It’s now official Macau has suffered the worst year in terms of revenues since the world’s largest gambling hub was liberalised back in 2001.
The local government released the December and annual figures showing that Macau revenues for the year fell by 2.6% from the previous year to $44.1 billion, however that is still nearly seven times that of Las Vegas.
The Macau’s Gaming Inspection and Coordination Bureau also announced that December faired worse than analyst’s expectations with a 30.4% drop in revenues compared to the same period in 2013, predictions for the month were between 29% and 33%. It is also the seventh straight month of revenue declines for Macau.
Many have blamed the Chinese President Xi Jinping and his two year war against high level corruption for scaring away many VIP gamblers from the small island that lies just off Hong Kong.
In a recent visit to Macau the Chinese President said that the gambling hub should diversify away from just gambling to avoid further revenues losses.
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