Gambling revenue in the only place where gambling is legal in China fell 23 percent in October compared to the same month last year, according to government officials.
That 23-percent drop is the record worst for the former Portuguese colony, according to Bloomberg Businessweek. The city started keeping monthly records in 2005.
Total casino revenue in Macau fell to 28 billion patacas ($3.5 billion) in October. It was also the fifth straight month that gaming win declined.
Macau casinos won more than $45 billion from gamblers in 2013, which dwarfed the Las Vegas Strip and other gambling markets around the world.
Macau hasn’t seen a year-over-year decline since 2002.
According to Reuters, a stepped-up campaign against corruption and falling housing prices in China are the reasons for weaker demand from high-rolling VIP customers.
“The policy of the central government in being very, very aggressive about what appeared to be a misconduct and corruption of the government has put a lot of the wealthy businessmen in the foxholes,” casino owner Steve Wynn said after the results, according to a Bloomberg transcript.
Macau currently has 35 casinos. A total of eight more casino-resorts are in the pipeline.
“I don’t know whether it’s a squall or we’re in the rainy season or how long it will last, but we’re still very, very bullish on Macau,” Wynn said of his continued optimism.
Macau is a gambling town that is designed for high rollers, as much of the revenue comes from that demographic. Even so, the average minimum bet at non-VIP tables dwarfs Las Vegas’.
