Staff & Wire Reports | Worldwide gambling revenue is estimated to pass $155 billion in 2012, after growing at an annual rate of 6.5 percent per year, according to a PricewaterhouseCoopers report released last week.
Gambling revenue is expected to rise from nearly $114 billion in 2007 because of new casinos and upgrades to existing ones around the world, the report said.
The fastest growing area is expected to be the Asia Pacific region, with casino expansion in Macau as well as Singapore and Thailand generating increases of more than 15 percent annually.
New casinos as well as licenses for online gambling and sports betting in Europe, the Middle East and Africa are expected to drive revenues up 4.9 percent a year from $30.3 billion in 2007 to $38.4 billion in 2012.
Gambling revenue in Canada is seen rising to $6.2 billion, while in Latin America, revenues are expected to climb to $514 million from $297 million.
Total gambling revenue in the U.S. will grow at 4 percent annually from $60.3 billion in 2007 to $73.3 billion in 2012.
Both the soft economy in 2008 and 2009 will lead to declining revenues in Nevada and Atlantic City.
The report predicts, however, a turnaround for Nevada starting in 2010, with revenues expected to reach $14.8 billion in 2012 from $12.8 billion in 2007, an increase of 2.9 percent per year.
Atlantic City was seen generating $4.74 billion in 2012, down from $4.94 billion in 2007.
Tribal casinos were among the bright spots for U.S. gaming. Revenue from Native American gaming is expected to reach $33 billion in 2012, a 4.5 percent per year increase from the $26 billion generated in 2007.
The $26 billion was a 5 percent increase over the $24.9 billion tribal casinos reported in 2006. Even though the growth rate outpaced Nevadas increase of 1.8 percent, it was the first time in more than a decade that tribal gaming didnt enjoy a double-digit increase.
"The continued growth is significant considering recent economic struggles throughout the country," said National Indian Gaming Commission Chairman Phil Hogen. "Indian gaming continues to be an important factor in local economies."
There are currently 423 Indian gaming operations in the country, operated by 225 tribes in 28 states. These include scores of smaller bingo halls in addition to big casinos with slots and table games.
The fastest growing area for tribal gaming was in Kansas, Oklahoma and Texas, where revenues increased 20 percent from $2.1 billion in 2006 to $2.6 billion in 2007.
California tribal casinos generated the most revenue, which increased 1.6 percent from $7.7 billion in 2006 to $7.8 billion in 2007.
Those increase could jump dramatically next year as California recently approved a major expansion in Indian gaming.
Other state that is expected to post stronger numbers is Florida, where Las Vegas-style games were recently approved.