Macau Revenues Down in July 2014

Friday August 1,2014 : MACAU REVENUES DOWN AGAIN IN JULY
 
Further 3.6 percent y-o-y fall recorded.
 
Gambling revenue in Macau fell 3.6 percent year-on-year in July, reports the Reuters news agency, attributing the second consecutive monthly decline in the Asian gambling enclave to the lingering impact of World Cup football in June and July.
 
Macau's 35 land casinos reported that revenue fell 3.6 percent to 28.4 billion patacas ($3.56 billion) in July from 29.5 billion patacas a year earlier. Analysts were expecting a drop of between 2-5 percent.
 
Official numbers released by the Macau Gaming Inspection and Coordination Bureau suggested that the World Cup, which ended mid-July, distracted Asian punters while business from high-stakes gamblers remained weak.
 
Macau’s casino revenue fell 3.7 percent to 27 billion patacas in June, the first decline in five years.
 
“We continue to believe 2014 will be choppy as VIP growth likely remains weak into fourth quarter and we haven’t seen a sustained improvement in revenues post World Cup,” gaming analyst Cameron McKnight, a New York-based analyst at Wells Fargo & Co., wrote in a research note, adding that China’s anti-corruption campaign “could impact player sentiment and spending.”