Macau casino revenue falls for third month

[HONG KONG] Macau casino revenue was worse than analysts estimated in August, falling a third straight month as China's anti-graft campaign curbed gambling by VIPs. Casino shares dropped.

Total gross gaming revenue in the world's biggest gambling hub declined 6.1 per cent to US$3.6 billion last month, Macau's Gaming Inspection and Coordination Bureau said on Monday. That compares with the median estimate of a 2 per cent decrease from seven analysts surveyed by Bloomberg News.

Chinese President Xi Jinping's probes into corruption and lavish spending have coincided with crackdowns by Macau's casinos on methods some gamblers use to transfer money from China, crimping cash from high-rollers. Efforts by the resorts to shift tables and attractions to attract more mass-market visitors aren't keeping pace with the decline in VIPs, who still account for about two-thirds of gaming revenue.