Macau completes two years of continuous decline

Macau completes two years of continuous decline

Thursday, June 2, 2016 Totally Gaming
The Chinese province's fall was greater than expected in May

Macau’s gaming industry experienced a greater year-on-year loss than expected during May, as two years of unabated decline continued.
 
The Macau Gaming Inspection and Coordination Bureau announced revenue of 18.4bn patacas ($2.3bn) during the month, which was a 9.6 per cent fall compared to May 2015. That figure was worse than the eight per cent decline predicted by analysts surveyed by the Bloomberg news service.
 
While the Chinese province’s gaming industry contracted for a 24th consecutive month, the percentage fall was at least in single figures, as it has been for much of 2016. In comparison, Macau’s gambling industry declined by 34 per cent over the course of 2015. 
Bloomberg reported that analyst Jamie Soo, of Daiwa Capital Markets Hong Kong, said the decline in May was “partly due to the tightening policies on the industry, especially the recent ban on phone betting”.

Hong Kong-listed casino operators extended losses after the data was announced, with Bloomberg Intelligence’s index of Macau gaming stocks plunging 2.4 per cent, compared with the 1.2 per cent drop at the mid-day break in trading.

TotallyGaming.com says: “While the drop was greater than expected, the last few months suggest that Macau’s decline has plateaued somewhat. The sector must continue to diversify if it is to return to growth.”

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