Friday January 2,2015 : DECEMBER 2014 GAMBLING REVENUES SINK FURTHER IN MACAU
2.6 percent year-on-year decline in revenues to 351.5 billion patacas.
The expected continued decline in Macau gambling revenues has been confirmed by figures for December released by Macau's Gaming Inspection and Coordination Bureau, which show that revenue fell a record 30.4 percent in December to 23.3 billion patacas to complete a miserable second half of the year.
It was the seventh consecutive monthly decline.
The Bureau reports that annual revenue sank 2.6 percent year-on-year to 351.5 billion patacas ($44.1 billion) representing the first annual decline in business since land casino gambling was liberalised back in 2001.
The persistent decline has seen casino share prices plummet 32 percent to 51 percent towards the end of the 2014 year. Macau's casinos have consequently lost a combined $58 billion in market value over the past six months.
The Reuters news agency attributes the decline in revenues to a tough Chinese government campaign against conspicuous spending and corruption at official levels.
Viewed in perspective, even in decline the Macau market annual revenues outperformed Las Vegas by almost seven times.