The Casino Industry In France Rebounds
France’s casino industry entered into a lull, and the lull has lasted seven years. “Has lasted” indicates all that bad fortune is in the past. Recent indicators show that French casinos are doing a lot better. Positive growth indications are being reported for the first time in those seven long years.
One result of all this could be the arrival of several more casinos in French cities. If there is a boom period in which casinos are generating a lot of revenue, greater interest in building and opening new ones is going to spark.
The reason the cities would strongly welcome the arrival of the casinos is economic necessity. Tax revenue and economic movement are both stagnating, and the local governments are seeking a solution to their fiscal woes. The arrival of several new casinos would help these localities.
The economy of France has been struggling for some time. In 2008, during the global financial crisis, all of the industries in France were adversely affected in some way. The casino industry, in particular, suffered enormously. The casinos hit a lull and remained down. Today, the gambling industry is poised for a big comeback. Many are hoping to take advantage of any resurgence that occurs.
2015 saw earning figures of €2.2 billion, which is an increase of over 2% from the previous year. During 2016, many eyes are going to be on the gaming industry to see if this trend continues. Local governments are all thinking in terms of expanding the gaming industry already. Casinos are earning money. Local governments are short on money. So, it is no surprise there is enthusiasm for new casinos. A local casino can generate about €10 million per year in tax revenue.
There is also the matter of job creation. When a new casino opens, the average number of new jobs created is in the range of about 500. That is a nice figure for any struggling municipality. Marseilles has shown an interest in welcoming the gaming industry. A new casino is already planned for a neighboring port city. Look for more entities that own casinos to move into the vicinity. They are sure to go where they are welcome.
Many seriously struggling towns in France have ceased to struggle as much after the arrival of casino gaming. Anywhere from 30% to 80% of local taxes come from the casinos. Interestingly, Paris is not a major hub for casino gaming due to various laws. Paris’ loss has become the gain of scores of other locations in France. Various other cities and small towns absolutely welcome the gaming industry and all the money it brings. As long as casino revenues remain on the upswing, the gaming establishments are going to grow throughout France.
