Macau GGR falls for eighth month

Macau’s gross gambling revenue fell for an eighth straight month in January, dropping 17.4 percent, which was largely in line with analysts’ forecasts.
GGR dropped to MOP23.7 billion ($2.97 billion), figures from the Gaming Inspection and Coordination Bureau showed.
Macau posted its first annual decline in revenue since records began in 2014, falling 2.6 percent as a combination of a slowing mainland economy, a clampdown by Beijing on corruption, a smoking ban and tight credit all helped to crimp spending in the territory’s casinos.
Few are expecting the situation to improve until the second half of this year when new resort openings are expected to reignite growth. Still analysts and officials have warned not to expect the heady growth seen in previous years, with a slower rate seen as likely to become the new normal.
According to a Bloomberg survey, at least nine analysts have cut their 2015 GGR estimates since Jan. 5th, with the median forecast being for an 8 percent slump. They had previously expected flat revenue.