For more than a year now, the regions of Asia and Australia have been going through changes that have affected even the Las Vegas casino gambling industry.
For more than a year now, the regions of Asia and Australia have been going through changes that have affected even the Las Vegas casino gambling industry. Recently implemented laws in China have pressured high-rollers out of the once world most profitable casnio – Macau.
The downfall of over AUD132 billion in Macau market value has also affected the Australian gambling market. One of the most prominent land-based operators, Crown Resort, has reported a loss of 22.1 per cent in 2016.
Crown Resorts and Galaxy Entertainment Report Decline
Looking back at 2015, two of the biggest casino hubs in Macau reported huge decrease in profit. Galaxy Entertainment stated that their earnings went down about 7 per cent in the last quarter alone.
Crown Resorts, another giant of the gambling industry, reported that their earning went down for as much as AUD283 billion in the second year of 2015. In comparison to AUD 364 billion which was the net profit before the downfall, the difference is significant.
Another hit for Crown Resorts came from Macau where their share from Melco Crown Entertainment went down as much as 89 per cent. Crown stated that even though the country is still going through changes, they feel the gambling market will stabilize soon.
Casino Gambling Shows Prosperity in South Korea
Even though Asian and Australian gambling markets have been going through a very tough period, one Asian market is showing prosperity. South Korean casinos have reported an increase of 21 per cent in profits.
The reason for the recorded profit was the Chinese market crackdown and the availability of immense offer of casino games. One of the largest casino operators in South Korea is Kangwon Land and the operator has benefited significantly from Macau high-rollers.
Some experts predict that Macau might recover very soon, but they also say that the recovery process will take a long time. While recovery might take time, players still have other gambling hubs in Australia they can focus on.
Crown Resorts in Australia just recently expanded which means that perhaps they feel that the recovery of the market might happen sooner than predicted.