Macau Casino Gambling Revenue Down For Third Quarter

The new casino gambling capital of the world, Macau, had been burying Las Vegas in revenue dollars. That is until the world's credit collapse of the past several months.

Many experts believed that Macau was still thriving while Las Vegas casinos struggled to stay afloat in these tough economic times in the United States. These experts are now learning that it is the whole world that is struggling, not just the United States.

Casino gambling revenue was down ten percent for the third quarter. That is according to the Macau Gaming Inspection and Co-ordination Bureau. It was a loss of $3.2 billion from the same quarter last year.

There is no doubt that the credit crunch that is facing global markets has much to do with the decrease. Las Vegas had been feeling the effects of the economy for several months, and now Macau appears to be facing the same challenges.

The global economic crisis has several casino operators rethinking their plans of expansion in Macau. Las Vegas Sands Chairman Sheldon Adelson has told Reuters that he will scale back his efforts to raise $5.25 billion for a Cotai Strip project. he claimed he will most likely do a more modest expansion.

October 20, 2008
Posted By Tom Jones
Staff Editor, CasinoGamblingWeb.com
Submit News!