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Economy

Gaming revenues drop in Macao for tenth month in a row

1
2015-04-02 09:17CRIENGLISH.com Editor: Wang Fan

Macao's monthly gaming revenues have dropped for a tenth month in a row.

The Macao Gaming Inspection and Coordination Bureau released on Wednesday that the gross revenues of the industry plummeted by 39.4 to 21,487 billion patacas (2691. 9 billion USD).

It was also the second highest rate recorded after revenues from casinos dipped by nearly 50-percent in February.

The total gaming revenues for the first quarter stood at 64.777 billion patacas (8115. 2829 billion USD), down by 36. 6 percent compared to the same period last year.

Macao's gaming revenues have declined sharply since last June, while the region's gross domestic product shrank 0.4 percent.

The regional government has vowed to "appropriately diversify" its economy by expanding its portfolio to develop tourism, including upscale shopping malls, resorts and convention centers, and traditional Chinese medicine.

Macao is the only area of China which has legalized gambling.

It's been the backbone of the region's economy since the mid-19th century.

With 35 casinos, over 57-hundred gaming tables, Macao became the world's largest gambling location, overstepping Las Vegas in revenues nearly a decade ago.

The gaming industry makes up three-quarters of Macao's government revenues.

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