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Macau Casino revenues fall for third consecutive month

The tough times for Macau continue to cause executive stress in the Asian offshore gambling mecca, with the news that casino revenues fell for the third month, declining 5.8 percent from a year ago to 7.65 billion patacas.
 
The tally represented Macau's biggest year-on-year percentage decline in more than three years, unofficial data reported yesterday by Portuguese news agency Lusa shows.
 
Beijing's seven-month-old restrictions on mainland visits has combined with a credit crunch among the VIP junket agents who lend money to high rollers, bringing growth in Macau's once-booming casino industry to a dramatic  davincis goldhalt.
 
Average casino winnings shrank to 7.8 billion patacas per month in the last four months of the 2008, down 20 percent from 9.7 billion per month recorded between January and August.
 
The year-on-year growth rate in monthly revenues plunged to minus 2.1 percent on average in the last four months from 51.6 percent during the first eight months, although that comparison is skewed by major resort openings last year including the Grand Lisboa, Crown, Venetian and MGM Grand operations.
 
Despite the dramatic slowdown in recent months, casino revenue for the full year grew 31 percent overall in 2008 to 108.76 billion patacas, up from 83.02 billion patacas in 2007.
 
The leaked unofficial figures have historically proven accurate. On average, they underestimated the actual revenue data by 1.08 percent in the 14 months to October.
 
December 2008 also suffered an unfavourable calendar comparison as it included one less Saturday than the same month a year ago.
 
Beijing has cut the frequency of visits that mainland passport holders can make to Macau, reducing these to once every three months from once every two weeks prior to June 1.
 
At the same time, the financial crisis is eroding private wealth across Asia. High rollers who account for about 70 percent of Macau's casino revenue and who often play on credit have delayed or defaulted on repayments to the junket agents who bankroll their gambling sessions, reports the South China Morning Post.
 
Junkets fearful of getting caught out for cash have responded by tightening their credit controls, which adds more downward pressure on VIP gaming revenues.
 
The fall-off has dealt a busted flush to investors in Macau plays. Las Vegas Sands Corp's share price plummeted a shocking 94.25 percent last year, while Wynn Resort's 62.31 percent decline was the best performance among the city's six licensed casino operators.

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Gambling News :

Local Florida Poker Pros Scam Marc Klang For $500k - Previous scumbag rightfully wins over $500,000 gambling against a conglomerate of local poker pros. After using every excuse possible, said group decides they are not paying out any money. After some time they pay out $43k of 500k. Winner warns community of the groups actions to prevent similar future scams.

2017 Super High Roller Bowl Schedule - Poker Central, POKER PROductions and the Aria Resort & Casino have released details on the 2017 Super High Roller Bowl taking place 28-31 May.

Super Multitimes Progressive HD Slot - This 3-row, 5-reel slot features Multipliers, Wilds, Free Spins and four Progressive Jackpot levels offering increasing wins to heighten player engagement.

2017 Aussie Milliona Updates Events 2,3,4 - Taiwan's James Chen bested Australian Rainer Quel heads up to win the first championship ring of the series in which he defeated a field of 48 players in Event 2: $2,500 H.O.R.S.E. earning the top prize of AUD$39,700.

Juventus name VWin as Partner - “We are very satisfied with this new regional partnership that confirms Juventus’ global growth in high potential markets such as this one,” Giorgio Ricci, co-chief revenue officer & head of global partnerships and global revenue for Juventus said.

Luckia Group 2016 Results - The group reports record turnover of Euro 269.66 million, up 12 percent over full year 2015 with EBITDA standing at Euro 44 million, a 26 percent increase over the previous year.

Fire Rooster Slot Launches - This 5-reel, graphic-rich slot is based on the Chinese legend, The Rooster’s Lament, in which the Jade Emperor chooses specific animals to represent the months of the year.

n2-Live Updates - The company promises new features designed to enhance the playing experience that “further distance our gaming solutions from the ‘me too’ products currently available in the market place.”

Betfred FY 2016 - Betfred has seemingly reversed its fortunes with a strong 2016 delivering a GBP 28,438,000 operating profit as opposed to the GBP 77,312,000 loss in fiscal year 2015.

BetConstruct has joined the National Council on Problem Gambling - BetConstruct has joined the National Council on Problem Gambling (NCPG) saying it feels a duty to support an organization that strives to keep gaming fun and safe for all.

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