Tuesday September 01,2015 : GAMBLING REVENUES DOWN AGAIN IN MACAU
At 35.5 percent down, August records a decline for the fifteenth month running.
Gambling statistics for August 2015 released by the Macau Gaming Inspection and Coordination Bureau Tuesday show that for the fifteenth consecutive month revenues fell…this time by 35.5 percent year-on-year as the regional crackdown on corruption and a pronounced economic slowdown continued.
The number of visitors from China slumped by 6.1 percent in July.
Reuters reports that land casino revenues in the world's biggest gambling hub dropped to 18.6 billion patacas ($2.3 billion), widening from July's 34.5 percent plunge, but still short of the more pessimistic analyst predictions of 36 to 38 percent.
The expected boost from new casino projects like Galaxy Entertainment Group Ltd.'s two entertainment complexes did not materialise.
Bloomberg business news reports that the decline in gambling has dragged Macau's GDP to its lowest levels since 2011.