Tuesday April 14, 2015 news revealed that Australia is gaining ground in the casino industry. Projections have casino revenue increasing by 2020 to $6.2 billion. The information was released in a report by IBISWorld. The firm stated the three new casinos currently in development will bring Asia’s rich players to Sydney and Queensland. Spencer Little, senior analyst for IBIS World, told media that Crown Resorts in Sydney, Aquis Resort (pictured above) and Cairns & ASF Consortium in Queensland will help push the Australian casino industry into a fresh start.
Further projections have Australia turning into a casino destination like Singapore, Macau and the Philippines. Crown Resorts is building a $1.3 billion casino for VIPs only. It is located on Sydney Harbor. The Aquis Great Barrier Reef Resort (pictured) is hoped to be built in Queensland with the use of $8 billion. Cairns and ASF Consortium’s casino is a $7.5 billion project in Queensland along the Gold Coast.
Before Aquis Resorts owner Tony Fung decided to develop his project he was interested in the Queensland Reef Hotel Casino that opened in 1996. The purchase of the casino did not go through in 2014, although details do not indicate why.
IBISWorld feels that the posh hotel casino projects and the directed marketing towards high rollers and Asian VIPs will jumpstart Australia’s new casino revenue stream.