Macau Suffers a Third Year in Revenue Loss
According to the recent published findings of the Gaming Inspection and Coordination Bureau, Macau has had another year of revenue decline. This marks the third consecutive year in which the world renowned gambling destination - aptly nicknamed Las Vegas of the East – has seen a drop in financial return.
However, in spite of its loss, Macau’s final 2016 gambling revenue figures revealed a 3.3% gross revenue decline, which is notably lower compared to the 34.3% plummet in its gambling revenue in 2015.
Furthermore, in the last 5 months of 2016, the monthly gross revenue experienced a boost compared to 2015, with December recorded with a year-on-year growth of 8%. This reversal of fortune that was seen in the third and fourth quarters of last year is believed to be due to the new casino resorts in the region.
“Macau gaming, now firmly at the bottom of the cycle, has better long-term prospects given investments in new supply, improvements in mass market indicators and under-penetration of gaming throughout the rest of Asia,” stated Senior Director of U.S. Corporates Alex Bumazhny, in regard to the Asian market.
With any luck, 2017 will be the best revenue year Macau has had since China’s campaign against corruption, which began back at the start of 2014.