The Casinos of Macau won $2.33 billion from poker players during the first month of this year, reported Gaming Inspection and Coordination Bureau of Macau. That was a dip of 21.4% compared to the same around month back.
This marked the twentieth straight month that gaming win has come down in this former Portuguese colony. The gaming revenue of the city fell by 34% year-over-year to $29 billion last year. It was the 2nd straight year of less gaming revenue than the year before that. Macau registered a record $45.2 billion in revenue in the year 2013.
The gaming profit of the city is believed to fall by another 8% in the year 2016, as per a report from Bloomberg. Even though, the market seems to be steadying. The gaming win in October fell by 28.4% year-over-year, but this was the very first month since 2015’s January when gaming profit fell less than 30%.
The sudden and sharp contraction of Macau’s casino gambling scene is largely because of Beijing’s crack down on what it saw as depravity within the city’s junket industry that has been important to high rollers getting access to funds they look to gamble with. The government of China wants Macau to depend less on VIP visitors for their economic health.