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Economy Slides in Gambling Hub of Macau Amid Xi Austerity Drive

12/01/2014| 9:45:01 AM|

The Chinese gambling hub of Macau reported its first year-on-year economic contraction since 2009 in the third quarter.

The Chinese gambling hub of Macau reported its first year-on-year economic contraction since 2009 in the third quarter as President Xi Jinping tackled corruption and lavish government spending.

Gross domestic product fell 2.1 percent from a year earlier, the government said in a statement today.

Xi’s austerity campaign has deterred high-stakes gamblers from ostentatious displays of wealth in Macau, the only place in Chinawhere casinos are legal.

SJM Holdings Ltd. (880), Asia’s largest casino operator, is bearish about gaming revenue in the city from high rollers over the next six months, Chief Executive Officer Ambrose So said in an interview this month.

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TAGS: Macau | gambling | austerity
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