Macau鈥檚 casinos hit hard in Xi鈥檚 crackdown
Print Edition
MACAU’S casinos saw their worst monthly performance in almost a decade as analysts yesterday blamed the Chinese mainland’s corruption crackdown for denting the industry’s upmarket segment.
Official figures showed that gambling revenues in the world’s biggest gaming center plunged by 23 percent in October to 28.025 billion patacas (US$3.51 billion), when compared with the same month of last year.
The magnitude of the decline is the highest since such data became available in 2005, analysts say.
They predict that the slump will continue until next year as the city struggles to shift its focus away from its traditional dependence on big spenders from the Chinese mainland.
Mainland high rollers have been reined in by an anti-corruption drive initiated by President Xi Jinping, who has warned graft could destroy the Party.
He has vowed to crack down on high-ranking officials, described as “tigers,” along with low-level “flies,” in a campaign which includes restricting lavish expenditure.
“(The) VIP (sector) is slowing due to anti-corruption and the tightening of junket liquidity,” CLSA analyst Richard Huang said.
Huang said mass market tourism had potential to be a money-spinner for Macau but there were not yet enough facilities available for visitors.
“For the mass market there is a lack of hotel rooms. It’s not going to be solved until new casinos open,” he said.
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