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Macao's gaming revenue drops to 5-year low in Nov.

Xinhua, December 1, 2015 Adjust font size:

Macao's gaming revenue in November dropped 32.3 percent to 16.4 billion patacas (about 2.1 billion U.S. dollars), marking the lowest revenue in five years from September 2010, according to Macao's industry regulator on Tuesday.

Gaming revenue saw the 18th straight month decline, leading the region's gross domestic product (GDP) to shrink 25 percent in the first three quarters of the year.

According to the Gaming Inspection and Coordination Bureau, Macao generated 212.5 billion patacas (about 26.6 billion U.S. dollars) from casinos for the past 11 months, a decline of 35.3 percent compared with the same period a year before.

Macao's gaming industry has entered an adjustment period. According to past experience, the revenue of November used to be 3 billion to 6 billion less than October, so the performance of the industry met the expectations, said Leong Vai Tac, the secretary for economy and finance.

Leong estimated that the GDP of Macao for the whole year is about to contracted by 20 percent, but local employment situation stands stable, and household consumption remains rational.

Paulo Martins Chan, director of the Gaming Inspection and Coordination Bureau promised to review and improve the laws and regulations of the gaming industry comprehensively and encourage the sustainable development of gambling enterprises on oath-taking ceremony Tuesday. Endit