What now for Macau as gambling chief quits?

What now for Macau as gambling chief quits?

Monday, November 2, 2015 Totally Gaming
Manuel Neves will leave his role later this month

Macau’s gambling chief is to step down in the wake of the Chinese province recording a 17th consecutive month of decline.

Manuel Neves, head of the Macau Gaming Inspection and Coordination Bureau (DICJ), is to quit his post of 18 years later this month, according to the Reuters news agency.

The news came as Macau recorded a 28.4 per cent year-on-year decline in October, with $2.5bn (€2.27bn) taken by the region’s casinos. The fall came despite the opening of Melco Crown’s major new Studio City complex and the lucrative Golden Week holiday.

However, the industry was boosted by the end of an eight-month streak in which revenue had fallen by more than 30 per cent compared to the previous year’s period – which included a record drop of 49 per cent in February 2015.

The decline has been caused primarily by the Chinese government's crackdown on corruption, but while the authorities indicated in October that they would act to boost Macau’s economy, firm details have yet to be released.

“We continue to see a bifurcated Macau market, with mass market gaming volumes stabilising, aided by a modest improvement in overall visitation, and VIP market pressures persisting,” said Stifel Nicolaus Capital Markets gaming analyst Steven Wieczynski.

 

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