Macau’s economic output contracted by 20 percent in 2015 as Chinese officials spent less in the territory’s casinos amid a corruption crackdown and slowing Chinese economy.
According to Bloomberg, Xi Jinping’s anti-corruption drive has led to a huge drop in the number of high rollers travelling to the territory, causing $46 billion to be wiped from the market value of the city’s six largest casino operators.
Despite the slowdown, Macau still remains the largest center of gambling in the world, earning far more than its nearest rival Las Vegas.
Analysts believe that the pain for the city’s casino operators may be coming to an end, with large numbers of tourists visiting over Spring Festival helping to revive the city from a 21-month-long slump in revenues.
Macau’s casino operators are also in the progress of building new attractions which will target the mass market, appealing to tourists and families rather than the high rollers who look less likely to be contributing to the city’s economy in the near future.
[Images via Bloomberg]