Hospitality, travel, and entertainment industries have always been attractive to the market. When they partner together, the results can be superb. A perfect example of this, a match made in heaven, is the pairing of Casinos and Cruises.
It’s not a coincidence that both these industries are thriving. One reason the casino and gaming market has increased is because of their strong associations within the hospitality sector. Casino’s are known to be for entertainment and not for luxurious relaxation and comfort. So in order to compensate for that, they partner or infuse themselves within major hotels, cruise lines, restaurants, and other venues. Therefore, when one of them gets business, the other does too.
Speaking of business, travel by cruise is one of the top and fastest growing travel trends of this decade (68% growth worldwide). The most popular area to cruise is within the Caribbean region, which takes up a whopping 35% of all trips around the world. In order to keep up with the demand growth, cruise lines are scampering to build and get more ships in the water, fill them with excited travel-goers, and add more entertainment on board.
What is causing this demand?
One of the reasons behind this trend is the cost-benefit ratio of a cruise being better then land accommodations. It follows along with the saying of, “Getting your money’s worth.” Saving money appeals to vacationing families and the majority of individuals, thus making cruises more attractive to them rather than a hotel.
Demand for cruises isn’t the only thing going north; casino’s are booming! More and more people are enjoying the risky thrill that they get through gambling. Growth Gambling Yield (GGY) was at $430 billion in 2015 and is predicted to be at $511 billion in 2019. Over the next three years, 10.16 percent growth globally is expected for the casino and gaming industry. Even at the local level, positive growth is predicted.
Cruise lines are helping out casinos by introducing travelers to the world of gambling. New ages (18+) are being introduced as well as people who have never been to a casino, but want to take advantage of all the amenities the cruise has to offer. On the other side, casino's attract players and allow new marketing strategies for cruises, such as offering comped rooms and other perks to bring in new customers and players.