Macau Suffering Revenue Losses Due to Pandemic!
Revenue from gambling in Macau dropped by 32.3 percent in the month of November compared to last year. This has extended the decline from the previous month marking five-year lows as one of the global gambling hub fights to attract more investors from the Peoples’ Republic of China.
Gambling revenue declined for eighteen consecutive months because of the crackdown on corruption as well as slowing economic times. The revenue dropped by approximately 16.4 billon patacas which is equivalent to $ 2 billion when compared to 24.3 billion patacas in the previous year.
This was the lowest amount recorded in 2020 after revenue of 20.06 billion patacas made in the month of October according to information released by their government on Tuesday. Despite the consistent decline in revenue, it was noted that the former Portuguese Colony revenue from gaming is five times more than the income generated in Las Vegas.
Gaming Industry Is Key to Local Government Revenues
The government of Macau generates over 80% of its annual revenue from gaming industry although it has been working day and night long to boost the tourism industry so that it can increase on its revenue. Fernando Chui, Macau’s leader said that the government should shift from depending on casinos and went ahead to project that the gross revenue is likely to drop by 13% to around 200 billion patacas, which is the low end according to the expectations of financial analysts.
The long-term prospects seem better because only 3% of China’s population have had the opportunity of visiting Macau. On the Tuesday, Paulo Martins Chan, a former assistant public prosecutor was sworn in to serve as the director of the Gaming Inspection and coordination Bureau (DICJ). After his swearing in, Martins termed it as a new chapter since he began his career and was ready to face any challenges that are likely to come along the way.
Thai Gamblers Expected Back to Macau In 2021
Due to travel restrictions and quarantine rules in Thailand and China, travel to Macau for one of the city’s fastest-growing customer-base has halted. However, Thai casino players are exacted to be among the first to return to Macau’s casinos. For now, most Thais have had to skirt local Thai laws to play xo slot titles online via Android or iOS apps. Although table games are popular among Thais, xo slot games are now becoming increasingly popular and Macau happens to have tens of thousands of xo slot titles which brings in a considerable income particularly from Thai players!
Change Is On The Horizon
Lionel Leong who was appointed by the Secretary for economy and finance as the new head for the gaming regulator told reporters that after his induction that he was willing to bring change within the gaming industry after serving in the Public Prosecutions office for more than 17 years. According to Lionel, if he was given the chance to set new rules than there is no doubt that everyone would be aware of what is expected of him or her.
He also noted that it was high time to come up with new set of regulations meant to help the government in dealing with conflicts. During his legislative debate held last week, Lionel revealed that there was the need to expand the audit and manpower of the gaming watchdog. On the other side, Paulo said that he believes the government will allocate him with adequate resources needed to transform the gaming industry for the growth of the economy.
When asked about whether he had made connection with gaming operators, Chan told members of the press that he had not developed any links and he was not going to apply external connections. It is time to wait and see if Chan and other new leaders would manage to regulate Macau revenue drops.