Macau casino revenues suffer once again after posting positive revenue growth for two consecutive months. The revenue from Macau casinos dropped by 3.5 percent year-on-year in July, according to the figures released by Macau’s Gaming Inspection and Coordination Bureau.
Earlier in June, Macau revenues recovered as the casinos posted an overall 5.9 percent increase in revenue. Casino revenues in the world’s biggest gambling hub have been suffering for almost a year due to the slowdown in the Chinese economy amidst an ongoing US-China trade war.
The dip in revenue has once again been attributed to declining VIP visits.
The total revenue generated by Macau casinos was 24.5 billion patacas ($3.04 billion) in July. The drop in revenue was also more than what the analysts had earlier predicted. Analysts had estimated a 3 percent rise or fall in year-on-year revenue.
However, the revenue was up from 23.81 billion patacas which Macau casinos grossed in June.
According to experts, the entire episode with junket operator Suncity could also negatively impact the revenue growth in Macau as all six casino license holders, Sands China, Wynn Macau, MGM China, Galaxy Entertainment, SJM Holdings, and Melco Resorts work with Suncity to attract VIPs to their properties.
Sunctity, however, categorically denied the allegations and said they are operating in full compliance with local gambling laws and don’t have any involvement with online gambling operations whatsoever.