Macau Casinos Experience Worst Monthly Revenue Decline In Four YearsAnnual Gaming Revenue Reaches $36.47 Billion, Down 3.4 Percent From 2018 |
|
Macau casinos closed out 2019 with its third straight month of revenue decline and its worst year-over-year drop since 2015.
According to statistics released by the region’s Gaming Inspection & Coordination Bureau, Macau gambling operators generated $2.85 billion in gaming revenue, which represents a 13.7 percent drop from December 2018.
The drop is even steeper than the staggering 8.5 percent drop casinos experienced in November.
December’s figures brought the annual revenue to $36.47 billion, which was down 3.4 percent from 2018.
Despite the massive drop, it was still slightly better than expected. According to Bloomberg, most analysts were anticipating a 15 percent revenue decline. The financial media outlet also cited the region’s inability to lure the high rollers it became accustomed to thanks to an economic slowdown in China and geopolitical tensions in the area.
As was the case with most of the year, the looming trade war with the United States coupled with escalating protests in Hong Kong dampened casino profits.
President Xi Jinping’s arrival in Macau furthered those declines. With Jinping in the city to celebrate the 20th anniversary of the former Portuguese colony becoming part of China, visa policies were tightened as were travel restrictions, and there was more stringent border security.
Xi urged Macau to “diversify its economy” during his visit to the city, but with improved infrastructure coming in 2020, some believe that the new year should bring a rebound to the industry.
This was the eighth time in 2019 that Macau saw year-over-year declines in monthly revenue reports.
Copyright © 2001-2024
CardPlayer.com. All rights reserved.
