South Africa’s casino lobby says the industry contributed R17.2b (US $1.13b) to the country’s gross domestic product in its most recent fiscal year.
On Monday, the Casino Association of South Africa (CASA) released its annual Survey of Casino Entertainment in South Africa, covering the 2014-15 fiscal year. CASA says this year’s annual contribution to the country’s national economy was up 4.5% from the previous year.
CASA’s figures claim South Africa’s entire gambling industry generated revenue of R24b for the fiscal year, a 9.6% year-on-year improvement. The casino industry accounted for R17.2b of this total, up 4.5% year-on-year. The casino biz also contributed R5.7b to the government in form of taxes, up 3.6% year-on-year.
CASA CEO Themba Ngobese said the figures demonstrated “the important contribution casinos make towards the South African economy.” Ngobese said CASA members’ capital expenditure in the year came to R2.3b despite the country’s economic downturn, which has seen consumers decrease spending on non-essential items like gambling.