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Asia approaches U.S. in gambling revenues

By OSKAR GARCIA, Associated Press

POSTED:
LAST UPDATED: 09:32 a.m. HST, Dec 07, 2010



LAS VEGAS >> A new report estimates that Asia's and Australia's fast-growing gambling industries will account for nearly as much of the world market as the United States by 2014.

A PricewaterhouseCoopers LLP report released Tuesday predicts the market that includes Macau in China, as well as Singapore, South Korea and Australia will generate $62.9 billion by then.

Revenue for companies in those markets was $21.8 billion in 2009.

In the United States, 2009 gambling revenue was $57.2 billion, including all commercial and American Indian casinos. PricewaterhouseCoopers expects that to edge up to $68.3 billion by 2014.

Gambling revenue is far lower than the amount people actually wager on table games, slot machines and other casino bets.

American Indian casinos had $26.5 billion in revenue in 2009, and the report projects that will grow 2.7 percent per year to $30.3 billion in 2014.

PricewaterhouseCoopers estimates commercial gambling in the U.S. will grow to $38 billion in 2014 from $30.7 billion last year.

That includes regional casinos outside Nevada and New Jersey growing 6.1 percent per year and gambling revenue in Atlantic City dropping 3.2 percent per year. Gambling in Nevada is expected to grow 4.1 percent per year and generate $12.5 billion in 2014.

The modest outlook for the United States is dramatically outshone by projections for Macau, already the world's top single gambling market.

The report says gambling revenue in Macau will grow nearly 25 percent each of the next five years, to $45.1 billion in 2014.

That number would beat commercial gambling in the United States.

Two of the world's top four gambling companies — Las Vegas Sands and Wynn Resorts — already make most of their profit in Macau, and their gambling revenue in the enclave dwarfs their U.S. gambling revenue.

The report said predicting the online gambling market is tough because of uncertainty about legal issues in the United States.

Consulting firm PricewaterhouseCoopers produces periodic reports and projections on a variety of major industries.






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