Macau's gaming revenue dips 2pc amid Xi's visit

Macau's gaming revenue fell 2 percent in December, missing analysts' expectations as scrutiny over gambling activities tightened during Chinese President Xi Jinping's visit to the world's biggest casino hub.

Gross gaming revenue reached 18.2 billion patacas (HK$17.66 billion) for the month, according to data released by the Gaming Inspection and Coordination Bureau yesterday. That compared with the median analyst estimate of a 2 percent year-on-year increase and is still 20 percent lower than the pre-pandemic level in 2019.

The December figures bring the city's total gaming revenue for 2024 to 226.8 billion patacas, up 24 percent from the year before and returning to 78 percent of the 2019 level.

Xi's three-day visit to Macau - his first since 2019 - that ended December 20 means security checks tightened significantly during the time, denting sentiment among frequent gamblers and big spenders from China, which is the biggest source of the city's tourism spending.

The city reported 2.8 million visitor arrivals in November, which was about 97 percent of the pre-pandemic level. The city will release data for December later this month.

In a speech during his visit, Xi urged Macau to continue its economic diversification, boosting policy support and investment to cultivate new industries with international competitiveness. He spoke after swearing in Sam Hou Fai as the chief executive of the former Portuguese colony on the 25th anniversary of its return to Chinese rule. Previously, president of Macau's top court, Sam has warned against the outsize influence of the gambling business and called for reducing the city's reliance on the industry, echoing Beijing's long-held request.

Bloomberg