The mastery of casinos in the tourism sector is not a myth but a cosmic reality. Although zillions pilgrimaging to the gambling mecca is not startling, a swarm of tourists flock to places across the globe to satiate their gambling penchant – a real revelation.
For instance, consider Australia. Anyone would presume that the cynosure of all eyes is the Sydney Opera House that prides in its 7.4 million annual visitors. However, in the spotlight are the casinos, flourishing because of foreigners who are gambling aficionados. This is the sole reason why the Australian land bears testament to 26% more tourists annually to the casinos when juxtaposed to their famed landmark.
The corruption clampdown in Macau had engendered an upswing of Chinese gamblers to Australia. This number was a colossal 5 million in 2019 and escalating ever since. This has actualised to an extent where China has outstripped their immediate neighbour New Zealand as Australia’s prime source of tourists and accounts for a mammoth 17% of foreigners to the country.
And to meet this burgeoning demand, casinos have hired employees who can speak Mandarin. The staggering fact is that casinos are the top-notch tourist attraction, with each facilitating over 10 million visitors, much more voguish than the Sydney Opera House or the Great Barrier Reef.
The Sin City is the linchpin of the gambling industry, bore testimony to a massive $12.03 billion gambling revenue in 2019. Las Vegas, a 240-billion-dollar-a-year sector, also witnesses a magnified two million employees in the casino. This is the principal reason why America favours brick-and-mortar casinos over online counterparts and assumes an indispensable role in augmenting the economy and tourism sector.
At the same time, the US is exploring the heightened revenue from the online casinos following the footsteps of New Jersey, Delaware, and Pennsylvania. And the US expects more than 75% states to legalise all forms of gambling, online and offline, by 2025.
Though known for its extravagant shopping assortment, it is also equally dependant on its gambling industry. The country had a surging 17 million gamblers in 2019, of which 3.25 million comprised Indian, Taiwanese, Malaysian, and Chinese.
However, it is not merely glitz and glam when it approaches high rollers plagued with severe debt. Here since it is the responsibility of the casino to extend credit to gamblers, which entails that if they lose, it falls under the ambit of casinos to collect and not any other organisation. This means that casinos ought to be more cautious here.
The prohibition of residents from indulging in gambling, the casino industry here relies solely on tourists. The four finest casinos, Casino De Monte Carlo, Monte Carlo Bay Casino, Casino Cafe De Paris, and Sun Casino, were monitored under the Commission des Jeux Gaming Act in 1987. Ever since, they have relished the stature of being the chief economic resources in Monaco, enkindling a 4% of the 11% GDP resulting from tourism.
In Monaco, casinos are also absolved from paying income tax; this is majorly an upshot of the gambling revenue every year. The crucial reason for stating that tourists are the prime players in succouring a steady cash flow in Monaco can be studied by closely examining the SBM report, which says that 2019 witnessed $569 million in 2019, which increases year-on-year by 11%.