Macao’s casino revenue in slowest pace amid rising competition
Macao’s casino revenue slows amid rising competition
By Patrick Boehler Feb 17, 2013 11:54AM UTC
Macao, the world’s largest gambling hub, saw its casino revenue increase at the slowest pace at least since 2009, as more Chinese gamblers are willing to travel further and new restrictions on money-laundering are being felt.
The increase of 7.3 percent is markedly lower than last year’s increase of 34.8 percent, an increase of 33.2 percent in 2011 and an increase of 62.5 percent in 2009, the earliest figures provided by the bureau.
The bureau’s deputy director Leong Man Ion had told the Macao Daily in November that he expected growth in gambling revenue to slow down in 2013, saying that competition elsewhere in Asia was eroding the city’s position as destination of choice for Chinese gamblers.
Galaxy Entertainment Group Ltd. fell the most in almost two weeks, leading a drop in casinos as HSBC Global Research said gambling revenue lagged behind its projection for the first 17 days of February.