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Macau Still Feeling Recession in Quarterly Results
MACAU, CHINA --
The hyperintensive growth of Macau seems like just yesterday, but the gambling enclave owned by China reported its third straight quarter of economic decline today. Over the second quarter of this year, Macau's economy shrank by 13 percent, as the drop in gambling and casino revenue continues to drag the economy backwards.
Just over a year ago, government planners were concerned that the massive growth in Macau would overwhelm infrastructure and the area's labor pool. China acted to slow the growth, which ran close to doubling yearly, by limiting travel visas and stays for Chinese nationals.
Unfortunately, the recession hit right after the move by the Chinese government, with a combined result of not only slowing but reversing the growth process.
Gambling revenue is reported to be down 12 percent for the last quarter, and spending by tourists down over 21 percent.
Still, foreign investors seem determined to continue to pursue new projects, as such companies as Las Vegas Sands and Wynn Resorts clearly feel the long-term future of the gaming spot will be bright once again.
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