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The first thing that pops into everyone’s mind when they hear ‘Macau’ is casinos. Lavish casinos, dozens of them, spread across the special administrative region. Some of them are true architectural masterpieces, others are more modest in appearance, but yet serving the same purpose – to appease players’ gambling tooth.

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Macau has turned into a gambling mecca, drawing visitors from China, the Asia-Pacific region, and the rest of the world. It was first proclaimed as Asia’s largest gambling hub. It continued to gain popularity over the years until it gradually replaced Las Vegas as the highest grossing jurisdiction with a significant concentration of casinos on its territory.

However, things were not that bright for Macau and its casino industry in the period between mid-2014 and mid-2016. The city’s gambling market experienced its worst downturn ever, posting sometimes double-digit declines in monthly gross gaming revenue. Being highly dependent on its gambling industry, Macau’s overall economy suffered terribly from the continued downward trend.

What brought the massive revenue declines? How did the administrative region address the issue? And what did Macau’s government and casino operators do to revitalize the industry? This article intends to provide possible answers to the above questions.

The Formation of Macau’s Modern-Day Casino Industry

Up until the late 1990’s, Macau’s gambling venues were run by a government-selected monopoly. The monopoly system was established in the 1960 and a company founded by casino mogul Stanley Ho and co-founders Henry Fok, Terry Ip Tak Lei, and Ip Hon held it over time.

The monopoly system was retained up until 1999, when the city made first steps towards the establishment of its casino industry into its modern state. Formerly a Portuguese colony, Macau was made a Special Administrative Region of China in late 1999. The city’s government announced immediately that a new gambling system would be created, one that would allow three concessionaires to operate casinos across the city.

A comprehensive bidding process was then held and it was in early 2002 when it was announced that Sociedade de Jogos de Macau, the Stanley Ho-founded company, Galaxy Casino S.A., and Wynn Resorts were the three winning bidders. The three companies were then allowed to establish sub-concession relationships with other three interested businesses. Thus, Venetians Macao S.A. (now Sands China), MGM Grand Paradise, S.A. (now MGM China Holdings), and Melco PBL Jogos (now Melco Crown Entertainment) entered the local market.

Macau’s casino industry grew from a MOP46.05-billion one in 2005, when the city’s Gaming Inspection and Coordination Bureau posted its first comprehensive financial report, into a MOP360.75-billion one in 2013. In other words, 2013 was the year when the administrative region posted its highest gross gaming revenue or revenue generated at its casinos.

Such a substantial growth was only expected to continue in the years to come. However, something seemed to have gone terribly wrong for Macau as casino revenue started declining in mid-2014 and maintained a downward trend for the next two years.

What Went Wrong for Macau’s Casino Industry?

Chinese President Xi Jinping stepped into office in March 2013. From the very early stages of his tenure, the country’s top official swore to curb various issues that he believed were preventing his country from growing economically. With that came his war on the illicit outflow of money from China.

Given the fact that money is something that has been flowing around Macau in great quantities, it was not a surprise that the gambling mecca was quickly involved in President Jinping’s efforts. High profile politicians and other public figures, who had frequented Macau, suddenly became among the subjects of an unprecedented in its scope crackdown.

Here it is important to note that Mainland China players have always represented an important gambling group for Macau’s casinos. Known for their deep pockets and willingness to spend more on different types of table games, they have become probably the largest contributors to local casinos’ turnover.

As a result from President Jinping’s clampdown, Chinese high roller players began steering away from the city and averting their attention to other gambling destinations in the Asia-Pacific region. This hit the financial performance of Macau’s casinos in a manner never seen before.

The city’s big problems began from June 2014 when it posted its first monthly casino revenue drop for a while. It was a modest drop of 3.7%, but it was enough to signal that something might go terribly wrong. Indeed, the situation started growing worse with each month passing.

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A Quick Look at Macau’s Gross Gaming Revenue in 2014-2016

Macau posted its first full-year revenue drop for the twelve months ended December 31, 2014. It generated the total amount of MOP351.52 billion during the period, down 2.6% from MOP360.75 billion in 2013.

Back then, analysts’ forecasts were that Macau’s casino industry would shrink even further. These proved to be right. The amount of MOP230.84 billion was generated in casino revenue in 2015, reflecting a massive 34.3% decline from the previous year.

The downward trend was maintained until July 2016, when the last monthly drop in casino revenue was reported. Clear signs of recovery could be seen from February 2016, when Macau’s gambling regulator posted only a 0.1% decrease in revenue. February is traditionally a busy month for the administrative region due to the Chinese New Year’s celebrations. Visits to the city and its casinos usually increase significantly during that time of the year.

In March 2016, Macau reported a double-digit drop in gross gaming revenue. However, it was the last month when revenue shrank by more than 9%.

In August 2016, Macau’s gaming industry reported a 1.1% growth. The increase was attributed to the launch of Wynn Palace, Wynn Resorts’ new property in the city (first Wynn Resorts casino to be located on the Cotai Strip). Another casino resort – The Parisian Macao – opened doors in Macau in the very next month, further boosting revenue.

The launch of the two properties deserves to be paid a bit more attention. Both Wynn Palace and The Parisian Macao were created in a manner that made them more friendly to mass market casino players and non-gambling customers. This corresponded to a strategy, introduced by Macau’s government, under which the city had to try to lessen its reliance on VIP customers and on gambling customers, as a whole. As it seems, the change of course has worked relatively well so far.

The administrative region’s full-year casino revenue dropped 3.3% to MOP223.21 billion, beating Macau Chief Executive Fernando Chui Sai On’s forecast for revenue of around MOP200 billion. Mr. Chui has also remained modest in his predictions for 2017, yet he has noted that he expects a positive growth.

Conclusion

Macau finally seems to be bound for recovery. A new family-friendly integrated resort is set to open in the second quarter of 2017 and is expected to further bolster interest in the city and the new image it has been trying to build.

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However, Mainland China has recently indicated that it is gearing up for stricter anti-gambling regulations by arresting more than 15 Crown Resorts staff members for promoting gambling offering illegally. And a potential crackdown on gambling could slim Macau’s chances for revitalization significantly.