Make me your Homepage
left corner left corner
China Daily Website

World Cup: Boon or bane?

Updated: 2014-08-29 13:03
By Hua Yang (China Daily USA)

Macao, which is 11 time zones away from Brazil where the 2014 FIFA World Cup was held recently, has seen a repeat of its gaming revenue slump that the former Portuguese colony recorded during the July 2010 World Cup held in Johannesburg, South Africa. At that time, Macao casinos' gross gaming revenue fell 20 percent compared with that in June 2010.

According to the Gaming Inspection and Coordination Bureau of Macao, during the 2014 World Cup held between June 12 and July 13, Macao's casino revenue in June this year dropped by 3.7 percent year-on-year to MOP27.4 billion ($3.43 billion) - the first monthly fall in five years, and the revenue also fell 3.6 percent in July to MOP28.4 billion. "When some big event, like the World Cup, takes place in the market that gamblers can participate in, they can be easily diverted to these events, dampening casino activities," said Kaven Tsang, a senior analyst at Moody's Investors Service Hong Kong Ltd.

As in previous years, some analysts are also blaming the World Cup for diverting a number of patrons away from the world's largest gambling hub.

The expected decline was in line with analysts' expectations of a 3 to 5-percent drop.

According to the Gaming Inspection and Coordination Bureau of Macao, before July 2010, there was a dip in June 2009. The earnings fell 17 percent year-on-year as a result of the global financial crisis.

World Cup: Boon or bane?

8.03K
 
...
Hot Topics
Wei Guirong drives his granddaughters from kindergarten on his home-made three-wheeled vehicle in Luorong county, Liuzhou city of Guangxi Zhuang autonomous region, on May 19.
...
...