Foreign Casino Tourism is the movement of travelers from different parts of the world with the intention of gambling. Players enjoy a blend of exotic accommodation, entertainment and gaming. This kind of industry facilitates people whose countries have restricted betting and other activities that take place in resorts.
Las Vegas, for instance, attracts millions of tourists every year. Most of the visitors have a similar purpose for their trip - to enjoy the multiple resorts and venues for their sport. They are often people coming from countries that have outlawed gambling or placed high taxation rates on them. This is beneficial in earning the state revenue.
Popular Destinations for Casino Tourism
Casino tourism has had a great impact in the areas that have it legalised. These include: Growth in the Hospitality Industry - Due to the need to accommodate the travelers, hotels are developing at a high rate. The competition between the service providers has made accommodation affordable yet of good quality. ii.
Increase in trade - Interactions between different people from various cultures leads to exchange of products and ideas. iii. Growth in infrastructure - Development of transport, communication and other facilities is caused by tourism. Negative impacts of casino tourism include an increase in cases of student drop-outs, lack of highly skilled workers since gambling is an easier option.
The industry has been faced by several challenges. These include things like insufficient government support - most states have sanctions related to gambling imposed on the people. This causes them to be cautious when diving into the sport. Breach of ethics of casino businesses - many resorts have been reported for mistreating their clients. Incompetent staff who are often unskilled hence handling clients unprofessionally.
Lack of cooperation among different industries in the chain. Hospitality businesses conflict with gambling businesses hence lack of harmony. Lack of a clearly stated development strategy has led to stagnation in the industry. Insufficient funds to manage and sustain tourists with their increasing numbers.
How does it affect the communities?
Casino tourism has had negative impacts such as the fact that an increase in Gambling Returns from gambling are more profitable to the rich. It also has been known to increase in criminal activities. This is due to increase in population and because protection of the locals is neglected when more focus is given to the visitors.
It can also increase activities against moral dictations of society, like prostitution, become rampant in areas highly populated by foreigners. Casino tourism has been faced by challenges lately, especially with the increase in online betting activities. However, the business has a way of staying on top due to its authenticity and character.
Land-based Casinos are also known as traditional brick and mortar casinos. They have a long history, with gambling houses being recorded in most societies. The first casino in Europe was in Ridotto in Venice, Italy, whilst in the United States, saloons were the early casinos - a place where travelers could meet, drink and gamble.
In 1931, the U.S government legalised gambling in the State of Nevada and put the city of Las Vegas on the map as one of the premier destinations for casinos. The most lucrative casino market today is Macau, home to the largest casino in terms of physical size and revenue generated.
Land-based casinos in gambling destinations often combine hotels and resorts with casinos, providing a niche type of tourism for gaming enthusiasts and the gambling sector. Running a land-based casino is a complex operation. Particular attention has to be paid to security, as casinos are inextricably linked to crime, with players and staff alike, easily tempted to cheat or steal due to the vast amount of cash on hand.
In order to counteract this, many casinos now employ a large security team, and in today's modern era, they are fitted with the "eye in the sky", sophisticated CCTV systems. This dedication to safety also helps to improve trust from the players.
Which Casino Games attract tourism?
Casinos offer a large assortment of game types, depending on players' preferences. The most popular casino games include slots and table games - blackjack, roulette, baccarat, poker, and the pai gow varieties to name a few. In terms of profitability, baccarat is the most profitable game, generating just under 40% of casino revenue of land-based casinos in Las Vegas in 2017. This is very different from online casinos, where margins are much lower.
This contributes to some of the staggering incomes received by casinos, with casinos in Las Vegas alone being a multibillion-dollar market. However, this figure dwarfs the amounts paid out to players, even with multi-million dollar jackpot wins. The largest ever Las Vegas jackpot paid out over $39 million in 2003.
The meteoric rise of online casinos is a threat to the future of land-based casinos because of the ever-changing societal norms that make and shakes consumer behaviour. Today's culture of instant gratification and convenience has helped drive the prominence of online casinos.
Consequently, land-based casinos must carefully analyse their strengths and weaknesses in order to identify their opportunities and shortcomings. Many brick and mortar casinos will have to develop their businesses as a niche as a venue of entertainment, where people can come together to eat, drink and gamble as in the early days of saloons if they wish to stay in business.