Macau casinos suffer more revenue declines as high roller visitor declines continue. March was Macau’s 10th consecutive month of revenue decline, the second-worst month compared to March last year, with a 39% drop in revenue.
Total revenue in March was just $2.69 billion, according to the Game Inspection and Coordination Bureau. The lost revenue was exactly in line with a Bloomberg News poll that showed a 40% decline. Revenue fell 36.6% during the first quarter alone.
The drop is the result of a drop in the number of VIP players visiting casinos, and is expected to experience a continuous year-round decline in revenue. Individual visits appear to be on the rise, but the anti-corruption measures being taken in China have reduced the desire of people to visit Macau.
With Harborview Hotel recently opened in Fisher’s Wharf and Broadway Macao making its debut on May 27, expectations are rising that there will be some improvement in the second half of the year. Overall, Macau casino sales fell 49% in February, marking a record high performance. Chinese President Xi Jinping’s crackdown on corruption has hit the VIP market hard.
China insists Macau’s economy should be diversified in gambling and casinos. Macau is the only region in China that offers legal gambling, and when it was opened to foreign competition in 2002, it overtook Las Vegas to become the world’s casino hub. Macau’s gambling revenue is still higher than Las Vegas’s, even though revenue is down.