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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 halt.
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.
Danske Spil Bingo Moves to Microgaming -
The national lottery of Denmark, Danske Spil, is live on the Microgaming Bingo Network. Danske Spil, the Danish national lottery, is live on the Microgaming Bingo Network following a change to its licence conditions.
Quickfire live on Strendus -
Quickfire powered by Microgaming is extending its reach in the LatAm region with the signing of Strendus. Strendus is the online division of Logrand Entertainment Group. The group comprises several companies that operate gaming and entertainment establishments in Mexico, running 14 land-based casinos in total.
Quickfire content live on BetatHome -
Online gaming and sports betting company bet-at-home was founded in 1999. Today the company has 4.8 million registered customers around the world, offering sports betting, casino, live casino, Vegas games, poker and virtual sports.
Microgaming has donated £30,000 between four charities -
Gift of Giving provides Microgamingís customers the opportunity to vote for one of several charities in their region. In lieu of Christmas gifts, £30,000 is split equally between four global regions: Isle of Man, UK and Europe, Africa, and Rest of the World.
Entertainment Betting Odds: 90th Academy Awards -
The Shape of Water leads Sundayís 90th Academy Awards (8 PM ET, ABC) with 13 Oscar nominations, but when it comes to Best Picture, this highly-acclaimed film is a +140 second-favorite behind Three Billboards Outside Ebbing, Missouri at Ė115.
Fair Play Bets and QuickFire in Deal -
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Cavaliers Aim to Take Down Wizards on 2/22/18 -
The Cleveland Cavaliers have looked like a different team since making their moves at the trade deadline. The Washington Wizards are up next for the Cavaliers, who will be at home after the All-Star break.
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