Macau Revenues Decline for 26th Consecutive Month
Gross gaming revenue in Macau fell by 4.5% in July measured on a year-on-year basis marking the 26th consecutive month of declines in revenue.
Revenue fell to $2.2 billion last month. However, it was an improvement on June when revenue fell by 8.5%. The figures have been falling since China began a clamp down on corruption, targeting conspicuous spending by public officials. As a result economic growth has not only slowed down on the Chinese mainland but also in Macao where over 80% of government tax revenues come from gambling operators.
Despite over two years of revenue declines there are two multibillion dollar resorts set to open over the coming months and it is hoped that this will help to turn things around. It is even hoped that next year will bring positive growth to the gambling hub.