How Do Casinos Help the Economy?
Gambling is a really popular and, most importantly, a profitable tourist attraction. In many countries around the world, it is illegal, which could potentially contribute to an influx of tourists if best aussie casino are legalized. “The casino always wins” - this phrase most accurately characterizes the gambling business. Whichever jackpot the lucky one hits, he will never cause more losses to the casino than it will receive income from other players. This makes the australian no deposit bonus codes 2021 business ultra-profitable and makes people addicted to gambling sell their property and borrow money to satisfy their desire. In particular, therefore, gambling is prohibited in many countries of the world, for example, in Muslim countries and China. Analysts estimate global gambling revenues at $ 130 billion per year. The largest casinos in Las Vegas are capable of earning up to $ 14 billion per year. At the same time, such establishments provide numerous high-paying jobs. We analyzed how gambling affects the economies of the most famous cities in which they are legalized.
Las Vegas is synonymous with gambling, one of the most famous cities in the world with legalized gambling, where tourists come not only from all over the United States but also from all over the world. Thus, more than 42 million tourists visit the city annually. Each of them spends an average of $ 540 on gambling and another $ 380 on other non-casino-related needs. In general, the city spends about $ 22.68 billion annually in casinos, and the total expenses of tourists in the city reach $ 39 billion. The average salary of casino employees is more than $ 47 thousand per year. There are about 160 thousand of them in the city. Las Vegas casinos and hotels pay about $ 1 billion in taxes annually. Casino winnings are also taxed.
Macau is called the world's largest gambling center. Former Portuguese colony, and now the only city in China where you can legally gamble. Macau has become a real tourist destination mainly for Chinese citizens. Tourism brings about 40% of the city's GDP, and the gambling industry's revenues are $ 37.6 billion. This business employs about 70% of the city's working-age population. Casinos bring about 80% of all local budget revenues or $ 12.3 billion annually.
The city-state of Monaco is one of the smallest in Europe, but famous for its luxurious casinos. Interestingly, in the country itself, gambling is prohibited for citizens of Monaco, but this rule does not apply to foreign tourists. Each year, four casinos in Monaco earn about 210 million euros, employing more than 1,300 residents of the city. The share of the gambling business in the country's economy is insignificant (slightly more than 6% of GDP), but casinos attract tourists from all over the world because among the visitors are the richest people in the world, movie stars, and other celebrities. Monaco is a low-tax territory, so only value-added tax is paid there.
In the Philippines, gambling was legalized recently during the reign of the current president, Rodrigo Duterte. This move led to a "boom" in the development of online casinos, which mainly target the Chinese market. Over the years, this business has grown to an impressive $ 25 billion in revenue per year. It employs more than one hundred thousand people - mostly Filipinos and Chinese, who pay about $ 40 million monthly in salary taxes. Online casinos are rented in the capital of the Philippines, Manila, about 800 thousand square meters of offices, and the employment of offices contributes to the growth of real estate prices.
The gambling business in Georgia is legal, although it is strictly regulated. To open a casino in Georgia, an investor will have to contribute 5 million lari ($ 1.7 million). However, the country's authorities encourage the development of the gambling business and provide incentives for opening casinos in tourist cities such as Batumi (where the fee has been reduced by 20 times). Casinos in Georgia bring in $ 2.2 billion in revenues annually (14% of the country's GDP). Tax revenues from the gambling business are growing every year, and in 2018 they reached $ 46.6 million. At the same time, as in the case of the Philippines, the majority of casino visitors are foreigners, mostly from neighboring Muslim states where gambling is strictly prohibited.
Online casinos play an important role in the development of the country's economy. Countries that are developing have long legalized the gambling business and will receive a lot of profit.
Did you find this article helpful? Share your thoughts with friends...