Falling revenues from the Macau gambling industry
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National challenge created by AZNUR HAJAR Tuesday, August 18, 2015
This has been a school project at the Multimedia University, Malaysia. Project code Dubai B01B.
The Macau gambling operators expected the regulations of China on the gambling industry can be loosen in the year 2015 thus to raise their gambling revenue, however in reality,they were forced to suffer from a fall of 36.2% in their gambling revenue in June 2015 as the regulations on the gambling sector remain to be strict. Therefore, there is a regulatory failure of China regulators in Macau gambling industry which has caused losses of revenue to Macau gambling operators.
- What happened in Macau casinos?
The Macau Gambling Industry has told to review next year by the Fernando Chui Sai On, the CEO of Macau since December 2014. In the same time, Chinese President Xi Jinping visited Macau and recommended the regulation and supervision on its gambling sector should be improved as soon as possible in order to slow or stop down the falling rate of the gambling revenue in Macau. Unfortunately, an updated research shows us the Macau gambling industries have failed to achieve or accomplish the expectations as the revenue were keep falling even not a sign of ceasing from declination. After a few days of publishing the research, the Macau government submitted a full smoking ban proposal that assumed to bring a slower down of falling revenue.
- When did the incident happened?
As you see, the graph has showed us the falling rate of Macau gambling revenue is getting towards negative growth. In 2014, gambling revenue in Macau fell 2.6% to 352 billion MOP ($44 billion). In 2015, the gambling revenue is still heading downward and brought a 19.5 billion Macanese pataca, or MOP ($2.4 billion).
- How is the casinos affect the condition of Macau's economy revenue?
After the legalized of gambling under the Law on Regulating Credit Related to Gaming and Betting in Casinos in 2004. After a few years, the revenues of Macau casinos had started to raise continuously and eventually surpassed the revenue of US gambling mecca, Las Vegas. In 2011, its’ gambling revenue has reached $33 billion. The gambling revenues in Macau increased to about $46 billion as a campaign targeting Party, government, military and state-owned company officials suspected of corruption had been launched. However, Macau casino’s revenue started to fall in February of 2014 for the first time. At first, there was a fall of 37%, then it fell 20 percent more in November 2014 and eventually fell across $2.18 billion.
(Sho Jun Wei)
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