Economic crunch takes a bite out of South Africa casino profits

South African casinos are feeling the heat of the prevailing economic downturn as their revenue dries up this year.

Quoting the Casino Association of South Africa (CASA), Sunday Times reported that the casino industry is experiencing a decrease in revenue “due to current economic conditions negatively impacting consumers’ disposable income and revenue erosion from illegal gambling.”

It was also the first recorded gross gaming revenue slide since South Africa built the casino industry.

Data from the CASA showed that their members posted a total of R17.8 billion (US$1.30 billion) for the fiscal year of 2017, 1.8 percent lower from last year’s R18.2 billion (US$1.33 billion).