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Macau posts best gambling revenue result in 20 months
[HONG KONG] The Chinese territory of Macau on Tuesday posted its best monthly gambling revenue performance since October last year, boosted by an increase in tourist numbers over the Lunar New Year holiday to the world's largest casino hub.
The former Portuguese colony said growth in gambling revenue dropped 0.1 per cent to 19.5 billion patacas (S$3.37 billion), above analysts' expectations of a fall of 2-10 per cent. It was the 21st consecutive monthly fall, but the smallest decline in 20 months.
Macau's economy, which relies on the casino industry for over 80 per cent of government revenues, has been hit a decline in big spending VIP gamblers as a prolonged anti-corruption campaign launched by the Beijing government in 2014 curbs conspicuous spending. Gambling revenues have been languishing at more than five-year lows.