Macau's gambling revenue falls
Posted by Gavin Smith on 21 Jul 2009 at 11:07
The world's biggest gaming market could record its first ever year-on-year decline since it opened up internationally, according to reports.
The Financial Times said the enclave of Macau, a Chinese special administrative region, has reported a 12.4 per cent fall in first half casino revenue.
If this fall continues, 2009 will be the first shrinking in the market since Stanley Ho's monopoly was breached in 2002.
Macau's liberalisation has attracted international interest and investment by some of the biggest companies in world casino development.
But the enclave has not been immune to the international downturn and has seen consumer numbers fall. Developers including Las Vegas Sands have put developments on hold.
The former Portuguese colony relies on visitors from mainland China and the government has recently tightened the restrictions on visas for its citizens, leading to a fall in customers.
But there have been some positive developments of late, when the City of Dreams opened in June, the resort built by Lawrence Ho, son of Stanley, and Australian James packer, which led to a brief boost in headcount.
Big spenders have traditionally driven the Macau market, with the Financial Times pointing out that high rollers account for about two thirds of casino revenues in Macau.
