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Launch of austerity measures under a reduction of casino revenue in July - Macau
On the occasion of his visit to the fair of youth employment last weekend, the Secretary for Economy and Finance of Macao, Lionel Leong Vai Tac, estimated that the revenue of the casino in July would not exceed 18,4 billion patacas. The official figures are expected in early August. Macau is the only region where casino gambling is allowed in China. But despite this monopoly, revenues have continued to decline over the last 13 months. According to figures recorded over the scores of days of the current month, the Secretary for Economy and Finance is quite perplexed on revenue of July for them to exceed 18 billion patacas. And if there is an increase, it should not exceed one billion from last month. In June, gambling revenue of the six casino operators in Macao amounted to 17.4 billion patacas.
If the estimate is confirmed by the official figures published on August 3 by the Inspection and Coordination Bureau of Macau gaming, austerity measures are required. Leong plans to meet in early August the Chief Executive of Macao of the Special Administrative Region, Fernando Chui Sai On, to determine the measures to revive the sector. Social services will also be spared of these austerity measures. The unemployment rate in Macao was 1.8% in May 2015, which is still lower than in surrounding areas.
Source: Oliver JOHNSON
Monday, 03 August 2015
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