Macau’s gambling boom cools off
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Macau’s three-year gambling boom seems to have cooled as gambling revenue in fell in the third quarter amid curbs on Chinese travel and slowing economies in the region.
An International Herald Tribune (IHT) report quoted analysts as saying that the credit crisis would further dampen the appetite for gambling and stall several high-profile casino projects.
Casino revenue fell 10% to MOP25.99 billion (US$3.2 billion), in the third quarter from the previous quarter, according to figures released by the Macao Gaming Inspection and Coordination Bureau.
IHT said it was the second successive quarter that casino revenue had fallen on a year-on-year basis.
Gambling revenue often peaks during Chinese holidays, and there were fewer in the third quarter. Beijing was also the host of 2008 Summer Olympic Games, which kept many gamblers away, the report said.
Still, IHT’s analysts were quoted saying that restrictions on visa approvals for Chinese travellers had been impacting Macau’s major source of revenue even before the financial crisis worsened.
“The credit crunch could delay project developments in the pipeline,” a Morgan Stanley research note had said.
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