The city’s economy shrinks due to its gaming revenue slump – Macau

Macao’s gaming industry has been experiencing revenue slump these days, resulting such a negative impact on its overall economy. In the first quarter of this year, the Gross Domestic Product (GDP) of the chinese No.1 gaming city fell by 24.5%, then 7.3% in the second quarter. Macao’s Statistics and Census Bureau highlighted in their report that the downward trend was partly due to the decline in both tourism and gaming revenues. In fact, casino’s turnover plummeted by 39.7% and that of tourism activities shrank by 17.7%. According to local gambling operators, the anti-corruption measures implemented by the Xi Jingping government contributed to the fall in revenue.

The anti-corruption campaign led by the Chinese authorities somewhat drove VIP clientele out of the city. Subsequently, fewer and fewer customers visit Macao casinos. As a reminder, The China-styled Las Vegas pulled in over $ 35 billion in turnover in 2014. This year, the situation gets worsened, prompting gaming facility owners to take decisive measures. An illustration, the Melco Group, one of the leading gaming company in the region, is planning to withdraw from the Hong Kong stock exchange.

June 22, 2015 by : posted in CASINO, NEWS No Comments

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