Macao’s Gambling Revenues Drops Compared to Previous Year
Macao gambling revenue fell 34 percent in the month of July compared to the previous year, floating around a five year low as wealthy Chinese people are staying away from the biggest gambling hub in the world. But the decrease in revenue is much narrower compared to the 36 percent drop in June and in sync with the estimates of a fall between 34 to 37 percent.
Year on year the gambling revenue fell to around 18 billion patacas and based on a data that was released by Macao government, revenues in June fell to 17 billion patacas. Macao is the only legal casino hub in China and mainland visitors accounts for almost 70 percent of its visitors to the special administrative region, but gambling revenues fell in the past 14 months even with a broader crackdown on corruption.
VIP customers were also the bulk of the gaming revenues is staying away from Macao in hopes to avoid scrutiny. And travel agents who organize gamers trips have been hit hard by the slow economy of China. And even with the drop in revenues Macao still makes more revenues five times over that Las Vegas.
Experts are hoping that the city’s revenue will improve in the second half of the year once its new attraction will open Melco’s Studio City integrated resort that highlights a ferris wheel and a Batman themed ride as their main attractions but betting from gamblers is likely to remain subdued. VIP gaming revenue fell 55 percent from 70 percent in the early 2014.