The demand for casino hotels is surging owing to the double-digit growth of the hospitality sector in the last ten years says Future Market Insights Inc.
The global casino hotel industry had a market worth US$ 191 billion in 2022, and it is anticipated that it will reach a market value of US$ 321.4 billion by 2033, growing at a CAGR of 4.8%. The market for tourism is expanding, which may be linked to rising traveler interest in these casino hotels.
The demand for casino hotels is surging owing to the double-digit growth of the hospitality sector in the last ten years and expanding inclination of tourists for luxury hotels is giving way to widened opportunities for the global casino hotel market.
Casino hotel establishments consist of a full-fledged casino with a temporary lodging facility which is provided in an on-premises hotel. Customers visiting a casino hotel receive the advantages of both lodging and gambling facilities. All the gamblers’ essentials can be provided in a single location as the hotel and casino are located on the same premises.
The casino hotel market share is said to gain momentum since it offers all the popular forms of gambling which include poker, blackjack, slots, roulette, etc. A casino hotel provides food and beverages, lodging, valet parking, swimming pools, and other popular hotel services.
Casino Hotel Market Historical Analysis (2018 to 2022) Vs. Forecast Outlook (2023 to 2033)
The global demand for casino hotel market is projected to increase at a CAGR of 4.8% during the forecast period between 2023 and 2033, reaching a total of US$ 321.4 billion in 2033, according to a report from Future Market Insights (FMI). From 2018 to 2022, demand witnessed significant growth in the global casino hotel market, registering a CAGR of 3.1%.
The casino hotel market has experienced remarkable growth in the past few years. This has led the industry’s sector investors to invest and establish several luxurious casino hotels in many prime regions. The casino hotel industry generates revenues from numerous services and amenities such as entertainment, food, beverages, dining, rooms, lodging, casino, and gaming, etc. Many casino hotels across the world are taking over the lodging and hotel industry in terms of tourist preference at a rapid rate.
The demand for casino hotels is witnessing upscale owing to the altering trends in vacations in emerging countries because of increasing disposable income. This is leading to an expansion of prospects for the casino hotel market. The casino hotel industry market share usually sees a spike in the summer and spring seasons as individuals prefer traveling in favorable weather conditions as compared to winter.
Immense Work opportunities to bolster Demand
There are various aspects that promote the exponential growth of the casino hotel industry. In a country’s economic development casino hotel industry plays a significant role. This industry offers a broad array of career opportunities such as gaming managers, supervisors, security guard positions, slot machine supervisors, gaming dealers, etc.
Strengthening work opportunities in the casino hotel industry is also favoring the casino hotel market. Front desk, technical assistance, food and dining, entertainment, gardens, and other maintenance are a few areas that demand skilled individuals for casino hotels.
Increasing Trend towards Vacations is Expected to Propel the Global Growth
Changing lifestyles and increasing demand for leisure time because of a busy and hectic lifestyle, are the two primary factors that encourage the growth of the casino hotel market. The rise in tourism across the globe is another factor that promotes the market growth of casino hotels.
In developing countries, individuals in urban areas are now opting for luxury vacations at overseas destinations for quality family time and relaxation. The practice of lux vacations by people from developed nations is catching up in emerging countries as well and this is boosting the casino hotel market growth.
Online reservations make it convenient and easier for tourists and staff members to make alterations in accommodation and exchange information pertaining to current offers, best deals, etc. This aspect of convenience results in an increasing number of travelers and thereby promotes the growth of the casino hotel market.
Region-wise Analysis
Increasing Number of Casinos and Consumer Trend towards Vacations to Boost Growth
North America is the dominating region in the casino hotel market. The United States is contributing to the major market share in this region owing to the advancement of the gaming and casino sector, and the existence of a few of the globally famous casino cities in the country is accountable for the major revenue of the region in the casino hotel market.
‘Sin City’ is a nickname given to Las Vegas because of its gaudy status as the nation’s gambling center. The top casino destination in the globe has always been Las Vegas. The city’s hotels and resorts serve as excellent destinations for playing casino games.
The North American region is said to have held 35% of the global market share casino hotel market share in 2022. The market for casino hotels in North America has recently been impacted by both the expansion of internet gaming and changing customer tastes. Several casino hotels have invested in innovative services and experiences in order to differentiate their business and attract a larger spectrum of guests.
Increased Investment in the Gaming Sector to Bring in More Revenues
In the global market for casino hotels, Asia Pacific is a further significant area. The region’s casino hotel sector generates significant amounts of money from Singapore, South Korea, China, and portions of Australia.
The rising popularity of luxury vacations that include visits to adjacent casinos and gaming locations in emerging nations like India further boosts the income of the Asia Pacific casino hotel business.
In 2022, the Asia Pacific region was estimated to have acquired 29.85% of the global market share. The market is anticipated to boom through 2033 as a result of the growing investments made by international gaming corporations in the developing nations in the area. Rising license approvals will open up more profitable and rewarding chances for market expansion.
Start-Up for Casino Hotel Market
Oyo Hotels & Homes, an Indian company financed by SoftBank Group, purchased Hooters Casino Hotel as its inaugural property in Las Vegas in preparation for future market development in 2019. Highgate, an American partner of Oyo’s, managed the deal, which was revealed by Oyo. Highgate will be in charge of running the newly renamed Oyo Hotel & Casino.
These insights are based on a report on Casino Hotel Market by Future Market Insights.
Theodore is the Co-Founder and Managing Editor of TravelDailyNews Media Network; his responsibilities include business development and planning for TravelDailyNews long-term opportunities.
