The country of Australia is currently going through a large expansion of the expansion industry. More than $15 billion of Australian money is expected to be spent within the next decade on building new luxury integrated resorts and renovation of existing casinos across the nation in order to receive wealthy gambling customers from China and the Asia content as a whole.
Many people have been expressing a lot of concern about this. The reason why many have been expressing a lot of concern is because China has been seeking to put harsh limits on the amounts of money that is leaving the country. President Xi Jinping has been cracking down on money laundering and fraudulent.
A lot of people who are very familiar with the situation, China’s anti-corruption campaign that is currently happening will go beyond Macau and has a possibility of influencing those who spend big in the Australian gambling venues.
Many different large-scale projects are going to be materialized in current day integrated casino resorts within the next decade. Even though this is happening a lot of casino operators seem to be less concerned about the possible drop in revenue from wealthy Chinese people.
Since Australia has launched its first casino in Tasmania in the early 1970s, there have been a number of gambling places opening in the capital and in small cities. It was not until recently when it became legal for there to be more than one casino in each city.
In the year of 2013, the New South Wales government gave a license for a second casino in Sydney to be built. Casino mogul James Parker is expected to have Crown Sydney built along with his company Crown Resorts. The casino will be located in Barangaroo. It is expected to open in the year 2020, or 2021.
There have also been plans made for an integrated resort to be opened in Brisbane’s Queen’s Wharf precinct. This one is going to be managed by The Star Entertainment Group. Star Entertainment Group is another major casino company in Australia. The company is planning to spend $1 billion to make changes to the already existing Sydney casino.
The Gold Coast casino will be restored for a price of A$850 million. Adelaide’s casino is going to have a A$300 million expansion. A new hotel and more gaming areas will be included in the addition.
There has been an increase of Chinese tourists traveling to Australia. Just last year, more than one million Chinese people visited the country. There was a 22% increase of Chinese tourist from 2014.
Nick Xenophon who is an independent Senator for South Australia has recently stated that this move would have a lot of negative consequences for those who are living in Australia. Him along with other opponents of gambling believe that new casinos being built can increase of organize crime gangs and an increase of different venues being used for money laundering. Those who are against gambling think that this would add on to the already existing gambling addiction problems occurring in the country. Currently up to 500,000 of the Australian population is addicted to gambling.
Those who are against the Australian casino industry growing believe that the government does not care about its citizen’s wellbeing. Many think that it is foolish for the government to want the industry to keep growing because of the high addiction rate. Some argue that if the addiction rate continues to go up even higher, at some point in the future, Australia would have to pay for it in some way shape or form.
Some think that the casino expansion will actually be helpful for the economy. Also many believe that this can definitely work if locals work at the new venues and if a wide variety of entertainment options that goes beyond gambling is offered.
Not only is the casino industry just growing in Australia, but it is also growing in other parts of the world. Each year it grows more and more on a global basis. Even though many people gamble online, there are still many who go to land-based casinos when they can.
Economy growth has been an important issue in Australia. As a matter of fact, their economy is stronger than many people have ever thought. With the economy growing at a very fast rate, there is a strong possibility that the casinos can make it boom more so than ever. The reason is because the casinos that already exist have been able to generate a lot of money. Also, the casinos that are in the making are expected to generate a large amount of money. Not only will that money be coming in from residents, but from tourist as well.