Macau Casinos Revenue on Downward Spiral
Things are not looking good for Macau Casinos. The Macau casinos’ revenues are down year on year. Macau casinos, the world’s largest gambling hub is heading towards its first revenue decline in three years. The 8.5 percent decline is slightly better than the 10 % that was projected by analysts. This decline is a result of the economy in China, the trade war between the USA and China as well as emerging rival hubs in Southeast Asia amongst other factors. The decline figures come as high roller players delay trips to Macau, according to experts. Along with that, protests in Hong Kong have caused transportation disruptions resulting in travel issues for gamblers. The protests have also caused a decline in the Chinese economy.
Visa Policies to Macau
On top of all the troubles the casinos have been faced with, the Visa policies to Macau have had an impact in the downfall of the casino. The forthcoming 20th anniversary of Macau’s handover from Portugal has had an impact to the casino’s performance. Due to the new law, tourists entering Macau from 22 November to 20 December will only be permitted to visit once during that period. This includes tourists coming on their individual capacities or via a packaged tour visa.
Earlier in the week, Macau appointed Lei Wai Nong, a new Secretary for Economy and Finance. Nong will form part of the people who will evaluate the gaming industry as it enters a crucial re-licensing process. He was chosen by the special administrative region’s (SAR) new chief executive, Ho Iat Seng. On the 20th of December, the new government will be sworn in.
Although it might be gloomy for Macau casino at the moment, analysts predict a slight improvement in 2020. Experts predict a 3 percent increase in 2020 which is not as high as the jump from the year 2017 to 2019.