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Macau's gambling revenue hit with first annual fall | Macau's gambling revenue hit with first annual fall |
(about 1 hour later) | |
Gambling revenue in Macau, the world's biggest gaming hub, has fallen for the first time on an annual basis since its casinos were liberalised in 2001. | Gambling revenue in Macau, the world's biggest gaming hub, has fallen for the first time on an annual basis since its casinos were liberalised in 2001. |
Revenue fell 2.6% in 2014 to $44.1bn (£28bn), with December seeing a record 30.4% drop in revenue from a year ago. | Revenue fell 2.6% in 2014 to $44.1bn (£28bn), with December seeing a record 30.4% drop in revenue from a year ago. |
The territory's annual revenue is still almost seven times that of Las Vegas, the world's second biggest gaming hub. | The territory's annual revenue is still almost seven times that of Las Vegas, the world's second biggest gaming hub. |
But, December saw the seventh consecutive monthly revenue decline for its casino, extending the downtrend. | But, December saw the seventh consecutive monthly revenue decline for its casino, extending the downtrend. |
The data released on Friday by Macau's Gaming Inspection and Coordination Bureau was not a surprise for market analysts, who had expected revenue to decline by 29-33% last month. | |
The prolonged slump in the sector has been blamed on the Chinese government's campaign to rein in conspicuous spending and corruption. | The prolonged slump in the sector has been blamed on the Chinese government's campaign to rein in conspicuous spending and corruption. |
Gaming revenue in Macau fell almost 20% in November from the previous year, while October's fall was over 23% for the same time period. | Gaming revenue in Macau fell almost 20% in November from the previous year, while October's fall was over 23% for the same time period. |
Casinos hit | Casinos hit |
Macau, a special administrative region of China, is the only place in the country where casino gambling is legal. | |
Its growth skyrocketed after several international gaming companies opened resorts there when Chinese authorities ended a government-sanctioned casino monopoly in 2001. | Its growth skyrocketed after several international gaming companies opened resorts there when Chinese authorities ended a government-sanctioned casino monopoly in 2001. |
But now the Chinese government wants the region to diversify its economy from its reliance on gaming to sectors such as culture, sports and retail. | |
Shares of casinos listed in neighbouring Hong Kong fell by between 32% and 51% in 2014, underperforming the benchmark Hang Seng index, which fell just 2%. | |
Shares of big names such as Wynn Macau, Melco Crown and Galaxy Entertainment were down more than 2.5% after the figures were released on the first trading day of the new year. | |
Macau's casinos have lost a combined $58bn in market value over the past six months, according to Reuters. | Macau's casinos have lost a combined $58bn in market value over the past six months, according to Reuters. |
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