With Azerbaijan looking for ways to boost its economy, casino tourism could become a vital factor if the country plays its cards right.
Azerbaijan’s tourism sector has been growing in recent years, but is underdeveloped, even in comparison to two of its most immediate neighbours, Georgia and Turkey. Following in the example of many countries around the world, from Thailand to the US, the country is looking to expand its economy through investing in casino tourism.
Even looking as close to home as Georgia, regulated casinos can boost a nation’s tourism economy, with Georgia’s gambling turnover in 2024 hitting $28 billion and supporting 20,000 jobs. Notably, 20% of that income came from Azerbaijani citizens, highlighting a gap in the market, as reported by Azer News.
If Azerbaijan could plug that gap, the country could start to tap into this multi-billion-dollar market.
What makes casino tourism successful?
To pull off this economic boost, you don’t just need casinos and the appropriate regulations, however. Looking at other successful gambling complexes, operators need to offer luxury accommodation and entertainment venues.
Even successful casino ventures are always investing in new offerings, which often doesn’t come cheap, with New York recently approving a massive $1 billion baseline for new casino operations.
Notably, even countries with typically conservative approaches even to money-making enterprises like tourism like the UAE are even investing in the sector, with the nation planning to open its first casino in 2027, with Wynn Resorts securing the very first license.
While proper oversight, clear licensing regulations, and a strong framework for companies are a necessity, Azerbaijan’s national goals of increasing revenue outside of oil and boosting global tourism could come from investing in casinos.
With successful casino industries thriving throughout the surrounding region of Azerbaijan, it could be a smart direction for the country to foster more tourism economic growth.
Featured image: Flickr, licensed under CC BY-NC-ND 2.0
