How Would a Global Financial Crisis Affect Casinos and the Gambling Industry?

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Whether you plan to spend a good chunk of your vacation trying your luck at the Hippodrome’s slots machines or indeed if you’re up for a casino-themed getaway to Las Vegas, casinos form a big part of many travellers’ itineraries. The main draw undoubtedly remains the gambling aspect of a casino, but the quintessential casino offers much more than slots machines and tables. In fact, entire industries have developed around casinos, such as budget travel and luxury shuttle services, city tours and sightseeing excursions, theme parks, dining, and accommodation (particularly luxury hotels).

Casino-Gambling (1)

We’ve witnessed one or two partial and full global financial crises in our lifetime, the most notable of which was perhaps the recession around 2008/2009, but what would a full-scale global financial crisis akin to the 1929 Great Depression mean for the casino and gambling industry? What would it mean for the entire travel and tourism industry in general?

An Initial Spike in Business

It would probably take quite a while for the full effects of a financial crisis to completely sink in, particularly because financial crises eventually come to an end and then it’s business as usual. Casinos form part of an industry which is usually one of the last to be hit by the effects of a recession, often witnessing a spike in business as a result of the allure of quick and easy money.

Going Fully Online

Perhaps that part of the casino and hospitality industry that would suffer the most in the midst of a global financial crisis is its hospitality leg. Playing online bingo, online slots, online tables and gambling online in a number of other ways is already a widespread practice and perhaps one which would take full-effect if the next financial crisis lasted very long. That would probably result in traditional brick-and-mortar casinos losing the business that comes through their hotels and restaurants, but the very idea of gambling and casinos will likely be around for as long as trade, commerce, money and currencies exist.

Re-Activating Survivalist Mode

If you are indeed worried about the direction of the economy heading towards the mother of all recessions, particularly with regards to the implications it’ll have on your ability to continue pursuing your passion for travelling, a quick look at history will put your mind at ease. Man’s desire to explore the world, cross oceans, trade and discover faraway places and cultures was just as strong as it is now, long before we had the luxury of jumping onto a plane and landing at our destinations within a few hours. Sure, it might take a little bit longer to get to your destinations and it might take a little more of a creative approach to fund your travels, but there is nothing in this world which can kill that wanderlust travellers have brewing inside of them. If you can recall anytime in your life when you scored a free lift as a hitchhiker or some generous local in a faraway place set out an extra place at the dinner table for you, you’ll very quickly realise that travelling will always be an option, regardless of any financial crisis.

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