Macau gambling revenue came in short of expectations. Macau has become the Mecca of gaming firms as activity has slowed, particularly in places like Las Vegas and Atlantic City. Macau's government said revenue rose 12.3% in September to $2.99 billion. The would seem satisfactory, but it lags past results and current expectations. Reuters reports:
Analysts had forecast September growth in the tiny enclave on China's southern coast, to be up 15-17 percent, ahead of a national holiday week starting on October 1.
The Chinese economy's slowdown and increased political scrutiny due to an impending leadership change have taken their toll on the mainland's big-spending billionaire punters, pushing Macau's gambling revenue growth levels down substantially over the past five months.
Douglas A. McIntyre
Filed under: 24/7 Wall St. Wire, Casinos & Hotels, Entertainment, International Markets