The anti-corruption campaign driven by China’s leaders have led to poor takings in the casinos of Macau.
October brought their worst monthly revenue performance on record and was the fifth month in a row of declining revenue.
Total casino revenue dropped 23.2% compared to October last year, the worst result since the city started recording the data in 2005. Total income was £2.19bn.
Macau formerly was a colony of Portugal from the mid-1550s when the first Portuguese traders settled there until late 1999.
The Portuguese government legalised gambling there in the 1850s.
Macao has gone on since then to become the world’s biggest gaming centre, outstripping even Las Vegas. It has continued to rely on gambling tourism for its development, which have helped it become one of the world’s richest cities.
It is the only place in which China permits casinos, but the recent anti-corruption drive has made gamblers become a bit more circumspect.
Comments
Democracy and a world class economic juggernaut in Hong Kong from the British. Currently people protesting to protect their democracy ...
Gambling and uncontrolled corruption from the Portuguese. No idea at all of democracy left behind - not having it in Portugal - so no locals protesting ...
And GDP ... Hong Kong vs Macau ? Hong Kong's output is 6 X more than Macau.
Says it all really !
http://en.wikipedia.org/wiki/List_of_Chinese_administrative_divisions_by_GDP#GDP_data_for_Hong_Kong_and_Macau