With a compound annual growth rate (CAGR) of 4.8% from 2022 to 2032, the worldwide casino hotel market is predicted to reach an evaluated US$ 321.4 billion by 2033, from US$ 191 billion in 2022.
A casino hotel is a facility that provides temporary lodging services, casino services and restaurant – bar services. The customers benefit from both lodging as well as gambling (casino) facilities. As both these offerings are available under one roof it becomes very convenient for the customers as they can enjoy all the benefits without moving to different places (lodging, food, and casino in one place).
The casino hotel industry has witnessed phenomenal growth in the last few years. This has enabled the sector investors to invest and establish many luxurious casino hotels in several prime regions.
The casino hotel industry spawns revenues from various services and amenities such as food, beverages, entertainment, gaming and casino, dining, rooms and lodging, get-together facilities and so on. There are many casino hotels across the globe and these are taking over the lodging and hotel industry in terms of tourist preference at a faster rate.
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The trend of the casino hotel industry is to make available different facilities in the luxury tourism sector to attract more customers and ensure the long stay of these customers to enjoy and experience the casino hotel property. This industry is perceived as glamorous. The growth of the casino hotel industry is generally seen in spring and summer seasons rather than winter as people prefer travelling during favourable weather conditions.
Casino Hotel Industry: Push Factors
There are many aspects that contribute to the exponential growth of the casino hotel industry. This industry plays a major role in the economic development of a country. Moreover, it provides a wide range of career opportunities such as supervisors, gaming managers, slow machine supervisors, security guard positions, gaming dealers etc.
It also provides opportunities in other areas such as accounting, food services, advertising, event production and management, and so on. It does not require any additional qualifications for these posts and hence people find it even more convenient to earn from the glamorous world of the casino hotel industry.
The casino hotel industry has a strong record of internal promotions of their workers and staff based on their performance and this adds to the popularity aspect of this industry. It also helps the government by generating tax revenues. Consumer spending on the tourism sector has increased after the economic growth due to high disposable income.
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Online reservations make it easier and convenient for the tourists as well as the staff members to make accommodation changes and also exchange information regarding current offers, best deals etc. This convenience aspect leads to an increase in the number of travellers on any given day.
Casino Hotel Industry: Pull Factors
Economic recession is a major challenge faced by the casino hotel industry. Owing to the possible downturn of the economy, the demand in this sector could be in the declining phase resulting in dropping sales figures. Further, the reduction in domestic as well as international travels would be a major detrimental factor to the growth of the casino hotel industry as it relies on the tourists and their footfall in the various casino hotel facilities.
Casino Hotel Industry: Key Regions
The casino hotel industry is popular in the United States, Macau, Australia, China, Singapore and South Korea. The emerging economies in the Asia Pacific region reflect high growth potential. The United States is a relatively bigger market for the casino hotel industry.
The Major Key Players in this market include:
- Palms Casino Resort
- Caesars Entertainment Corporation
- City of Dreams Manila
- Eldorado Resort Casino
- Foxwoods Resort Casino
- Galaxy Entertainment Group Ltd
- MGM Resorts International
- Palms Casino Resort
- DraftKings Inc.
- Wynn Resorts Limited
Key Segments in the Casino Hotel Market
By Type:
- Poker
- Blackjack
- Roulette
- Slots
- Others
By Consumer Orientation:
- Men
- Women
By Age Group:
- 18 to 35 Years
- 36 to 50 Years
- 50 Years and Above
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