Macau suffered its third straight month of casino revenue declines as the Asian offshore gambling Mecca saw numbers drop 5.8 percent in December from a year ago.
According to Portuguese news agency Lusa, the decline was Macau’s biggest in more than three years.
Taking the blame for the slump are Beijing’s seven-month-old restriction on mainland visits as well as the global credit crunch. The Chinese government cut the frequency of visits to the mainland passport holders to Macau from once every two weeks to once every three months on June 1, 2008.
Average casino winnings fell to 7.8 billion patacas (approximately $975 million) per month in the last four months while the year-on growth rate in monthly revenues plunged to minus 2.1 percent.
Despite the dramatic numbers over the last three months, casino revenue in Macau for the calendar year 2008 actually grew by 31 percent.