Macau’s gambling takings fall 37% in May
Print Edition
GAMBLING revenue in Macau plummeted 37 percent in May, marking one year of consecutive monthly declines as wealthy gamblers continued to steer clear of China’s casino hub.
In a trend that’s forcing casino operators to diversify into entertainment and retail business, revenue in the world’s biggest gambling center has been falling since President Xi Jinping began a crackdown on corruption targeting illicit outflows of money from China’s mainland.
Data released by the Macau government yesterday showed gambling revenue fell to 20.3 billion patacas (US$2.5 billion) from 32.4 billion patacas a year earlier.
Steep as it was, the drop was in line with analysts’ forecasts for a fall of around 38 percent. May’s tumble was also less than those recorded in the three previous months, helped by the fact that May included a national holiday, stoking leisure spending, as well as the opening of two new Galaxy Entertainment Group Ltd resort projects.
The city, which relies on the gambling industry for over 80 percent of revenue, reported a 25 percent economic drop in the first quarter, the most since quarterly numbers became available in 2002.
Keen to cut that reliance, Macau has been forcing casino operators to diversify into other non-gaming business.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
