The Macau Gaming Inspection and Coordination Bureau has released the casino revenues for the world's largest gaming market, noting that revenues were down 21.2% when compared to the same period last year.
Macau's casinos brought in 18.3 billion patacas, down 21.2% from December 2014 and marked the 19th straight drop in revenues, which is due to a sagging Chinese economy and crackdown on corruption. For the year the casino industry brought in 230.84 billion patacas ($28.93 billion USD), which is down 34.3% from the year prior.
Despite the large drop in revenues, the results were better than expected. The investment business is still bullish on the market though, with Fitch Ratings noting: "The long-term positive outlook for Macau remains intact as the ... region is under-penetrated, at least in the mass markets."
The Chinese gambling market is expected to grow over the next several years, as the industry begins targeting middle class customers, rather than the heavy VIP focus on the wealthy that helped get the gaming market to maturity.