Undoubtedly, the gaming industry is a significant force driving local economies, from providing employment opportunities to luring international visitors. According to Business Wire, the global casino market is estimated at $163.6 bn in 2023 and is predicted to reach a whopping $224.1 bn by 2030 (CAGR 4.6% 2023-2030).
The impact is far-reaching, without a question. The advent of online casinos, like Bitcoin Casino, also contributes to the growth of the gaming market.
The number of online casino players is on the rise. There are over 176 million active online gamblers, and it could reach 210 million this year.
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Certainly, casinos and online gaming platforms drive local economies around the world. In today’s article, let’s explore this further.
Infrastructure Development
Governments worldwide, where casinos are legal, use a portion of the taxes they collect from casinos to fund infrastructure and urban renewal projects (bridges, roads, utilities, and public transportation), benefitting communities.
Las Vegas reinvests in significant projects, such as new highways and the expansion of McCarran International Airport, to support and maintain its global entertainment hub status.
The Cotai Strip, a then-barren area, is now a booming tourism and entertainment hub in Macau, with revitalized transport networks, luxury hotels, and top-notch facilities.
Cambodia, the Philippines, and other countries use infrastructure developments to modernize public facilities and improve city landscapes.
Hospitality & Tourism
Casinos draw tourists. Singapore, Monte Carlo, and Las Vegas are perfect examples to illustrate this point. For example, Resorts World Sentosa and Marina Bay Sands have transformed Singapore into a world-class luxury tourist destination.
Since the country opened its doors for casino services, it has received an influx of international tourist arrivals, resulting in a total revenue of $20 billion (SGD 27.1 billion) in 2019.
Casinos attract millions of visitors annually, building local economies. Tourists play at gaming venues and spend money on other businesses like bars, hotels, restaurants, and more.
The famous Casino De Monte-Carlo is another example showing how casinos play a significant role in ushering luxury tourism growth while supporting other sectors, such as real estate markets, fine dining, and high-end retail.
Gamblers who flock to casinos do not only spend money on Baccarat, poker, or slots, but they also visit these gaming venues for entertainment activities. Visitors explore and spend money on a town or city’s cultural exhibits, attractions, and other tourist destinations.
Taxes and services
Tax generation is undoubtedly another significant impact of casinos on any local economy. The gaming industry in the US generated $52.7 bn (2023) in taxes.
Meanwhile, $14.4 billion was contributed to direct gaming taxes (from the online gaming market) the same year. These taxes were used to remove invasive species, manage upland, maintain water, and do conservation work.
In New Jersey, where some of the best online casinos are, part of the tax is allocated for senior citizen services, specific programs, and urban development projects, improving quality of life and addressing perennial economic and social challenges.
Job Creation
The casino industry supports 1.8 million jobs in the US alone, including dealers, security personnel, hotel/casino staff, and high-level executives.
This shows how far-reaching casinos are on local economies and how they provide financial stability for many, even in the AI age where countries are joining the bandwagon and investing in AI developments, with the most recent one being the UAE as it joined the Stargate Project.
Job creation is the most significant benefit of casinos, employing millions of people worldwide. In the “Gaming Capital of the World,” Macau, the gaming industry employs more than 70,300 in Q2 2024, despite a 1,100 decrease compared to Q1 same year. This figure still shows the large number of people in the gaming industry’s workforce and how casinos provide jobs for many.
Aside from direct employment, casinos provide indirect employment opportunities in supporting sectors. These include food services, construction, and tourism. Without even saying, building new casino hotels would require local constructors and other staff, for instance. That’s how huge the role of casinos is in job creation.
Casinos also provide workforce development beyond the blackjack table. For instance, a large casino in Las Vegas offers casino and leisure services and employs professionals from different fields, such as event coordination and culinary arts.
Final Thoughts
Casinos’ impact on local economies is far-reaching and apparent in many ways, such as employment opportunities for the locals, taxes to the government, infrastructure developments, tourism, and hospitality – all significantly contributing to the economic growth and improvement in the quality of life of the people in countries where casinos are hosted.