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Study Shows Massive Casino Revenue Growth by 2012
LAS VEGAS, NEVADA --
A PricewaterhouseCoopers study has estimated that worldwide gambling revenue will top $155 billion by 2012. Continuing casino expansion, along with remodeling and refurbishing of existing casinos, will push revenue from its 2007 mark of $114 billion to the future total, said the report.
Macau's rapid growth and new casinos to be established in the Philippines and Singapore will cause Asia to grow at the fastest rate, a projected 15.2% clip.
The study does predict tough years in 2008 and 2009 for Las Vegas and Atlantic City, due to economic issues and the rising price of fuel, which is expected to curtail the number of American travelers. The weak dollar will draw foreign visitors, but not enough to offset domestic losses.
Starting in 2010, the report predicts a resurgence in Las Vegas revenues. However, gloomy times were foreseen for Atlantic City. Despite the area's ongoing attempted makeover to a city of destination resorts, the study shows an actual slight decline in revenue for Atlantic City from 2007 to 2012. If the proposed megacasinos were guaranteed completion by current deadlines, the prediction might be upgraded.
While online gambling figures were included in projected growth in Europe and Asia, the effects of the potential change in U.S. online gambling laws to allow regulated online casinos was not calculated, a factor which may result in much higher overall U.S. growth if expected measures are passed by Congress.
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