Regional countries eye share of booming gaming industry
Lippo's casino joint venture in South Korea points to emerging desire for a share of market that has flourished in Macau and Singapore
Investment group Lippo announced last week plans to build a hotel complex in South Korea with casino floors, reflecting the desire of countries in the region to grab a share of Asia's fast-growing gaming industry.
In Macau, the world's largest gaming destination, the casino industry recorded gross gaming revenue of 304.1 billion patacas last year, up 13.5 per cent from 2011.
Although growth is slowing - the industry grew 42.2 per cent in 2011 - it is expected to continue, supported by a strong mass market instead of the high-rolling VIP segment.
All six gaming licence holders in Macau are developing or planning to build facilities to attract more visitors.
Singapore, another major regional gaming hub, has developed a flourishing casino industry with gross revenue in excess of US$6 billion a year from two casinos - Resorts World and Marina Bay Sands - according to Britain-based Global Betting and Gaming Consultants (GBGC).
"We would expect that to increase to US$6.4 billion by 2013, which is significant compared to the US$6.05 billion of gross gaming yield from all the casinos on the Las Vegas Strip," GBGC chief executive Warwick Bartlett said.