Macau sees gambling revenue drop

http://news.bbc.co.uk/go/rss/-/1/hi/business_world/7679497.stm

Version 0 of 1.

The credit crisis and economic slowdown have led to a 10% drop in Macau's gaming revenues in the third quarter, according to a Macau gaming body.

Casino revenue dropped to 25.99bn patacas (£1.9bn; $3.2bn) between July and September, said the Macau Gaming Inspection and Co-ordination Bureau.

This is the second successive quarter revenues have slid compared with the previous three months.

Between April and June, revenues stood at 28.89bn patacas.

The recent slide has halted a growth streak that began in 2005.

Apart from the economic slowdown, the Beijing Olympics kept gamblers away from the casinos, and travelling restrictions directed at Chinese travellers also hit Macau's gambling revenues.

Some analysts now believe that pressures in the financial markets could lead to some investment projects being delayed.

Last month, Las Vegas Sands chairman Sheldon Adelson told the Reuters news agency that the firm was reconsidering raising $5.25bn in financing for projects on the Cotai Strip, and was more likely to try to raise smaller-scale financing for individual projects.