Macau Casino Revenue Falls Sharply
While Macau is seen as one of the world's top casino destinations, the Chinese region has just reported its first ever year on year drop in gambling revenue.
Wagering is the region's source of income, so it must be worrying to see how this revenue almost halved in February.
A 49% Drop
Placing wagers has been legal in Macau since the mid 19th century and currently it boasts the planet's biggest concentration of casinos. However, gross gaming revenue fell last month by a massive 49%, to $2.4 billion.
The figures were released by the Macau Gaming Inspection and Coordination Bureau. In fact, the drop in revenue is slightly lower than the 54% decline predicted by a group of analysts who had been surveyed on the matter by Bloomberg.
Last year saw Macau report an annual drop in casino revenue for the first time ever, with the anti-graft campaign led by the Chinese president among the factors believed to be behind the slow-down. It is expected that this year may show an overall drop of 8%, following on from last year's 2.6% drop in revenue.
VIP customers are thought to be staying away because of fears of increased levels of scrutiny over their finances, especially during the holiday period. It is expected that they will start to flood back to Macau in the second part of the year.
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