Casino revenue rises 2.6pc to 7.55b patacas

PUBLISHED : Wednesday, 03 December, 2008, 12:00am
UPDATED : Wednesday, 03 December, 2008, 12:00am

Macau casino revenues snapped a two-month losing streak last month, rising a modest 2.6 per cent from a year ago to 7.55 billion patacas, according to unofficial data. The figure represented a 15 per cent decline from the 8.9 billion patacas in revenue booked during the holiday month of October, data from Portuguese news agency Lusa showed.

Beijing's crackdown on visits to the city by mainlanders and signs of a credit crisis among VIP gambling junket agents have led to a drastic cool down of growth in the world's largest casino market. Revenue grew 45.2 per cent during the first eight months of the year but has slowed dramatically since.

The slowdown coupled with the financial crisis caused Las Vegas Sands Corp last month to lay off up to 11,000 construction workers and suspend work on a US$3.3 billion resort, while Galaxy Entertainment delayed the opening of its HK$10.5 billion resort.