by GT Staff | PricewaterhouseCoopers LLP on Wednesday released its annual Global Entertainment and Media Outlook: 2008-2012 report which covers 15 related industry segments in the United States, Canada, Europe, the Middle East, Asia Pacific, Africa and Latin America and its a pretty positive one for casinos and related regulated gaming entities, especially for those outside the US.
The report said that gambling revenue should rise from almost $114 billion in 2007 due to new casinos as well as upgrades to existing ones worldwide. It also predicts that total gambling revenue in the US will remain in front of other global regions, growing at a 4 percent annually from $60.3 billion in 2007 to an anticipated $73.3 billion in 2012.
But the report also warned tough economic times will lead to declining revenues in both Atlantic City and Las Vegas for both 2008 and 2009.
Mary Lynn Palenik of PwC, which is very active in advising casino and regulated gaming companies, said the mortgage crisis and high gas and travel prices will lead to the decline saying, "It translates into fewer U.S. travelers."
The report forecasts global gaming revenue to pass $155 billion in 2012 after growing at an annually compounded rate of 6.5 percent per year and cited that new casino licenses in Chile and rising disposable income will contribute to the growth of casinos in other markets.
And, as has been the case over the last couple years, the report says that the Asia Pacific region is the strongest right now with Macau still being the Belle of the Ball:
"In Asia-Pac, major resort casinos in Macau will propel that area to become the largest single casino gaming destination in the world," the report said.