Macau casino slump eases for fifth straight month in July

Hong Kong

THE downward spiral of Macau's casino industry is abating, albeit slightly, as a revenue slump eased a fifth straight month in July, the same month the city relaxed rules for Chinese citizens entering the gambling hub.

Gross gaming revenue fell 34.5 per cent to 18.6 billion patacas (S$3.2 billion), according to data released by Macau's Gaming Inspection and Coordination Bureau, in line with the median estimate of seven analysts surveyed by Bloomberg.

The world's largest gambling hub has seen revenue decline since June 2014, hurt by an economic slowdown in China and Beijing's anti-graft campaign that deterred high-stakes gamblers. Starting July 1, Macau's government allowed mainland China passport holders to visit more frequently and stay longer, a surprise easing of entry rules that gave hope it would be …