projected that its new high-stakes VIP casino in Barangaroo, NSW, is scheduled for completion by November 2019. These new luxury casinos and hotels are expected to boost industry revenue substantially in 2018-19 and 2019-20. An additional casino licence may also be granted in Brisbane, with this decision expected to be made in early 2015-16. However, competition from offshore and online casinos is expected to limit potential growth.
A high market share concentration characterises the Casinos industry. The four largest companies that operate casinos in Australia are estimated to account for the majority of industry revenue in 2014-15. These four firms operate nine of the industry's 13 casinos. Crown Resorts generates a significant share of the industry's revenue through its two Crown Casinos in Melbourne and Perth. The company has increased its market share concentration over the past five years, through significant development and refurbishment of its existing casinos, hotels and entertainment facilities.
For more information, visit IBISWorld’s Casinos industry in Australia report page.
Companies in the industry primarily operate facilities with a range of gambling services, such as table wagering games and electronic gaming machines. Firms also generate revenue from associated entertainment, hospitality and accommodation facilities.
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IBISWorld industry Report Key Topics
Industry Performance
Executive Summary
Key External Drivers
Current Performance
Industry Outlook
Industry Life Cycle
Products & Markets
Supply Chain
Products & Services
Major Markets
International Trade
Business Locations
Competitive Landscape
Market Share Concentration
Key Success Factors
Cost Structure Benchmarks
Basis of Competition
Barriers to Entry
Industry Globalisation
Major Companies
Operating Conditions
Capital Intensity
Technology & Systems
Revenue Volatility
Regulation & Policy
Industry Assistance
Key Statistics
Industry Data
Annual Change
Key Ratios
About IBISWorld Inc.
Recognised as the nation’s most trusted independent source of industry and market research, IBISWorld offers a comprehensive database of unique information and analysis on every Australian industry. With an extensive online portfolio, valued for its depth and scope, the company equips clients with the insight necessary to make better business decisions. Headquartered in Melbourne, IBISWorld serves a range of business, professional service and government organisations through more than 10 locations worldwide. For more information, visit http://www.ibisworld.com.au or call (03) 9655 3886.
Gavin Smith, IBISWorld, http://www.ibisworld.com, +61 396553838, [email protected]
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