{"id":121281,"date":"2019-12-02T10:54:42","date_gmt":"2019-12-02T18:54:42","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=121281"},"modified":"2019-12-02T12:13:39","modified_gmt":"2019-12-02T20:13:39","slug":"macau-casino-revenue-fell-8-5-percent-in-november","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/macau-casino-revenue-fell-8-5-percent-in-november\/","title":{"rendered":"Macau Casino Revenue Fell 8.5 Percent in November as Gaming Hub Continues to Battle Headwinds"},"content":{"rendered":"

Gaming revenue at Macau\u2019s casinos in November fell 8.5 percent year on year to $2.8 billion, as headwinds continue to buffet the world\u2019s biggest gambling hub. It\u2019s the sharpest fall in a year that has already seen seven months of year-on-year slumps. Revenue is down 2.4 percent for the year to date.<\/p>\n

\"Macau
Macau\u2019s casino revenues are down year on year, but they still beat analysts’ predictions. (Image: Time Out)<\/figcaption><\/figure>\n

A slowing Chinese economy, weakened yuan, and the ongoing trade war between China and the US have all combined to dampen the financial outlook. The recent civil unrest in nearby Hong Kong may also have played a role in stymieing visitation to the region.<\/p>\n

A recent attack by Chinese State Media<\/a> on Macau\u2019s biggest junket operator, Suncity, has had a negative effect on the sector\u2019s VIP segment.<\/p>\n

\u00a0<\/strong>Will Xi Turn Up?<\/strong><\/h2>\n

Meanwhile, the forthcoming 20th<\/sup> anniversary of the special administrative region\u2019s (SAR) secession from Portugal has led mainland officials to implement tighter visa policies<\/a> on visitors to Macau. An influx of Chinese dignitaries and politicians is expected to descend on the SAR in the coming weeks, and officials are preparing the ground.<\/p>\n

From November 22 to December 20, tourists entering Macau through the individual visitor scheme or through a packaged tour visa will only be permitted to visit once during the period.<\/p>\n

\n

There has also been speculation that President Xi Jinping himself could be planning a visit, which could result in high rollers staying away. But equally, Xi could choose to swerve the region because of the Hong Kong protests.<\/p>\n<\/div>\n

Despite the sooner-than-expected visa restrictions, the sector beat analysts\u2019 expectations. According to Bloomberg<\/em>, the median prediction was that growth would decline by ten percent.<\/p>\n

Analysts cautioned against comparing 2019 with 2018 \u2013 a bumper year for the casino sector, filled with double-digit growth. They expect December to be down 10 percent year on year, with a slightly brighter outlook predicted for 2020, with a 3 percent increase across the year.<\/p>\n

New Blood<\/strong><\/h2>\n

On Sunday, Macau appointed a new Secretary for Economy and Finance, Lei Wai Nong, who will oversee the gaming industry as it enters a crucial re-licensing process<\/a>. Lei is part of a new lineup of government officials chosen by the SAR\u2019s new chief executive, the pro-Beijing Ho Iat Seng.<\/p>\n

\u201cMany interests are involved in the gaming sector,\u201d Lei told a press conference Sunday, as reported by GGRAsia<\/em>. \u201cI would like to emphasize that serving the public interest, the people\u2019s interest, is the [government\u2019s] priority\u201d in terms of gaming policy.<\/p>\n

\u201cWe have to fully assess the existing gaming concession contracts, in place for almost 20 years,\u201d Lei added. \u201cBased on such assessment, we will eventually introduce some changes [and] solve some shortcomings [in the licensing process]\u201d he added.<\/p>\n

The new government will be sworn in on December 20.<\/p>\n","protected":false},"excerpt":{"rendered":"

Gaming revenue at Macau\u2019s casinos in November fell 8.5 percent year on year to $2.8 billion, as headwinds continue to buffet the world\u2019s biggest gambling hub. It\u2019s the sharpest fall in a year that has already seen seven months of year-on-year slumps. Revenue is down 2.4 percent for the year to date. A slowing Chinese […]<\/p>\n","protected":false},"author":36,"featured_media":121284,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[69069,10],"tags":[],"acf":[],"yoast_head":"\nMacau Casino Revenue Fell 8.5 Percent in November<\/title>\n<meta name=\"description\" content=\"Macau casino revenue may be in a downward spiral. 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