Macau gaming revenue last month slipped for the third straight month, marking the worst annual decline since 2015 as the world’s largest gambling hub struggled to lure high rollers amid geopolitical tensions and an economic slowdown.
Gross gaming revenue was 22.84 billion patacas (US$2.85 billion), down 13.7 percent from a year earlier, according to data from the Macau Gaming Inspection and Coordination Bureau.
That was lower than the median analyst estimate of a 15 percent fall.
Full year revenue, at 292.5 billion patacas, was down 3.4 percent from 2018.
The latest numbers show continuing pain for casino operators.
XI EFFECT
Arrivals last month were further crimped by Chinese President Xi Jinping’s (習近平) visit to the territory to celebrate the 20th anniversary of Macau’s handover.
This meant tighter visa policies, travel restrictions and enhanced border security.
Last year was particularly challenging for the industry as it faced trade dispute uncertainty, a slowing Chinese economy, escalating protests in Hong Kong and a crackdown on cross-border gaming that squeezed junkets and the VIP sector.
Meanwhile, rival gaming destinations, such as Vietnam, are threatening to chip away at Macau’s dominance.
This year might be better for casino operators as new hotel supply and infrastructure improvements kick in.
Xi urged the territory to diversify its economy, and carve out a wider role in the Greater Bay Area and his signature “One Belt, One Road” initiative.
INDEX
The Bloomberg Intelligence index of Macau operators rose 12 percent last month as investor sentiment improved over signs of a trade truce and Beijing’s supportive stance toward the territory.
That compared to a 7 percent gain in Hong Kong’s benchmark Hang Seng index.
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