Anti-corruption campaign hits Macau revenue
Print Edition
CASINO revenue in Macau fell for a second straight month in July as Chinese high rollers stayed away because of corruption crackdown.
Official data released yesterday show that revenue fell 3.6 percent to 28.4 billion patacas (US$3.6 billion) last month compared with a year earlier.
The decline comes after revenue fell in June for the first time since the end of the global financial crisis five years ago. The city on the southern Chinese coast near Hong Kong raked in US$45 billion in casino revenue last year, seven times more than the Las Vegas Strip.
Wealthy Chinese have powered Macau’s boom but analysts say some are avoiding the city as the ongoing corruption clampdown discourages lavish spending.
Revenue from private high-stakes, or VIP, baccarat tables likely fell by a fifth, said Grant Govertsen, analyst at Union Gaming Research. “The anti-corruption crackdown seems to be accelerating,” Govertsen said in a research report.
That is likely to result in continued pressure on VIP gamblers, he said.
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