Casino Revenue Drops During World CupPublished July 13, 2010 by OCR Editor
Industry insiders expect the slump to end once tournament finishes.
The 2010 FIFA World Cup has made one unexpected impact on the gambling world, with the month-long tournament causing a drop in revenue at both land-based and online casinos.
In Macau, the Asian gambling paradise, June 2010 revenue was recorded at $1.7 billion. And while that was a 65 percent increase from the same month in 2009 - when the industry was still suffering from the global financial crisis - it was significantly down on the figures from May 2010.
Industry insiders blame the World Cup for the temporary slump, citing the billions being bet on the outcome of matches at the tournament as luring money away from other gambling options.
"We believe July will see a similar temporary softness in VIP gaming as the World Cup approaches its final stages," Deutsche Bank AG analyst Karen Tang was quoted as saying by news agency AFP, before adding that figures were expected to rise again during the peak summer tourism period of march.
Meanwhile, Internet poker rooms have also suffered a drop in revenues during the World Cup, with PartyPoker reportedly suffering a decrease of almost 10 percent in the last month.
The World Cup began on June 11 and ends with the final on July 11, to be played between the Netherlands and Spain.