Macau gambling revenue falls for 24th straight month

u has recorded a fall in its gambling revenue of 9.6% for May, representing the 24th straight month of decline.

The rate of decline has accelerated, with a fall in monthly gross revenue from games of fortune of 9.5% posted for April.

The decrease is more severe than expected, with analysts surveyed by Bloomberg anticipating a contraction of 8%.

The total number of patacas generated last month stands at 18.38bn, with accumulated gross revenue of 91.9bn patacas for 2016, a 12% year-on-year decline.

The corruption crackdown of Chinese President Xi Jinping has restricted gambling revenue in the territory, while Macau’s economy shrank 13% year-on-year in the three months to March 2016.

Macau’s economy relies heavily on gambling, with the gaming industry accounting for over 80% of government revenues.

According to Reuters, three new mega resorts are due to open in 2016, with Hong Kong-based analyst Vitaly Umansky, of brokerage firm Sanford C. Bernstein, saying: “Long-term, we believe Macau can capitalise on the rising Chinese demand for holiday leisure travel”.