Casino Revenue in Macau Cut by Half in February

Published on Tuesday 3rd March 2015, 12:16 pm

Casino Revenue in Macau Cut by Half in February

Gaming revenue in Macau, dubbed “the casino gambling capital of the world”, fell 48.6 percent in February, a period which included the traditionally profitable Chinese New Year celebrations. A crackdown by the Chinese government on corruption has made high-stake players wary of travelling to the only city in the country to allow casinos, leading to the dip in profits.

The former Portuguese colony suffered its first ever full-year gambling revenue hit in 2014, dropping 2.6 percent amid protests from locals who complained about poor wages for casino employees, the high cost of living and congestion in the city’s streets. A Bloomberg survey has suggested that Macau is braced for another hit for 2015 of up to 8 percent, although some analysts expect the figures to recover in the second half of the year as VIP customers return, away from the public glare of the holiday period.

Macau overtook Las Vegas as the highest-grossing gambling centre in the world in 2006 and now accrues more money every two months than the Nevada resort brings in in an entire year.

With lavish spending frowned upon by Beijing, especially whilst officials attempt to eradicate financial wrongdoing in the special administrative region, gaming receipts were always expected to take a hit and the actual dip of 48.6 percent was less than previously feared, with some experts having foreseen a hit of around 54 percent. Facebook

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