The world's largest gaming market took a drastic hit in October as the former Portuguese colony posted gaming revenues that were down 23.2%, the worst numbers ever reported in a monthly total.
The drop in revenues is the largest ever on record, easily eclipsing the 17.1% drop that was seen in January 2009 during the global financial crisis. The numbers are a worrying sign for Macau, which has posted declines for the past several months amid China's crackdown on corruption and worsening economic conditions.
For the month Macau casinos brought in 28 billion patacas ($3.51 billion USD), which is down from 36.5 billion patacas during October 2013.
Commenting on the reason for the drop a JP Morgan report stated, “As the scope, magnitude and length of [the Chinese anti-corruption] campaign turns out to be wider, deeper and longer than anticipated, the scrutiny and social pressure from the austerity drive could make it increasingly difficult for one to visit Macau.”
Things also look a bit shaky for the immediate future with Hong Kong CLSA Ltd Analyst Aaron Fischer saying, “The revenue will remain very weak for the next few months, we expect November and December to also be down quite a bit."