Monday March 16,2015 : CASINO LOSSES WEIGH ON MACAU ECONOMY
China's anti-corruption drive has far-reaching impact.
China's biting drive against corruption among the elite has impacted not only land casino performances in Macau, but the island's general economy, illustrating graphically the importance of diversification in place of too great a reliance on gambling businesses.
Official figures show that in Q4 last year the drop in visitor spending and gambling revenues caused the local economy to shrink 17.2 percent.
Casino GGR fell 28.9 percent in Q4, a steeper drop than the preceding quarter's deficit of 12.3 percent. Spending by visitors also declined, triggering a slide of 15.7 percent in tourism services.
Less pressure on the casinos in the first half of 2014 meant that for the full year the island's economy contracted by just 0.4 percent, with gross domestic product at patacas 443.3 billion (US$55.4 billion).