Macau Gambling Chief To Step DownCasino Hub's Economy Stuck In Massive Downturn |
|
Macau’s top gaming regulator will be stepping down next month, according to a report from Reuters. The move comes as the former Portuguese colony, the only place in China where casino gambling is legal, is set to experience 17 straight months of year-over-year gaming revenue decline.
Manuel Neves, who has been at the helm of the Gaming Inspection and Coordination Bureau for 18 years, said that he wants to spend more time with this family. His term expires on Nov. 25.
Earlier this month, Las Vegas casino mogul Steve Wynn blasted the Macau government for a table game cap that he called the “most counterintuitive and irrational decision that was ever made.”
Through the first nine months of the year, Macau gaming revenue is down 36 percent compared to the same period last year. Gaming revenue in 2014 was $44 billion, roughly four times as much as the state of Nevada. Casino firms operating in both locations have seen their stock prices suffer greatly.
Despite the sharp downturn, $20 billion is being spent on new casino projects in Macau. Wynn’s $4 billion casino project is expected to open early next year.
Macau’s downturn is attributed to the Chinese government placing more restrictions on junket operators, who are involved in the extension of credit to high rollers.
Beijing did indicate several weeks ago that it would be implementing unspecified plans to boost Macau’s struggling economy. Macau’s GDP fell 26.4 percent in the last quarter.
Copyright © 2001-2024
CardPlayer.com. All rights reserved.
