Over the course of the past year, the anti-corruption crackdown in Macau has led to massive declines in the gambling capital’s revenue. To help boost business and while ensuring that casinos remain free of corruption, the local government will be more involved in regulating Macau’s gaming market. Macau chief executive Dr Fernando Chui Sai announced the change at his annual policy address.
He stated that the government aims to improve growth in Macau to ensure that it continues to maintain its reputation as one of the world’s biggest and best gambling destinations. In 2014, Macau casinos earned $44 billion in revenue. This marked a 2% drop in revenue from the previous year, and it was the first time that Macau had ever seen a decline since the city opened up as a gambling destination in 2002.
The downward trend looks as though it will continue, as revenue has steadily and consistently declined for the past nine months. However, the government aims to prevent this from happening. Chui said: “After a decade of opening up and rapid growth of the gaming industry, the pace of development has started to slow down,” says Dr Chui.
“The government will strive to adjust the pace without changing the momentum, seeking stable growth amid adjustments”. In the meantime, Australian casinos continue to reap the benefits of Macau’s recent decline. Over the course of the past year, Australian casinos like The Star and Crown Melbourne have seen significant growth, as more VIP gamblers from China are making their way over.
Many casinos across the country are even renovating to include more luxury features that will attract even more Chinese high roller players who prefer not to gamble in Macau.
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