Hong Kong

FOR Macau casinos analysts, this is what capitulation looks like.

As revenue declined month after month this year, they have steadily cut their estimates for how the year will turn out. In January, they forecast a slight increase in overall casino revenue after the 2.6 per cent decline in 2014, the first drop in the city's history. That estimate kept sliding throughout the year until the median estimate from 12 analysts surveyed by Bloomberg is now for a 32 per cent slump.