Macau Gaming Win Falls 21.4 Percent In JanuaryMarket Continues To Stabilize In 2016 |
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Macau casinos won $2.33 billion from gamblers during the first month of 2016, according to Macau’s Gaming Inspection and Coordination Bureau. That was a drop of 21.4 percent compared to the same month a year ago.
It marked the 20th straight month that gaming win has fallen in the former Portuguese colony. The city’s gaming revenue fell 34 percent year-over-year to $29 billion in 2015. It was the second straight year of less gaming revenue than the year before. Macau had a record $45.2 billion in gaming revenue in 2013.
Macau gaming revenue is predicted to fall by another eight percent in 2016, according to a report from Bloomberg. Though, the market appears to be stabilizing.
October gaming win fell 28.4 percent year-over-year, but it was was the first month since January 2015 when gaming revenue fell less than 30 percent.
The sharp and sudden contraction of Macau’s casino gambling market is largely to due to Beijing cracking down on what it saw as corruption within the city’s junket industry, which has been key to high rollers getting access to the funds they want to gamble with. The Chinese government wants Macau to rely less on VIP customers for its economic health.
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