Macau's Economy Shrinks 24 Percent In Q3GDP Falls For Fifth Straight Q3, Local Government Says |
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Macau’s GDP fell 24 percent in the third quarter, according to government data released Monday. The drop was less than the 26.4-percent contraction seen in the second quarter.
The local government also said this week that gaming revenue in November was 32 percent less than the same month last year. It was the 18th straight month that the region has seen gambling win tumble.
According to Bloomberg, Macau’s economy has now contracted for five straight quarters. Roughly two thirds of the city’s economic activity is from casino gambling.
The VIP gambling segment once accounted for 70 percent of Macau gaming revenue, but that portion of the pie is dramatically shrinking as the casino industry tries to cater to mass-market customers rather than high rollers.
The Chinese government has said that it wants Macau to diversify its economy and the casino industry there to provide more non-gaming amenities. However, the casino industry has responded by saying that gaming floors are what make a casino profitable.
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