Macau Revenues Drop Again In April By 38.8 Percent
Not that it surprises anyone but the worlds’ largest gambling hub Macau has recorded their 11th consecutive month of falling revenues. As we have reported extensively the once undisputed playground for China’s rich and influential class has been the subject of a crackdown.
Chinese leader Xi Jinping is determined to not only to come down heavily on corruption but also to ensure that Macau diversifies from gambling which until now has been the main income generator for the regions.
Chinese government officials and VIP high rollers were the mainstay of the Macau casinos and since the crackdown they are wary of being caught in the police net.
April saw revenues fall by 38.8 percent from the same period last year. Gambling revenues in April fell to $2.40 billion.The drop was in line with analyst’s forecasts which were around 38-40 percent. The light at the end of the tunnel is getting harder to see despite the positive voices like that of Sheldon Adelson who believes the current downturn is just cyclical and part of gambling.