Macau Gaming Revenues Fall For 26th Consecutive Time in July
The worlds’ largest gambling Hub Macau continues to record declines in gaming revenues. For the 26th consecutive month revenues for the month of July fell by 4.5% from last year to $2.2 billion amidst the now policy of a permanent crackdown on corruption in the former Portuguese colony.
Macau has been the focus of attention by the Chinese authorities who have made it their mission to ensure that other sources of revenues become central to the Macau economy. This process has been painful and has hit the gaming hub very hard as over 80 percent of government taxes in Macau come from gaming revenues.
Revenues have hit a five year low as as the former Chinese VIP high rollers and government officials have been scared away by the crackdown on corruption. Despite the drastic drop in revenues over the last 26 months, most believe that it is just part of the cycle of gambling and Macau will recover as soon as they become more focused on being an entertainment hub which has gambling and not solely just gaming options. Macau’s top leader Fernando Chui is optimistic and expects positive growth already next year.