Revenue in Australian casinos is expected to rise to $6.2bn by the end of the decade.
Market researcher IBISWorld says the opening of three new casinos in the next five years, all aiming to attract foreign high rollers, will be the main driver of gambling growth.
“IBISWorld believes the opening of these new casinos is reflective of strength in an industry being bolstered by high levels of domestic spending as well as increasing levels of foreign gambling dollars,” it said.
Australia has not had a new casino since 1996 when the Reef Hotel Casino opened in Cairns. That will soon change, with billionaire James Packer’s Crown Resorts building a $1.3bn luxury hotel and VIP-only casino at Barangaroo on Sydney Harbour.
There are also two Chinese-backed developments planned for Queensland - the $8.2bn Aquis Great Barrier Reef Resort at Yorkey’s Knob, north of Cairns, and a $7.5bn mega-resort on the Gold Coast.
he two new Queensland casinos are expected to be operational by the 2018-19 financial year, while Crown will get a Sydney casino licence in late 2019.
