Macau figures confirm two years of decline
Macau recorded its 24th consecutive month of decline as its gambling industry shrank by 9.6% during May.
In figures released by the Macau Gaming Inspection and Coordination Bureau, the Chinese province accrued revenues of 18.4 billion patacas (€2.1 billion/$2.3 billion) during the month.
The figures were worse than those predicted by many analysts, who expected a fall of around 7% according to the Shanghai Daily newspaper.
Monthly revenues are now around half of what they were two years ago when the Chinese authorities began an anti-corruption campaign. Slowing economic growth in the region has also been identified as a major contributor to Macau’s problems.
However, with the level of decline seeming to soften – revenues fell by more than 30% in 2015 – analysts believe there is cause for some optimism.
“Long-term, we believe Macau can capitalize on the rising Chinese demand for holiday leisure travel,” Vitaly Umansky, analyst at Bernstein in Hong Kong, told the Shanghai Daily.
Related article: Macau gambling revenue slumps to five-year low in 2015