Macau Suffers Twentieth Consecutive Month of Revenue Decline
January saw Macau’s gambling revenue fall by a shocking 21.4% marking the twentieth consecutive month that the territory has suffered revenue falls.
Revenue fell to $2.33 billion which was in line with analysts’ expectations of an 18%-26% fall. Revenues have been falling since an anti-corruption campaign was started by mainland China and the country’s economy also began suffering from slowing growth.
However, there are signs that things may begin to turn around. Casinos operated by Steve Wynn and Sheldon Adelson reported stronger than expected fourth quarter revenues after an increase in the middle class market. There are new casinos set to open this year which will include features such as a miniature Eiffel Tower and a large lake complete with a gondola ride which are expected to appeal to China’s burgeoning middle class. As a result some analysts believe that there may be an overall revenue rise this year.