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Macau Revenues Fall 39%

Online gaming revenues in Macau fell 39% in March due to a large drop in the number of Chinese visitors due to the country's crackdown on corruption.

For the month Macau casinos brought in 21.5 billion Patacas (US $2.7 billion), which is down from 35.5 billion Patacas last year. The drop is the second worse on record and fell below analyst expectations. Short term forecasts continue to be bad for the world's largest gambling market, but long term projections remain optimistic for growth. Owners of land casinos are some of the biggest losers in this downturn, with Macau casino shares falling by up to 22% since the start of the year.

Gambling is the largest portion of Macau's economy with 80% of the island's revenue coming from casinos. Lately officials have called for Macau to diversify its economy to deal with the drops in gambling, but nothing else has popped up in that short time period.