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MACAU JUNE REVENUES THE LOWEST SINCE 2010
01st July, 2015 at 07:48:41
Gambling island's fortunes continue to wane.
The Macau Gaming Inspection and Coordination Bureau reports that casino revenues in June 2015 fell to their lowest level since November 2010, as China's slowing economy and a graft crackdown continue to impact business on the gambling island.
Gross gaming revenue in June fell 36.2% to 17.4 billion patacas ($2.2 billion), the 13th straight month of declines, but in percentage terms two points lower than the slide predicted by analysts.
Bloomberg business news reports that the decline is the worst since 2010, when monthly revenue averaged 15.7 billion patacas.
On the brighter side, analysts point to a loosening of Chinese travel restrictions, which should support the market.
The Macau government announced overnight a reversal of a transit visa policy that was tightened a year ago after it was used by some high rollers and junket agents to gain multiple entries.
From today (July 1), mainland China passport holders transiting through Macau are allowed to stay in the city longer and more frequently. They can stay seven days in Macau, up from five days, and gain second entry within 30 days, rather than 60 days.
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