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Macau Oct gambling revenue falls 23%, worst drop on record
[HONG KONG] Gambling revenue in the world's biggest gambling hub Macau fell 23 percent year-on-year in October, the steepest drop on record, as China's pervasive war on corruption, combined with fewer tourists and slowing economic growth, damp the appetite to wager.
Gambling revenue from Macau's 35 casinos fell to US$3.5 billion in October, the fifth consecutive monthly decline this year, from 36.5 billion patacas (S$5.8 billion) a year earlier, according to data released by the Macau government on Tuesday. Analysts were expecting a 20 per cent to 23 per cent decline.
The southern Chinese territory of Macau, a special administrative region like neighbouring Hong Kong, is the only place in China where casino gambling is legal. Macau made US$45 billion in gambling revenue last year.
China's two-year-old crackdown on corruption has kept wealthy, big-spending gamblers away and a slew of factors over the past six months have decreased the number of so-called "mass market" gamers from the mainland.