Amidst the pro-democracy protests in neighboring Hong Kong and the ongoing US-China trade war, the problems seem to be deepening for Macau’s casino gambling industry.
According to the latest figures released by Macau’s gambling regulator, the casinos in Macau managed to post a positive result after two months of consecutive decline. Macau casinos made MOP22.08bn ($2.73bn) in revenue for September. The figure represents a nominal 0.6% year-on-year for the month.
Macau casino gambling sector was expected to pick up in the second half and it was expected that the gambling revenue would jump by about 1 to 3 percent year-on-year.
Moreover, the GGR for Macau in September fell 9 percent, month over month, which is the biggest biggest percentage drop in 27 months.
In accumulated GGR, Macau is still 2% down, although the exact deficit decreased in September.
Earlier in July, the revenue from Macau casinos dropped by 3.5 percent year-on-year. Prior to July in June, Macau Gross Gaming Revenue recovered as the casinos posted an overall 5.9 percent increase in revenue.
Macau’s casino gambling industry chipped in an impressive $9.49 billion in tax revenue between January and August 2019. The figures also represent a 1.5 percent year-on-year increase in tax contributions made by Macau casinos.
Surprisingly the surge in tax contribution comes even when the gross gaming revenue (GGR) of Macau has dropped 1.9% across the first eight months to August 31.
Moreover, Macau Casinos contributed to 89.6% of the city’s entire tax revenue picked from all sources.