Macau Sees First Gaming Revenue Decline Since 2010World Cup In Brazil Blamed For Year-Over-Year Drop |
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Casinos in Macau brought in 27.2 billion patacas in June ($3.4 billion), down 3.7 percent from June 2013. The year-over-year decline was the first since 2010 for the former Portuguese Colony, according to Reuters.
Analysts blame attention on the World Cup in Brazil for the drop in casino win.
Macau, a special administrative region, is the only place in China where casinos are legal.
Macau currently has 35 casinos, but more are in the pipeline. MGM Resorts International, Wynn Resorts and Las Vegas Sands are all in the midst of new projects there. Their respective casinos could all open in 2016.
The world’s top gambling up—more than $45 billion in gaming revenue in 2013—will soon be implementing a smoking ban. Some are worried it could hurt growth.
June’s decline doesn’t have many concerned about 2014’s outlook, however. According to The Wall Street Journal, at least one analyst has predicted that Macau gambling revenue will grow by another 20 percent in 2014, while another said that in 2017 it will hit a whopping $77 billion in market size. Currently, Nevada casino win is around $11 billion annually.
The World Cup has also had an effect on the 2014 World Series of Poker in Las Vegas, Nevada. Guy Laliberté told Card Player that the $1 million buy-in “Big One for One Drop” had a smaller-than-expected field thanks to the soccer tournament in Brazil. Numerous high-stakes gamblers from Macau apparently backed out due to the World Cup, which runs once every four years.
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