Macau has been seen as the new gambling Mecca of the world, attracting all the richest people in the world as well as more and more tourists, coming from all over the world to see the city which outshines Las Vegas.
But despite the massive growth in revenues, tourists and people moving to Macau to live, things aren't going as planned at the moment, as the Macau Gaming Commission announced that casino revenues were down a massive 23% in October – The highest drop recorded in the history of gambling in Macau.
The revenue in the Chinese territory feel from 36.5 billion Patacas to 28 million Patacas year-on-year, the data which was released today showed. For experts and analysts it didn't come as much of a surprise however, as they had expected a drop of over 20% as well.
October marks the fifth month in a row where gambling revenues are going down in Macau, making their position as the world's leading gambling hub uncertain. On average the revenues has fallen 6.3% from June to October year-on-year and it doesn't look like it is going to stop any time soon.
It is believed that the massive drop in revenues is based on different factors, with the main one being the Beijing police crackdown on corruption in the area, which has scared away many of the biggest players. Furthermore the tightened visa policies hasn't helped on the revenues either.