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13th consecutive month of casino revenues declining in June - Macau
The casino gambling industry in Macau continues to fall for the 13th successive month according to the new figures published in June by the Macau's Gaming Inspection and Coordination Bureau. Macau's casinos generated less than $ 2.2 billion in revenue in June, a decrease of 36% compared to the same month of last year. This income is the lowest ever recorded by the gambling establishments in this Special Administrative Region of China since November 2010. The peninsula’s gambling revenue declined by 37% over the first six months of 2015 compared to the same period of the year. However, analysts believe that the situation could improve in the coming months as the plummeting is much less than expected by analysts. Indeed, things seemed to improve in June compared with forecasts of some analysts.
According to Steven Wieczynski of Stifel Nicolaus Capital Markets gaming analyst, there is a modest improvement in the sector last month although the 36% decrease is year on year is far from encouraging. From July, incomes will improve further with the limbering up of rules visit to Macao. Indeed, the central government has authorized the residents of mainland China to visit Macao twice a month for a maximum stay of 7 days against 5 before. The decision could also boost tourism. But we must recognize that the Chinese government's anti-corruption policy still affects the revenues of the casinos of Macao. It is the same for the smoking ban in casinos which could reduce revenues of around 10 to 15%. The Macau government will introduce the bill on the general prohibition on smoking in public places this week.
Source: Oliver JOHNSON
Tuesday, 07 July 2015
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