Macau gaming revenue drops in December by most since March 2016 as security lockdown deters visitors
- Revenue drops 13.7 per cent in December, the most since March 2016, as tighter border controls deter gamblers and visitors
- President Xi Jinping visited Macau in late December as city marked 20th anniversary of handover from Portuguese rule
Gambling revenue in Macau fell in December by the most in nearly four years, as the Chinese city came under a security lockdown ahead of President Xi Jinping’s visit to celebrate the 20th anniversary of its handover from Portuguese rule.
Gross gaming revenue in the world’s biggest gambling hub dropped 13.7 per cent to 22.84 billion patacas (US$2.85 billion) from a year earlier, the steepest since March 2016, according to data published by the Gaming Inspection and Coordination Bureau.
It was a third straight month of declines, though smaller than the median estimate for a 15 per cent drop based on a Bloomberg poll of analysts.
For the full year, revenue was 3.4 per cent lower at 292.5 billion patacas, following two years of gains, amid tepid demand from high rollers amid the US-China trade war and protests in neighbouring Hong Kong.
Xi visited Macau for three days last month, during which a new government for the administrative region was sworn in. The tighter border security in the build-up was a key reason for December’s muted performance, with visa restrictions keeping many gamblers away.