Macau Casino Decline Slows In OctoberMonth Saw Least Severe Drop Since January |
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Gaming win in Macau fell 28.4 percent to roughly $2.5 billion in October, compared to the previous year, but it was the first month since January when gaming revenue fell less than 30 percent, according to Bloomberg.
Macau’s Gaming Inspection and Coordination Bureau released the data Monday that gave the former Portuguese colony 17 straight months of year-over-year declines, but it did indicate that the market may be stabilizing.
So far in 2015, gaming revenue is down roughly 36 percent. According to the report, Macau gaming revenue is predicted to fall by another eight percent in 2016.
Gaming revenue in 2014 was $44 billion.
It wasn’t too long ago when it was reported by The Wall Street Journal that at least one gaming analyst predicted that in 2017 it would hit $77 billion. Macau’s decline came suddenly.
Macau’s top gaming regulator, Manuel Neves, said last week that he will be stepping down later this month. Macau’s GDP fell 26.4 percent in the last quarter.
The VIP gambling segment once accounted for 70 percent of Macau gaming revenue. High rollers account for about 50 percent of the city’s gaming revenue these days, thanks to mainland China placing greater scrutiny on the extending of credit to gamblers. Beijing wants Macau to diversify and new casinos to provide more non-gaming attractions.
Still, casino gambling is what drives tourism in Macau, and last month Las Vegas mogul Steve Wynn blasted the local government for placing a table game cap on new casinos.
Twenty-billion dollars have been invested into new casino projects in Macau.
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