Daily Management Review

Fight Against Corruption in China Brought Macau's Economy Down


03/03/2016


Macau's economy has fallen to 20.3% last year. The main reason for that was massive anti-corruption campaign in China and the country’s economic downturn. The world's largest center of gambling casinos is facing falling revenues and a reduction in the number of visitors.



Diego Delso
Diego Delso
In the IV quarter, as a result of lower exports of tourism and gaming services, economy of the Chinese city has fallen by 14.4%.

Recall that the region's economy decreased by 24.2% in the III quarter.

Anti-Corruption Campaign of President Xi Jinping has forced many to refrain from traveling to Macau, the only place in China where casinos operate legally.

Macau gambling market has bottomed, but the growing number of Chinese tourists, as a result of last month's celebration of Chinese New Year, allowed to slow down the decline in the industry, which has been lasting for 21 months.

Revenues of gambling fell 0.1% to 19.5 billion patacas ($ 2.4 billion) in February, showing a minimal decline since the recession that started in June 2014.

Tour operators such as Galaxy Entertainment Group Ltd., opened spas targeting tourists and families, making a bet on the market gamblers, to compensate for loss of VIP-clients. Sands China Ltd. and Wynn Macau Ltd. also intends to develop their multi-billion dollar projects in the second half of this year.

Macau casino industry experienced a decrease in revenue since the middle of 2014, as the economic slowdown in China and the campaign against corruption discouraged Chinese VIP-players, as well as had a negative impact on the mass gaming market.

source: bloomberg.com






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