Friday June 1, 2012 : MACAU REVENUES UP 7.3 PERCENT IN MAY
Lowest growth rate since July 2009
It looks as if the pessimistic pundits were right in predicting that the phenomenal growth in Macau revenues could not last; the latest numbers from the island government show a far more modest growth of 7.3 percent in May 2012 – the lowest growth rate recorded since July 2009.
Total revenue of 26.08 billion patacas ($3.3 billion) recorded for May is the second highest for a single month, but a far cry from the 70-90 percent monthly growth rates seen in 2010 and even the 22 percent growth in April, the news agency Reuters reports.
The decline is attributed to a slowdown in China's turbo-charged economy that has started to trickle down to the discretionary income level, most visibly in a drop in spending by billionaire VIP gamblers from mainland China.
Analysts predict that despite the lower numbers, revenue is likely to remain robust due to increasing demand from China's expanding middle class and critical infrastructure developments.