Report: Aussie Market Could Hit $6.2 Billion

Market research firm IBISWorld says the Australian gaming market could be work $6.2 billion by 2020. The continent will add three new casinos in the coming years, hoping to attract foreign high rollers as well as local players.

Two of three planned casinos now in question

The opening of three new luxury casinos Down Under could make Australia a multibillion-dollar gaming market, according to market research firm IBISWorld.

The Australian reports that the success of the new casinos, all of which should be open by the end of 2019, depends on the continuing fallout from Macau, which has chased many of its VIP players abroad; as well as increased competition in the Asia-Pacific region, from markets vying to pick up players from the Chinese gaming hub.

“IBISWorld believes the opening of these new casinos is reflective of strength in an industry being bolstered by high levels of domestic spending as well as increasing levels of foreign gambling dollars,” said the firm’s report.

Aussie billionaire James Packer plans a $1.3 billion VIP-only gaming resort at Barangaroo on Sydney Harbor. And two Chinese-backed developments are planned for Queensland: the $8.2 billion Aquis Great Barrier Reef Resort and a $7.5 billion mega-resort on the Gold Coast. The latter two developments have stalled with the installation of a new state government.

In addition to Macau, other competitors in the region include Singapore and the Philippines, according to Japan would also be in the running if its government approves casino gaming.