DestinationsPledge to cut government spending

Massive decline in tourists hits Macau’s pockets

By Danielle Yong

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Sep 03, 2015

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Pledge to cut government spending if the casino downturn worsens.

Pledge to cut government spending if the casino downturn worsens. Photo Credit: iStock

A combination of factors including the Chinese stock market crash, the devaluation of the Renminbi and the clampdown on corruption are to blame.

More grim news emerged from Macau this week as gross domestic product (GDP) figures were released showing the economy had hit its lowest point since 2011. Macau is heavily dependent on tourism and gambling and the steep decline in tourist numbers from mainland China is hitting Macau where it hurts.

A combination of factors including the Chinese stock market crash, the devaluation of the Renminbi and the clampdown on corruption are to blame. The decline in gaming revenues persisted for the 14th consecutive month in July, falling 34.5 percent year-on-year to US$2.3billion. In the same month, package tour visitors fell by 22.3 percent year-on-year, according to official statistics.

Mainland visitors to Macau account for nearly 84 percent of July’s package tour visitors and as the full extent of China’s economic slowdown is felt, the numbers are expected to keep falling. Local news reports Chief Executive Fernando Chui Sai On has pledged to cut government spending if the casino downturn worsens.

Source:http://www.macaunews.com.mo/content/view/3588/53/lang,english/

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