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Macau Suffers Sixth Consecutive Revenue Decline

The world's largest gambling destination suffered its sixth consecutive drop in gaming revenues, as Macau's 35 casinos reported a 10 billion Pataca drop when compared to November 2013.

Casinos on the island brought in 24.3 billion patacas (equivalent to $3.04 billion USD), which is down from 33.5 billion in November 2013. The drop is the sixth consecutive for the destination, and the worst that Macau has seen since the global financial crisis of 2008.

While the results aren't encouraging, they are better than October's results, which saw revenues drop 23%.

The poor financial haul from the casinos has seen Macau's Gross Domestic Product fall 2.1%, which is the area's first drop in more than five years. The drop is also being attributed to lack of tourism to the island, as that sector's revenues fell 0.7% as well as an anti-corruption push on Chinese government officials, resulting in a slowdown in visits to the island.

Unemployment was a bright spot for Macau though, as the island's rate is a very low 1.7%, as the gaming industry has employed 84,600 people.

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