Macau in the red for over a year
07 June 2015
The casino revenue of the world’s biggest gambling spot dropped in May for the 12th consecutive month. Cause is China’s fight against corruption and a slowdown in the economy, what results in a lack of high rollers and leisure travelers. This is the first ever annual decline in the city since records dated back to 2002.
More than $ 24 billion in market value that is made of the six major players in the city has been destroyed so far this year. In the first five months the casino revenue also dropped by 37 percent to 104.3 billion patacas. Gaming revenue decreased by 37.1 percent to 20.35 billion patacas, or 2.55 billion euros, according to data of the Macau Gaming Inspections and coordinating body. This correspondents with the median estimate of seven analysts who had calculated a 38.5 percent decline. The one-year losing streak of Macau casinos has hit the city’s economy hard, the data dropped by 24.5 percent in the first quarter, which is worse than it ever was in Greece and the Ukraine. The casino bosses hope to win a number of customer back with the opening of several new casinos.