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MACAU GAMBLING REVENUE TUMBLES AGAIN IN MARCH
01st April, 2016 at 08:19:38
Revenue slump continues with 16.3% drop.
Official March 2016 figures from Macau's Gaming Inspection and Coordination Bureau, show continued decline in revenues which were down 16.3% at 18 billion patacas ($2.3 billion), marking 22 consecutive months of decreasing revenues.
The Reuters news agency reports that visits by big-spending high-rollers became even more infrequent during March, and the adverse conditions generated by the Chinese central government clampdowns prevailed..
Analysts said volatility remains high in the VIP sector due to the government campaign as well as tighter regulations in Macau, with some predicting that revenue in Macau is likely to decline 0-10% in 2016.
The Bloomberg business news agency reported that the March decline was greater than predicted by analysts, and noted that around $46 billion of market value was wiped out last year from the city's six gambling houses, although most of their shares have rebounded so far this year.
However, one analyst cautioned that the resurgence could be short-lived, pointing out:
"The recent share rally is based on its low valuation, it isn't driven by business performance."
Macau gaming revenue in the first quarter of 2016 has dropped 13.3% to 56 billion patacas.
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