Macau Gambling Revenue Declines By 12% In Second Quarter

Macau had a quick rise to fame in the casino gambling market. They have overtaken Las Vegas as the gambling capital of the world by enticing Chinese gamblers to stay close to home instead of traveling across the world to place bets.

In the past year, however, the Chinese government has tightened visa restrictions on their residents, and it has caused a major decline in revenue for Macau casinos. For the second quarter of 2009, revenue fell by 12.2% from the same period last year.

The city's Gaming Inspection and Coordination Bureau released the figures that showed gambling revenue to be $3.21 billion in the second quarter. There is little doubt that the visa restrictions had almost everything to do with the revenue decline.

"Macau was pulling most of their business from the Chinese mainland," said observer Jackson Walker, "with the visa restrictions tightened, it was a certainty that the casinos in Macau would be hurt. Hopefully soon the restrictions will be lifted."

The Chinese government has been contemplating easing the restrictions. The government put the restrictions in place to help stop money laundering and prevent gambling [problems, but they have since softened their stance.

Many of the biggest names in the casino industry have resorts in Macau. Wynn Resorts, MGM Mirage, and Las Vegas Sands all have casinos in the area, and several of the developers are in the process of expanding their Macau gambling options.

July 20, 2009
Posted By Tom Jones
Staff Editor, CasinoGamblingWeb.com
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