Macau Casinos See Revenue Drop For Seventh Time In 2019Gaming Operators Won $2.8 Billion In November, On Pace For First Annual Dropoff In Three Years |
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Macau casinos saw gaming revenue plunge 8.5 percent in November, according to numbers released by the country’s Gaming Inspection & Coordination Bureau.
The region’s operators generated $2.8 billion in gaming revenue in November. It was the seventh time this year and the second straight month that casinos have experienced a year-over-year decline. With just one month left in the year, Macau is on pace for its first annual revenue reduction since 2016.
Despite a large drop-off, the numbers were still better than analysts were anticipating. According to Bloomberg, the consensus was that there would be a 10 percent decrease year-over-year.
Outside of gambling, the region has seen tough times, which has been the main cause of the down year in Macau. The same reasons have been floated around month after month when looking for explanations of the, by Macau standards, less than stellar results.
Analysts continue to point to the trade war between China and the United States, a lackluster Chinese economy that has been its most sluggish since the 1990s, escalating protests and outbreaks of violence in Hong Kong and a crackdown on money laundering that has led to the exit of VIP gambling have not been friendly to the casino industry.
There was one reason specific to the November downturn, however. Visa policies to Macau were tightened because of an expected visit to Macau by President Xi Jinping for the 20th anniversary of Portugal giving the region to China making it tougher for tourists to travel t.
Through the 11 months of 2019, Macau casinos have won $32.84 billion from gamblers and is still far and away the biggest gambling market on the planet.
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