Christmas Island Casino (also known as Christmas Island Resort) was one of the most profitable casinos during the 1990s. Unfortunately, the casino shut down in 1998 due to the Asian financial crisis, and the property has housed detention centre workers ever since. Now, ABC News reports that the Parliamentary Committee for Northern Development has suggested reopening the venue to help generate more tourism in the area.
The Committee is concerned that Territory of Christmas Island’s economic future could be in jeopardy unless more sustainable industries are developed in the area. While the local government intends to rely on mining and immigration activities to sustain the economy, the development committee is dubious.
Tourism presents itself as one of the most viable options, as Christmas Island has already demonstrated its ability to attract visitors and boost the local economy. "Neither mining nor immigration-related activities will sustain the island's economy indefinitely,” reads a report from the committee. "While phosphate mining will continue for the next 20 years there is a need to diversify the economy as the detention centre activity declines."
The committee believes that the casino will be able to transition the economy of Christmas Island, helping it to become more reliant on tourism revenue. In the 1990s, the Christmas Island Casino brought in an annual turnover of $5 billion a year by attracting wealthy Asian gamblers. Now that other casinos across Australia have set their focus on their target market, Christmas Island could certainly cash in on the trend.
The venue’s owner, Soft Star, states that the venue could be reopened at ‘relatively short notice’. David Kwan, Managing Director of Soft Star, has big plans for the site; he has proposed the development of an $800 million commercial space in the area. There is great potential for the Christmas Island Casino.
However, only time will tell if the venue will ever be reopened for business.
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